Tips to assist small businesses prepare for Covid-19
The coronavirus or COVID-19 presents a significant threat to human health and to business.
For many businesses, government intervention to contain the public health risk may result in a fall in demand for your products or services, labour shortages and supply disruptions.
There are a range of actions you should consider taking now to prepare your business for COVID-19 to place your business in the best position possible to not only survive this crisis, but to also better prepare it to take advantage of the recovery.
Here are some tips to assist you:
Keep up to date with official information on COVID-19 and any directions public health authorities may issue.
Update your financial statements … and keep them up to date.
List possible impacts on your business of COVID-19.
Estimate the financial impact and develop mitigation strategies.
Re-do your budgets with new assumptions.
Act now to improve cash flow including collecting accounts receivable outside of your trading terms.
Increase online sales.
Talk to key suppliers.
Identify employees with critical skills and make sure they can continue to work.
Measure, measure, measure.
If you find yourself in financial difficulty, please contact us immediately.
These are uncertain times and we are here for you.
As always, if you would like/need our help, please contact us.