Three Key Tips for Your Business During Lockdown
The impact of this current lockdown will be the greatest challenge that many businesses face. Direct from our team of experts, here are three helpful tips for business owners and managers during the lockdown.
Communication needs to become a priority with your team, customers/clients, and accountants. Not only for the sake of business management, but also for the continuation of customer/client relationships, and the welfare of your employees. Here’s what you can do:
- Keep employees updated on key government messages concerning COVID-19.
- Let your employees know how their working situation will be affected.
- Reach out to your clients/customers to inform them of how you will be operating.
- Check on your employees’ health and offer support to protect their wellbeing.
- Send employees useful insights on how to effectively work from home.
Evaluate your Finances
A healthy financial ecosystem will see more income than there is expenditure. However, in times of crisis, the balance of your business' financial ecosystem will be thrown. It’s now vital that you evaluate your business’ current financial situation. Here’s our 4-step approach:
- Note down each point of business income and spend.
- Determine any changes in these values.
- Research your options for financial assistance. The government has a handy web page for all COVID-19 information that is specific to NZ businesses.
- Devise a strategy to move ahead. It can be tough making financial decisions that you are not confident about. For expert advice, get in touch with Osbornes’ team of chartered accountants.
Take Action and Get Assistance
As a business leader, it’s crucial that you focus on what actions you can take and assistance you can access to support the survival of your business. Here are some useful examples.
- Integrate communication methods such as Zoom, Slack, or Whatsapp.
- Put non-essential expenses on hold.
- Communicate with your bankers about how they can help out.
- Utilise government assistance that applies to your business. You might not be aware that wage subsidy is available to self-employed businesses and shareholder-employees of companies. If this applies to you, we can assist with the next steps.
Osbornes CA will be operating as usual throughout the lockdown period. If you have any accounting concerns or needs, please reach out so that together we can help you combat this difficult time.