What to do to get your business through Covid-19
Video from Lisa & Kelly, pre lock-down on what to do to get your business through Covid-19.
NOTE: This video was recorded before Alert 4 lock-down, however, this video is still relevant.
Right now everyone is being affected by the Coronavirus and in particular businesses. We have put this video together to help businesses prepare and get through this hard time. The key here is to be proactive and have a plan!
There are so many things you can do now to minimise the impact. We strongly urge you to contact us so we can help you devise a plan – that really should be your first step!
Additional things you should be doing:
Talk to your bank manager and ask about reducing loan repayments to the absolute minimum, even see if there is the possibility of mortgage holiday and extend any overdrafts
Know what the government is offering and see if you can use any of the help – the big one is the wage subsidy, which we are already busy applying for clients on their behalf
Update cashflow forecasts for worst case scenarios – in fact we are already doing that for clients where we are doing various scenarios, including worst case to see what changes they will need to make
We can review your tax position – if tracking less than last year, we could potentially file an estimated prov tax and reduce or not pay Mays tax or even better, get a refund – we filed one last Thursday and the client had the refund in their bank the next day
Consider tax pooling to delay any 2020 prov tax up to June 2021 – you can delay payments for quite a few months
Arrange installments for GST/PAYE – this means you can pay over the number of months you feel is achievable
Don’t spend money on unnecessary things, such as assets
Have a plan on what you can cut, if you need too – however, don’t cut marketing, it is important to continue that
Know where the hidden cash is in your business i.e. overdue debtors, don’t overstock and in fact keep inventory low at the moment
Keep tight control on overdue debtors
Start talking to staff about reducing hours to lessen the impact – would be better for everyone to pitch in and reduce hours, then people losing their jobs completely
Most of all share information, support and keep safe
If you need help with any of the above, that’s what we are here for. Give us a call to make a time to catch up. We are still running as per normal and available for either phone or skype meetings.
We are now 100% working from home. But rest assured will can still run at 100% capacity with all staff are working from home.
