We’re in a tough time for business, but with some careful planning, it is possible to make it through. The key to business survival right now is to stay flexible, and to plan for the recovery period. Here’s some tips and resources for Indigenous businesses who are struggling right now:
Estimate your cash flow, and take measures to prepare for cash shortages. Cut costs where you can, rein in spending, and apply for credit if you need to. Negotiate reduced rents or a moratorium with your landlord, and keep informed on government stimulus measures for businesses. Talk to your accountant about your tax obligations and where there might be some relief.
Encourage your team to be flexible around finding work, and have contingency plans around carrying work out if your staff fall ill.
Diversify your supply chains, if possible, to prepare for potential disruptions.
If you are in the Perth, Peel, South West or Great Southern regions of WA, you are eligible for free one on one business advice sessions and free online workshops under IPS's Aboriginal Business Capability Building program. Call 0439 932 308 or book an appointment here.
Keep up to date – Register for Supply Nation webcasts. Supply Nation and EY are collaborating to produce a new webcast series providing Indigenous businesses with practical advice and guidance, as they navigate the challenges of this unprecedented crisis situation. Topics to be addressed over the coming weeks include
How to access government and other financial support;
Ideas for dealing with banks, utilities and the ATO;
Reputation management and crisis communications;
How to prioritise cash flow and liquidity;
Taking care of your health and wellbeing; and
Dealing with Safe Harbour provisions relating to insolvency.
Join Indigenous Business Facebook group Indigenous Business COVID19 Support Group . There are a lot of government responses designed to support small business, but many businesses won't fit the criteria to access them. This is a support group to help small businesses support each other - resources, hints & tips, ideas, and the occasional paying gig.
Drop in on Indigenous business happy hour every Friday at 5pm on zoom QLD time, to chat with mob from all over the country. Url: https://zoom.us/j/625386738… Password: 031123