Small Businesses Bankruptcy & Coronavirus (Covid-19)
Impact on small businesses who were on the downturn before COVID-19 coronavirus
According to Google’s company announcement in early March 2020, “Since the first week of February, the search interest in coronavirus has risen by + 260 percent globally.” This statistic obviously indicates how much of a worry the pandemic is on everyone’s minds and for some it has far greater impact than others. With the Australian government introducing state- mandated closures, social distancing measures as well as with people losing their jobs or temporary loss of income, many small businesses are hard hit with the effects of COVID-19 coronavirus pandemic.
Of course, there are businesses who have been able to adapt to the new measures to ensure they make all attempts to survive this downturn as well as keep to the state requirements. Some have expanded to an online presence, created online consultations and classes, introduced door to door deliveries and even bigger retail companies like Westfield and Bunnings have offered contactless drive-through service, adapting to the needs of consumers as well as ensuring business sustainability.
What is critical is that businesses that are surviving the crisis are taking a second look at how they are positioning themselves in their markets and how their current operations can be improved upon to ensure the safety of their employees, customers, and anyone else who may come in contact with their products or services. In times of great uncertainty, people’s routines and purchasing habits change quite dramatically, which then opens up the opportunity for businesses who can change and adapt operations and invest in new technologies where possible to adjust to the changing climate.
If financial worries are foremost on your mind in your business, Small Business WA’s website offers some good financial tips to consider if you are looking at ways to maintain your business, and we have highlighted a few here:-
- Understand your current financial position and if your cash flow can sustain you for more than 6 months at least.
- Check your eligibility for government assistance including the Job Seeker package which sole traders are eligible for.
- Contact your bank and insurer to check if you may be eligible for loan deferral payments.
- Seek advice on deferring tax payments- However, note that deferring tax payments may impact your eligibility for other stimulus package options so talk to a professional before you take any action.
- If you have employees, you may be eligible for the Job Keeper payment which can help support you in keeping your employees.
- Consider if you would like to draw down on your superannuation if you qualify based on required eligibilities.
However, if you have come to this website, it means you have either explored all options or you need assistance from someone trusted to help you through your financial matters – Our consultant, Andrew has over 25 years of experience dealing with a variety of financial circumstances, working through global and local financial crises being fully aware of what each business requires during such trying times. He is ready to help provide his professional advice for your individual situation. Find out more on what his clients, who have sought his assistance over the years, have to say about his professionalism here.
If your business was already suffering prior to the pandemic, don’t wait and bury your head in the sand. You need to act now to ensure that you come out of this pandemic with the best outcome and not worry about losing your home, your car whilst being aware that it may be possible to still retain elements of your business. Read about how the Bankruptcy Advisory Centre team helped a Perth hairdresser adapt her business after declaring bankruptcy.
I made an appointment with Andrew after finding him on google. I was nervous and apprehensive about what to expect but he made the process of bankruptcy extremely uncomplicated and stress free, allowing myself the opportunity to get the fresh start I was so desperate for. Thank you Andrew I could not recommend you enough.
Making the decision to go bankrupt was not easy however once I had spoken to Andrew i felt all my anxiety disappear. Andrew does not judge you and he has an innate ability to put you at ease. He took care of the whole process for me again reducing the stress involved with completing paperwork.
Thank you very much.
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Andrew was very helpful in helping me through the bankruptcy process, as a single mother left with a massive debt from my ex and our previous marriage. I was struggling to keep my head above water on a week to week basis.
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Andrew put my mind at ease in one easy appointment. Very satisfied with the outcome and service provided. Highly recommend Andrew.
Andrew was a steadying hand with his advice.Showing that things aren't as bad as first thought nor any obstacle insurmountable. If you have questions needing answers, Andrew is the person to ask. Thanks for your advice Andrew.
Andrew was very knowledgeable, caring, helpful and compassionate when I went and saw him. He made me feel that I wasn’t the loser and failure that I thought I was being. Even down to the box of tissues on the table.. which I needed. Highly recommend to go see Andrew if your struggling. There is life after!
Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.
Don't hesitate contacting Andrew, I was stressed, struggled sleeping through debt. Andrew put me at ease. He listened to my situation and we decided on my next move. Andrew is professional and easy to talk too. I would recommend highly to anyone who wants help to give him a call. I appreciate your support Andrew. Regards Brett.
Andrew has given me back my life!!! After living paycheck to paycheck, I didn’t know what to do. Until I made the big step and booked an appointment with Andrew. As soon as I left his office I felt a huge weight lifted!!!
Andrew was prompt, organised, friendly and efficient with the processing of my documents and made everything very simple for me so I didn’t need to deal with the added pressure and stress. Thank you Andrew for allowing me to start afresh and getting it done within a matter of weeks.