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Image of a business owner working at a laptop with the heading 'Prepare your business for the end of the COVID-19 emergency period'.

Are you ready for the end of the COVID-19 emergency period?

Is your business prepared for the changes coming at the end of original COVID-19 emergency period?

The end of the emergency period, originally set to be 29 September 2020, will see a number of changes as some support packages are extended or adjusted, including JobKeeper.

If you haven’t taken the time to assess your financial position and create a plan for how your business can move forward with no, or a lower amount, of COVID-19 financial support, doing the checks below will help you manage the road ahead for your business.

1 - Complete a financial health check

Understanding the financial health of your business can help you make the appropriate decisions around the future of your business — whether it’s cutting costs, expanding your operations or deciding to close permanently.

How to take the next step

  • Use the business viability assessment tool on the Australian Taxation Office (ATO) website to assess the financial performance and position of your business. The tool is free and the ATO does not keep a record of the information you provide while using it.
  • Speak to your accountant and ask them to help you undertake a financial health check to establish your position so you can discuss the strategies you can put in place to help you achieve your business goals.

2 - Assess your cash flow

Cash flow is a key concern for many businesses and an area that is often neglected. Keeping an up to date cash flow forecast will help you track the money coming in and going out of your business and alert you to the warning signs of future financial problems. This includes keeping track of your client’s payment times and when it’s time to follow up on any monies owed to you.

How to take the next step

3 - Follow up on debts owed to you

Once you have completed your cash flow forecast, you should have a clear indication of whether your financial position is being impacted by late payments.

How to take the next step

4 - Review your business plan

The ability to pivot has been key to many businesses being able to endure the impact of the pandemic. If you haven’t already reviewed your business plan this year, use this opportunity to review your operational strategy and make any necessary changes to your products and services. Reviewing your business plan may also help you identify potential cost savings — for example, using online spaces rather than physical ones.

How to take the next step

5 - Seek professional advice

If you’re unsure on the next step for your business, seeking professional advice can help set you on the right path. Consider your strengths and weaknesses when it comes to business acumen and which skills or knowledge are needed to help you achieve the best results for your business. Don’t forget, you can turn to us for free advice and guidance on where to go next in your business, as we emerge from COVID-19.

How to take the next step

6 - Look after yourself, not just your business

You are one of the most important assets in your business, so make sure you are taking care of yourself. There are a number of support services available that are tailored to business owners, such as Ahead for Business and beyondblue. They can provide you with free help if you need to talk to someone or would like some guidance on how to achieve a better work/life balance.

How to take the next step

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