Guess What. Nothing Will Happen If YOU Don’t Own this Situation and DO Something About It.
What Action Can I Take Now to Save my Bacon Business?
It is important to still keep on top of your business’s financial situation even if you aren’t making sales at the moment. Here are some actions you can do now:
- Cancel any subscriptions you won’t be needing.
- Stay on top of reporting obligations. Keep your biz numbers up to date (make sure your xero/ quickbooks/ MYOB are reconciled).
- Communicate with your debt providers. Phone your bank, creditors or any other lenders. If you have any loans or debt’s it’s important to make calls now and ask for help.
- Contact the National Debt Helpline 1300 007 007 https://ndh.org.au/ for free financial counselling.
- If you owe any money to the ATO or have penalties, late fees or interest contact the ATO Emergency Support Infoline on 1800 806 218 and see if you can enter into a payment plan or have penalties reversed.
- If you have employees that you have had to let go please make sure you provide them with a Separation Certificate
- Super obligations will still need to be met by the due date, please make sure (if you can) to have money set aside for this as penalties are high.
- Identify alternative suppliers. Where supply is disrupted seek out alternative suppliers but be wary of personal exposure such as personal guarantees or security before signing new supply agreements.