Business Survival in Lockdown
What can Victorian Businesses do now that we are in a further lockdown? Three weeks into a six week stage three lockdown, a new six week stage four lockdown was announced.
As the Federal Treasurer says this is a fluid situation.
Solvency (the ability to pay debts as and when they fall due) is a real challenge for many businesses.
Things are changing fast. Cash flow forecasts prepared during the stage three lockdown are already out of date and inaccurate.
Consumers will only be able to go out to shop for the essentials, therefore many businesses will need to find away to do business online to get any revenue in this period.
Ways of life are changing, heading for a "new normal". Whilst many yearn to go back to their pre-COVID life, it is becoming increasingly obvious that things will never be quite the same again.
Now is a good time to take a thorough look at all aspects of your business to determine its optimal structure and business plan in order to survive the current crisis and to thrive into the future.
It can be difficult when you’ve put your heart and soul into a business to look at things in a dispassionate and objective way.
Independent professional advice can help inform your decisions and achieve better outcomes for your business. Greatworth Advisory are experts in restructuring and provide independent expert advice. Give us a call on (03) 9896 9000 today.