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Coronavirus and your Australian Small Business

Corona virus and your Australian Small Business

Hello everyone. Corona virus (aka COVID-19) isn’t something that we usually talk about, but it is having a significant impact on people’s lives, including Business Owners, and the Bookkeepers who stand with them. So we write about this to help you be a source of knowledge and wisdom, so that together we can survive and perhaps flourish even in the face of such adversity.

Corona Virus Pandemic is a tragic event unfolding in our lives.
The problem is what it is. What makes it worse than what it is, comes from misinformation and/or lack of information. And then acting on that bad information!

That is why we are writing this Blog Post, to help combat misinformation and/or lack of information.

So instead of trying to hit a piñata with a blindfold on, we are helping you to get any blindfold off yourself and your clients, so targeted and effective countermeasures can be implemented, taking advantage of the many resources Australia has from its Federal and State Governments.

That will make life better for employees, and the lives of all our families.

We are going to provide many links, so you can go straight to the various experts and authorities for yourself, and to share them with your clients.

 

Keep up to date with changes and alerts

Nationally

Health (Australian Government) website:
https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert

ATO (Australian Government) website:
https://www.homeaffairs.gov.au/news-media/current-alerts/novel-coronavirus

 

Globally

WHO (World Health Organisation) website:
https://www.who.int/emergencies/diseases/novel-coronavirus-2019

WHO (World Health Organisation) website:
https://www.who.int/emergencies/diseases/novel-coronavirus-2019/technical-guidance

Coronavirus disease (COVID-19) Situation Dashboard website:
https://experience.arcgis.com/experience/685d0ace521648f8a5beeeee1b9125cd

 

But only listen to credible news sources and stay away from hype

You have got better things to do that to be ready pages and pages of Corona Virus information. You want the concentrated information, not something diluted! After all, you still need to get on with your life, perhaps even more so during this Corona Lockdown time.

ABC website:
https://www.abc.net.au/7.30/coronavirus-special/12026872

CNN website:
https://edition.cnn.com/audio/podcasts/corona-virus

 

Look after your team’s mental health (and your own)

As a man thinks, so is he. ~ Proverbs 23:7

If you are overwhelmed, stressed, etc. about all this, then whatever you could actually do to help yourself, clients and loved ones, you won’t be able to do.
Being able to stay focused is important, in spite of your circumstance.

That is why being able to stay on top of your thinking is essential.

Please use the Beyond Blue website to keep yourself afloat.

Beyond Blue website:
https://www.beyondblue.org.au/the-facts/looking-after-your-mental-health-during-the-coronavirus-outbreak

 

Find out how viable your business is so you can plan

As we all know, a healthy body helps keep away a virus. And even if a virus takes up residence, that healthy body will be able to kick it out! Same with your business. Even though things are not going to flow as optimally as we’d anticipated 6 months ago, we can still refine what we do, so we are not going to go under! So get your business healthy, so it will stay afloat during this downturn. It will pass, so being able to endure in the meanwhile is a very important thing to prioritise!

ATO website:
https://www.ato.gov.au/calculators-and-tools/business-viability-assessment-tool/

 

Understand how to handle issues related to employees

Employees want to make sure they are going to be safe and sound financially. And if they aren’t, they need to be able to move on and start fresh, as soon as possible.
Find out all the ins and outs about this on the Fairwork site

Fairwork website:
https://www.fairwork.gov.au/about-us/news-and-media-releases/website-news/coronavirus-and-australian-workplace-laws

 

Don’t make any rash decisions about redundancies or closing your business

We understand, it can all feel a bit overwhelming! But keep a steady head on your shoulders! Don’t go making decisions based on Fear. Get clarity, and make an informed decision.

ATO website:
https://www.ato.gov.au/General/New-legislation/The-Australian-Government-s-Economic-Response-to-Coronavirus/

 

Familiarise yourself with latest business information and available support

The Australian Government recognises the importance of business in keeping Australia in economic health. They are offering lots of information so you are equipped with up to date information that will keep your business alive during this time.

Business (Australian Government) website:
https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business

Treasury (Australian Government) PDF:
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_businesses.pdf

Treasury (Australian Government) website:
https://treasury.gov.au/coronavirus/businesses

 

Reassess plans for work related travel

Do you really need to travel somewhere? If yes, then make sure you do it wisely. Please consider using video calls, etc. as an alternative, if possible.

Smart Traveller (Australian Government) website:
https://www.smartraveller.gov.au/news-and-updates/coronavirus-covid-19

 

Contact your bank and ask for help

Banks understand this is a hard time, and are wanting to help you to keep your head above water!

NAB

 https://news.nab.com.au/coronavirus-response/

Commonwealth

https://www.commbank.com.au/guidance/newsroom/business-eap-202003.html

https://www.commbank.com.au/latest/coronavirus.html

ANZ

https://www.anz.com.au/promo/covid-19/

 

Westpac

https://www.westpac.com.au/help/disaster-relief/coronavirus/

https://www.westpac.com.au/about-westpac/media/media-releases/2020/11-february/

 

And if you get into serious financial hardship

Sometimes you need to access that money you have saved up for that rainy day. Is this that rainy day for you?

Service Australia (Australian Government) website:
https://www.servicesaustralia.gov.au/individuals/services/centrelink/early-release-superannuation

Service Australia (Australian Government) website:
https://www.servicesaustralia.gov.au/individuals/news/750-one-economic-support-payment

 

Thank you for your time. Stay safe, wash your hands, be responsible, and use the links shared to your advantage. We will get through this together.

Regards, Amy and the team at The Savvy Bookkeeper

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