Moving forward in small business

​By Sana Turnock

Thousands of businesses have been impacted by COVID-19. This is evident with the amount of Job Keeper applications processed by the ATO.

Business Advisory have worked with businesses which have had to close overnight due to government lock-down strategies or concern over personal safety. There have also been temporary and permanent shut downs of business, loss of revenue, a pivot in business direction and discussions with business owners over the need to adapt to suit the current needs of the climate and population. Businesses which have pivoted early, have filled a gap in the market based on current needs, or focussed on local community and collaborations, are those which have mostly managed to continue opening their doors.​

​Job Keeper has been a lifeline for businesses able to receive it. This is a short-term reprieve, a pause if you like as it gives businesses the opportunity to take stock of their business model and current operations to see whether adapting or pivoting is possible. There is no guarantee that Job Keeper payments can or will be extended beyond the end of September 2020.

​Cautious optimism is warranted moving forward, as border and business restrictions and closures could take place again if new cases of COVID-19 in the state are found. What then, does moving forward in business look like right now? While some businesses have had minimal disruption, all businesses can mindfully use this time to implement certain plans and checks.
These are listed below (not in any particular order):

1. Before you open your business ensure you have read the Covid 19 guidelines and implemented a Covid 19 Safety Plan. There are specific plans for food, sport and recreation.  While not compulsory, a general plan is provided for other businesses. Implementing the plan shows you are making your own and your customer’s health a priority. This is good business practice. These links will take you to the templates: Food Businesses  Sport and recreation and General.
2. Have a crisis management plan in place. Discuss with key staff and then have them filter information through to team members. If you work on your own, reflect on what a crisis management plan looks like for you especially in the next 3 to 6 months. Consider financials, staffing, resources, operations, marketing and mental health.
3. Pay more attention to terms and conditions around your products and services, insurances and commercial tenancy. If you don’t currently have terms and conditions, now is a good reminder to put one in place. You may want to do a review if you already have this in place to see if all is still applicable. Perhaps additional Covid 19 terms and conditions may need to be considered. 
4. Develop or review financial and business planning. Don’t just look at financials to cover staff costs but also do your best to forward plan and see how you can cover yourself (and your business) at least 3 – 6 months ahead. This becomes part of part of crisis management planning.
5. Mental health check ins - for you and your staff. Think of what this could look like in your business.
6.  Have a data base! This may sound fairly straightforward but there are businesses who don’t have this in place and now have no access to their customers. This is your warm audience. They like what you offer. Keep them informed, offer them value, pick up the phone and touch base with them. This is a good time for genuine relationship building.
7. Ongoing transparent communication with staff, customers and suppliers. If you are still operating for business, let your customers and suppliers know. If you have been disrupted let them know. Re-assurance is very helpful during uncertain times. If you are not able to assure staff jobs tell them early so that they have an opportunity to find work elsewhere.
8. Collaborate with like-minded businesses. See where there could be synergies in your products and services. Are your values aligned? This makes it easier. There are numerous benefits to collaborating and it’s not just financial.
9. CREATE a sense of community. Build LOCAL into your business model, especially bricks and mortar businesses. Collaboration can be a part of this.

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 Please contact Business Advisory South West & Peel if you would like assistance with any of the above. We are more than happy to help.
Contact us on 1300 275 477 or www.ipsbusinessadvisory.com.au