Surviving a Downturn

  • February 28th, 2020 at 10:31 am

Surviving a downturn. Many small business owners are going to be challenged more than ever. The economy was softening prior to the current challenges and with the prolonged drought, bushfires over a very large part of Australia, floods, and now the coronavirus, the challenges are enormous.

Anne Nalder, Founder/CEO of the Small Business Association of Australia recommends that small business owners not be complacent and do a reality check in order to survive during a period that is uncertain and no one knows for how long. There will be a chain re-action to supply chains. Do not leave things to the last moment.

If you are having difficulties or entering into a tight period, get in touch with your bank and ask for assistance under the Banks Hardship Provisions.

Also talk to your telecommunications and energy providers, they are usually understanding and can defer or reduce payments.

If you owe the ATO $100,000 or less, you can phone 137226 which is a self-help line and you can make arrangements to defer your tax bill or arrange a payment plan.

Leases are tricker as the landlord might have a mortgage and needs to pay the bank. Talk to your landlord and see if you can make an arrangement.

The most important thing is not to feel ashamed to seek help. You need to be on top of the challenge and ensure you keep in touch with your suppliers.

If you are experiencing difficulties or know someone who is please don’t hesitate to call the Association on 1300 413 915 or email info@smallbusinssassociation.com.au