The business pathway out of COVID-19
The coronavirus restrictions are starting to be eased across Australia. It’s important to review both how your business has been operating and how it should operate to ensure it’s both financially viable and legally compliant.
Here are 3 things you should do as soon as possible if you haven’t done them already.
1) Consult with your stakeholders
The stakeholders in your business could include your:
bank (if you have business loans), and
landlord (if you’re renting your business premises).
Let all of these stakeholders them know any information they need to know to help your business.
· your customers and staff may need to follow new guidelines and procedures to ensure compliance with social distancing protocols.
· your bank may be prepared to defer your loan repayments if necessary, and
· your landlord may be prepared to renegotiate the terms of your commercial lease to reflect the impact of COVID-19.
2) Review your business plan
It’s important to make any necessary changes to your business plan to reflect any changes in your financial or operational circumstances. For example, you may need to update your:
· financial goals and projections to reflect changed market or operating conditions, and
· marketing strategy.
3) Hire a bookkeeper
It’s more important than ever to understand and manage the financial side of your business. A good bookkeeper can help you to quickly get on top of your finances and to implement bookkeeping software to help you to stay on top of them.
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. We can also help you to implement Xero bookkeeping software. We’re a Xero-certified advisor.
Contact us today to find out how we can help your business!