The Government’s JobKeeper scheme has been a lifesaver for businesses and employees alike, but what happens when it ends?
What does that mean for you?
Three Things to do…Now!
- If you are not already doing this your best friend needs to be your bookkeeper and accountant on a weekly basis.
- Understand your financial position as fair or as bad as it may be.
- Let’s not kid ourselves.
NOW is the time to understand and get ready for when that funding is tapered back.
The government is passing around enormous amounts of money at the moment which is essentially keeping many people afloat (at least for the short term).
It’s time we really understand our numbers inside and out otherwise you may very well struggle to come out the other side (when that comes).
If you were in profit before COVID there is a big possibility you can come back from this because you know how you were tracking.
If you were not in a healthy financial position then what number do you need to acheive and how long are you predicting that it will take?
Can your resources handle holding you up over this time until your businesses feet are firm on the ground?
Know your numbers because they don’t lie and are the benchmark for getting by or thriving!
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Step forward and…
1) Get your bookkeeping up to date and run fresh financial reports. Analyse those reports to within an inch of their life to see if your business is still viable.
2) Prepare a cash flow forecast and regularly update it. Also, make a list of everyone you owe money to and when it is due. Banks, ATO and many others have been allowing you to defer payments. Sooner or later that money has to be paid back and often with interest. If you think you won’t be able to pay back any debts when the honeymoon is over then you will need to get in touch with these organisations and come to an arrangement.
3) Take a step back and do some serious soul searching. Look at where your business was pre-COVID, where it is now and what you want it to look like after COVID. Think about were you happy with how things were before and decide if that is really what you want to go back to. Look at how customers and suppliers have changed over the COVID period and decide if they are still people you want to be doing business with.
There were times over my years of owning businesses that I thought I wouldn’t get through to the next year but right then I would lean in on understanding my numbers even more and let’s say…energy flows where your attention goes!
Let’s Get Focused On The Numbers.
I collaborate with some amazing professionals that ‘love numbers’ and will certainly have you put your best foot forward as we break out of lockdown.
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Personal Life Coach, Business Coach & Change Mentor
Hi, I’m Kylie-Ann, it is not the things that happen outside yourself that affect you the most. What goes on inside your head is the most powerful indicator of your success as a person. So, if your thinking becomes clearer and more empowered, so does your life.
Now is a Good Time for Change!
Book a 90 Minute Pathfinder Session today… and set your feet on the pathway to your goals and find the solution to your biggest problem/s.