The coronavirus or COVID-19 not only presents a major threat to human health but also to industry.
COVID-19, or Coronavirus, is a pandemic that has rattled the global economy, health sector, and much of the continent-wide businesses. In order to monitor the spread of this deadly virus, different governments are taking all kinds of steps to safeguard both the health of their people and at the same time protecting the economy / business by stimulating in one way or the other, as many companies have been hit by the fall in demand for the goods and services they provide.
Governments have imposed lockdowns, which is done to ensure that the local population stays at home and save themselves from getting affected by this deadly virus.
It would not be wrong if this pandemic would be called one of the darkest phases of this century. While you stay safe and at home, here are some tips to prepare your business for this virus.
Tips for keeping your business going during COVID-19 Pandemic
1. Keep tuned to the Financial Statements
As a business owner, it is crucial that you are prepared for adverse situations that may arise out of the blue. You must also keep your financial statements updated and keep checking them more often than normal, so that you are fully aware of where you and your company are financially situated.
2. Estimate the financial effect and also formulate a plan to combat the situation
COVID-19 will have an impact on the company in different areas. If you have online presence you can still be in company. The situation of social distancing and self-isolation would mean lack of staff, unless you have the provision of work from home. Financially, businesses that are low on cash reserves are sure to be impacted. Businesses must find ways to mitigate the effects by being creative and thinking out of the box.
3. Corporate health check-up and budget overhaul
Financial check-up will help the organization determine how to work through the quarantine situation. This includes reviewing the finances, redoing the budget and ensuring that the company is ready for the crisis. Check with your accountant, consider the possible risks and impacts on your company that COVID-19 will have and keep a contingency plan ready. An online accounting service will help you receive an overall financial report of your company without having to contact or consult an accountant physically.
4. Boost cash flow by going online
You’ll get a good view of the potential cash flow crunch once you’ve fully re-done your budget. Act promptly to change or at least avoid the situation from getting worse. Manage cash flow, stocks, debtors, investors, expenditures, properties, as well as make adjustments to existing business models as required. The latest business scenario suggests that they go digital. Businesses sell online now to remain in the game. This has significantly diminished the need for physical touch.
5.Get a reality check on your company
take this opportunity to think about the business operations and use this time to make the necessary adjustments to the business model. Ask some simple questions like, are you prepared to handle the impact of the crisis? Is this business financially equipped? Will the company continue to work, and get returns?
6. Get professional support
You should get in contact with a finance and accounting specialist if you want to formulate a contingency plan due to the crisis situation that has affected every area of jobs. To company owners, Small business bookkeeping services are readily accessible online.
Reliable Bookkeeping Services, Melbourne provides finance and accounting consulting services to help businesses handle their accounts, budgets and taxes better. Our experts work for you remotely and managed the outsourced accounting services with adept competence, ensuring you wouldn’t have to visit us physically. During this period of social distancing and full shutdown we understand the importance of controlling business funds. We can assist you in developing a plan to ensure an optimal cash flow for your company.