Coronavirus (COVID-19) Business Continuity Plan
As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times. It’s not all doom and gloom either – doing the right things now can lead to your business being in the right place to bounce back and take advantage of what opportunities may lay ahead.
The P+Y team are here during these unprecedented times to support and assist where needed to provide a positive difference for you and your business.
We believe that creating a Continuity Plan, with actionable appropriate steps, is imperative for each business. There are EIGHT key areas you need to consider immediately:
1. Communication – clear instructions to your staff, clients and suppliers is crucial.
2. Review & Analyse – businesses must determine which processes are critical in order to continue operations, and which processes can be suspended temporarily.
3. Protection – Update and upgrade your Asset Protection IMMEDIATELY. It’s very important to review strategies to protect your equity.
4. Banks and Funding – You should contact your bank immediately to arrange additional lines of credit if possible. Alternative funding sources should also be immediately considered. The time to act is NOW, not in 2 weeks’ time when the banks will be overwhelmed by other bank loan applications.
5. Management Team – Work through this COVID-19 Continuity Plan with your Management Team, then quickly communicate appropriate decisions to your entire team.
6. Employees – You need to openly discuss reduced working hours with your employees to save cash (if this does save cash) and working from home arrangements. Employees may be scared, so they need to be reassured by you and they need to be given an understanding of your plan to keep the business alive.
7. Customers & Suppliers – Great communication is needed to so that customers have peace of mind that it’s “business as usual” where possible, and so that you can rely on your suppliers.
8. Mental Health – This could be one of the most stressful times ever for you and your employees. We can provide links to assistance for you to help you and your team through this crisis.
As always, to ask any questions and discuss this matter further, please call us on (07) 3217 5700 or email [email protected]
We help professionals and enterprising business owners by getting the numbers right, adding strategy and insights to maximise business growth, and providing specialist advice that considers your diverse business interests and financial goals.
P+Y Accountants & Business Advisory | P: (07) 3217 5700 | E: [email protected]
Disclaimer: The information contained here is general and not intended to serve as advice. Any information supplied is not a substitute for independent professional advice. We do not warrant the accuracy, reliability, completeness or adequacy of the information or material. All information is subject to change without notice. P+Y and each party providing material displayed here disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. Users are encouraged to contact P+Y for advice concerning specific matters before making any decision.