With level three restrictions beginning to ease within Queensland, many in the business community are yet to realise the full toll COVID-19 has taken on their business, as immediate attention has been focused on simply making it through with as little impact as possible. As much as we would like to return to the good old days of 2019, there are still many months to come that need to be carefully navigated in order to mitigate further business loss.
This end of financial year will be like no other and offers a chance to look ahead to post-coronavirus business. Below are six ways to get started to not only survive but rebuild your business after COVID-19
TIDY UP BAD DEBT
By identifying bad debt now, you can write them off and qualify for a tax deduction. Try to take every step possible to recoup the debit prior to June 30th, however once that date passes your business can write off the debt. Speak to your accountant for further details.
USE EOFY AS A NEW START
Look at the health of your business with a critical eye and decide if it is viable moving forward. Once you have, use the financial data you have prepared for end of financial year to put yourself in a better position by renegotiating your expenses such as rent, supply chain and bank loans.
CONSIDER FUNDING TO RECOVER
It is likely that you may need some extra cash to jump start your small business as it emerges from COVID-19. Consider all options such as government grants, small business loans, vendor tradelines or equipment financing. It’s important to remember that all these options come with pros and cons, so be sure to investigate them before committing.
TAKE ANOTHER LOOK AT YOUR BUSINESS PLAN
While you may have a sound business plan, it may require a second look post COVID-19. Specifically, can you adapt and adjust to a new normal? Reassess your strengths and weaknesses – which may have changed considerably since the beginning of the year. And be sure to make your goals achievable.
REVAMP YOUR BUDGET TO ACCOUNT FOR NEW SPENDING
As you emerge from the other side of business restrictions you might find that you must spend money before you can make it. Have a clear idea of what you need to spend money on and determine what you can cut. Aim to eliminate budgetary waste and get your operating financials as lean as possible so you can get back on your feet faster.
DEVELOP A TIMELINE FOR REBUILDING
Prioritise what you need to do in order to recover and develop a timeline that works. Recognise that you can’t do everything, so make it realistic and review it frequently to ensure you are on track.