For many businesses the last 3 months have been a blur to keep abreast of what COVID has meant for their business and industry. For many, the affect has happened, and they are now in the process of seeing what their business will be long term. For others, they are waiting for the affect as their business will have a delayed response.
One thing that is certain for all businesses at present is that at the end of September:
- Cashflow Boost scheme will end
- Job Keeper will end
- Loan repayments that were put on hold will recommence
- ATO plans that were put on hold will recommence.
There is speculation that this will result in economic issues with the reduction in cashflow for businesses and potential need for redundancies.
As a business, the learnings we have from April and the announcement of COVID is that it is important that we have a plan and that we also consider our personal/business situation. The advantage this time is that we have warning of what is going to happen.
As a business owner it is time we put on our big girl/boy pants and face the reality of the situation and make decisions on what actions we need to do now and what we may need to do in the future.
But where do you start?
Similar to if you were going to run a marathon we need to approach as follows:
How fit is your business now?
- What is your current cash position?
- Do you know what debts you have accumulated through COVID i.e. Supplier or rent you have put on hold?
- How is your business currently trading and what affect does this have on your financial situation i.e. Down on last year?
- Do you have enough work for your employees given the above?
What is your race?
- What are you aiming to achieve this financial year?
- Are you needing to revise down your plans given the situation?
Your Training Plan
Once you have the above, you know where you are now and where you need to get to. From here we need to ascertain what actions (your training plan) do you need to be doing weekly, daily, or monthly to ensure you achieve the target or are aware if you are off track.
This may include:
- Additional Marketing
- Following up sales enquiries
- Cross training of staff to ensure they have enough work
- Cash reserves to ensure you have the funds to pay ATO debt etc.
As we do when we are training for a marathon it is important that we continue to test and measure if we are on track to achieve the target.
If you are not on track because: the marketplace has changed, there is not as many leads etc. you are then able to adjust the plan and be in control of the outcome.
When you create your plan feel free to share it with us at MJJ. If you are not sure where to start or you need an independent person to bounce off your idea’s, Melanie and Renee are offering Covid Strategy sessions for clients at a discounted rate as part of our commitment to ensuring you are in control and have the necessary financial information to make decisions. The session will be a strategy session and follow up summary. Please call us now on 07 5451 1118 if you wish to take advantage of this offer.