COVID … The “C” word no one wants to hear because it has stolen the livelihood from so many businesses since it came into existence in Australia.
With 60% of businesses reported to be affected greatly by COVID in March alone, active cases ramping up again, and states and suburbs going into lockdown and self-isolation again, there’s a high probability you have been affected in some way too.
Adding to the pain people are suffering right now is the fact that JobKeeper payments (as we know them) will end for some businesses from the end of September.
However, while these payments will remain available for eligible employers until March 28, 2021, the light at the end of the tunnel still feels so far away and these combined factors are adding to the stress businesses are facing.
So what do you do now?
How can you shield your business from another hit?
It comes down to putting a plan in place – just like many businesses have with their COVID-safe strategies.
Now that you have your cashflow forecast in check, it’s time to understand the difference between profit and cashflow.