4 tips to keep your business afloat during the coronavirus restrictions
If you’re running a business and you’ve been impacted by the strict coronavirus restrictions that the government has put in place, it’s a tough time.
Here are 4 tips to help you.
Tip 1 – Check your entitlements for government assistance for your business
The federal government has announced a range of measures to help businesses through this period. It’s important to claim any of your entitlements to help with your business cash flow, as well as to help you pay your staff if you have employees.
Tip 2 – Review any ongoing business expenses you have
If your business is still operating in any capacity, it’s more important than ever to review all your expenses. Eliminate any unnecessary expenses and minimise any others if you can.
Tip 3 – Look for alternative revenue streams
Now is the time to think outside the box. For example, if you’re in a food business, work out the feasibility of cranking up a delivery service. Or if you’re a personal trainer, see if you can set up online video sessions for your clients by incorporating exercises they can do at home.
Tip 4 – Talk to your bank if you have a business loan
Lenders don’t want to see you default on loans, and if you do, you’ll develop a bad credit rating and you’ll find it more difficult to get any future finance. Most lenders (including the big 4) are offering repayment freezes on business loans for the next six months. Taking that option is much better than having your business go broke.
How we can help
At Scorpion Bookkeeping, we can help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Ensuring that your bookkeeping is accurate and up to date will help you to access any government support measures that are on offer for affected businesses, as well as help you to make smart decisions during this tough time.
Contact us today to find out how we can help your business!