JobKeeper has ended. What now?

1. Analyse your business operations

Take a good look at how your business operates to see if you can reduce costs. Consider your team’s actual transition to ‘COVID-normal’ — be realistic about how quickly (or not) your day-to-day operations will return to a pre-pandemic routine. Are your staff returning to the office full-time; or are they splitting their work time between home and your workplace? What savings can you make based on where your workforce will be conducting their duties? Alternatively, if your business has a store front or retail space – do you need to continue to rent or maintain this? Or can you generate enough income to meet your financial responsibilities from online sales only, therefore reducing your rental obligations?

2. Review your labour and staff requirements

It’s important that you review and determine the size of the workforce you need to run your business right now. Do you need the same level of labour? Or consider the flipside: calculate how much labour your business can afford to determine your immediate operational needs. On another note, it’s essential you understand if you are up to date with your staff entitlements. If you’re not sure, speak to a professional,  who can advise you what your legal responsibilities are.

Another option is to apply for any cash grants or tax deferrals that your business qualifies for in your state. Some examples include:

• Apply for the Jobmaker Hiring Credit Scheme which incentivises businesses to employ young job seekers. Your business can receive payments for any eligible employees you hire from 7 October 2020 until 6 October 2021.

3. Protect your cash flow

We talk often about the importance of cash flow. Effectively managing your cash flow as a business is essential for survival. With reports of many businesses struggling to pay their own bills, you can limit your exposure to insolvent customers by communicating your payment deadlines effectively before releasing your goods. For example, request a deposit or full payment for services, or reducing your payment deadline for goods.

Get the support you need for success

If you would like to find out more about how we can help, contact our office.