What’s Your Post-JobKeeper Plan?
With Jobkeeper payments set to end in a few short months, businesses will need to begin to plan for the future.
The last JobKeeper payment is scheduled for the fortnight ending on September 27. The Australian Bureau of Statistics (ABS) estimates that 72 percent of businesses have experienced a hit in revenue, and 73 per cent have accessed support measures such as the JobKeeper payments.
With these measures to end soon, businesses will need to rely on themselves to stay afloat.
Other government measures are likely to end at a similar time.
Business can use the following as a checklist when making a plan for when government incentives decrease:
- Cash flow
What is your current cash flow like and how is it predicted to be after stimulus packages end? Consider getting a cash flow forecast to have some insight into what’s coming cash flow wise.
Have your staffing needs changed? The changed environment may mean you need less or more staff, or perhaps new or repeat training of current staff is required.
- Revenue streams
Will your current revenue streams recover or have new streams and opportunities become available? Read our article on planning for post-pandemic business recovery for a more in-depth discussion on how your business landscape may have changed.
- Tax obligations
Are funds available when tax is due?
- Deferred liabilities
If you’ve deferred liabilities such as your mortgage or rent repayments, will you be able to meet this once payments are reinstated?
- Superannuation guarantee
Is there enough money available to meet the next superannuation payment?
- Personal guarantees
Are any personal assets at risk such as personal savings, residential properties or a car?
Another point which is often overlooked:
How are you feeling?
COVID-19 is an unprecedented global pandemic which has changed the lives of many, individuals and businesses alike. Does your current business structure or perhaps even business itself feel like you’ve lost your passion?
How can we help?
We can help you put together a post-pandemic plan. Our list of industry experts in business advisory can help you prepare and understand the changed landscape. Book an appointment today.
Want to know more?
Below are some articles that may interest you:
- JobKeeper Package Update: How to Apply
- JobKeeper Payment: Relief for Employers and Employees
- Are you entitled to the Federal Government Stimulus Package
- Government Stimulus Package for Business
- Government Stimulus Package for Individuals
- Australian Tax Office Relief
We’re here to support you through the changes. From making the most of the stimulus initiatives, through to managing the risks associated with the impact of the Coronavirus, the Modoras team is here to help you build a resilient business. Make well-informed business decisions; contact us on 1300 888 803 to book a catch up with a Modoras professional.
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