Has your business been impacted by the coronavirus?
We’re here to help
In a short time, the coronavirus (COVID-19) has had a devastating impact on many Australian businesses. With supply chains disrupted or frozen and fear of infection and isolation affecting customer and staff behaviour, few businesses will escape being affected by the crisis.
These are challenging, uncertain times, with no end in sight, however we believe that the right actions taken sooner than later can help achieve a better outcome for your business.
How to give your business a better chance of surviving this global crisis
If your business has been affected by coronavirus, or you fear it will in the coming weeks or months, act now by:
Assessing your business – today: The head in the sand approach only gives short lived comfort and sets you up for bigger battles ahead. Build a forecast to understand how long your business can survive. Go long, too, because no one knows when this crisis will be over. (Refer to our self-assessment tool below).
Diversifying and limiting risks: seek alternative markets (supply or demand) for your product or service
Reducing costs where possible to minimise any impact on your cash flow
Seeking help: If you don’t know what your business options are, speak to one of our practitioners. We recommend to call us at the first sign of cash-flow stress
Engaging with creditors: By letting them know your situation, you can negotiate leniency such as extensions and reduced payment installments
Informing your customers of your situation and changes affecting them: Communication is key to working out viable solutions and maintaining good relationships
Communicating with your stakeholders: talk them through the impact on your business and the contingencies you are implementing
Thinking long term by conducting a supply chain audit and assessment: evaluate supply chains and ensure that future access to raw materials, components and finished goods will not be affected by another catastrophe. Determine whether you’re over-reliant on China and weigh up how to diversify your supply chains geographically
How is your business coping? Self-assessment tool
Please tick the box that best describes your situation:
- ☐ Business Unaffected: my business has not and will not be affected
- ☐ Business Opportunity: I have identified an opportunity created by the coronavirus
- ☐ Business Marginally Affected: my business has been affected but we are coping and expect to continue to cope in the medium to long term
- ☐ Major Impact: my business is affected and require immediate advice on how to survive this
- ☐ Critical Impact: my business has been significantly impacted and I need guidance on solutions that are available to help me survive
- ☐ Business Fatally Damaged/Paralysed: my business is in critical financial distress and I require immediate advice on Voluntary Administration
If you’ve ticked boxes 1-3: there’s no need to take any action (unless you experience a change in circumstances).
If you’re ticked boxes 2-5: speak with your accountant or a Jirsch Sutherland practitioner as soon as possible.
If you’ve ticked box 6: contact a Jirsch Sutherland practitioner immediately on 1300 547 725 or email firstname.lastname@example.org
Has coronavirus severely impacted your business leaving you in financial distress and unable to operate?
Contact us today/immediately so we can discuss the right strategies to help your business such as Safe Harbour, Voluntary Administration, standstill agreement or business restructuring which can give you time to ‘right the ship’ and avoid liquidation.
Call our special coronavirus hotline 130 547 725 with English, Mandarin and Cantonese speakers to provide guidance to business owners and directors. Alternatively, email us on email@example.com.
Looking after your mental health: we understand a period of financial distress can take a toll on your mental health. Beyond Blue’s Looking after your mental health during the coronavirus outbreak provides wellbeing advice to anyone suffering anxiety, distress and concern caused by the impact of coronavirus