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.
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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.
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Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.
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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.
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