How to Prevent Your Business from Going Under in Tough Times
For many business owners, the past few weeks have been pretty scary, and it might feel like there’s no way your small business can survive these tough times. Keeping afloat in unprecedented times like these is going to be very challenging, but there are some strategies that many business owners can follow. Here is a checklist to help guide you through.
1. Get to know your current financial position
The best way to help your business is to make informed decisions from the very start. Once you know the ins and outs of your current financial position you can determine (if government-imposed restrictions permit) your ability to trade through this period, whether you can pay outstanding debts, if you can keep all of your employees and if you can meet your existing repayments. Get in touch with your accountant as soon as possible so you can discuss what options will suit your situation best and what steps you can take to minimise the impact on your business.
2. Are you eligible for any government assistance?
There are a number of stimulus packages that have been released by the Australian Government specifically to sustain small businesses and keep employees in work. The JobKeeper Payment is for businesses whose turnover will be reduced by more than 30% to a comparable period one year ago, this package will enable employees to access a subsidy from the government to continue paying their employees. Eligible employees will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March for up to six months. There are a number of other relief packages that are announced on the government website.
3. Get in touch with your bank
If you have an existing small business loan from your bank and your business has been disrupted due to coronavirus, the relief package announced by the Australian Banking Association (ABA) may help you out. The ABA announced that Australian banks will defer loan repayments for businesses affected by the coronavirus for six months.
4. Decide if you need to draw on your superannuation
If you are a sole trader and your hours of work or income have fallen by 20% due to coronavirus, the Australian Government is allowing you to access your superannuation. You can withdraw up to $10,000 this financial year and a further $10,000 next financial year.
5. Keep informed
There can be a lot of misinformation circling in uncertain times like these, be sure to keep up to date of the latest changes from trusted government sources and organisations.
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