Preparing for COVID-19 Business Continuity Planning
Every moment, every day, we’re being bombarded with Coronavirus updates. The developments are concerning, for all Australians.
Never before, have we as a nation faced a threat such as this, and the impact is already far-reaching. To prepare your business, included here is a Business Continuity Planning tool, free to download.
By ATB Partners.
Right now, at ATB, we are working through a number of issues in our own business, but our focus remains firmly on our clients. While we don’t know if we’ll be working from our office or working from our homes in coming weeks, we have invested heavily in the latest technology in recent years, and this means we can keep assisting you no matter what may happen.
All members of our team are able to work remotely and have access to all the technology systems and tools they use daily to assist their clients.
Please feel free to email or call us when you need us, and we will be here to help you!
Good Advice is needed, now more than ever
As we face these unprecedented times, all businesses need to assess the risks, challenges and opportunities that lie ahead, as well as put plans in place to ensure business survival. With that in mind we have developed a comprehensive Business Continuity Planning tool. It is free to download (click here).
This free tool is designed to kick-start your thinking about what you need to do, right now, to deal with the impending impact of Coronavirus.
As you know, at ATB Partners, we have a team of professionals with a diverse range of skill sets and years of experience and we can help you to navigate a pathway forward for your business, irrespective of your industry, or the size of your operation.
Business and Tax
The Australian Government has just released its $17.6 billion economic stimulus package in response to the Coronavirus.
It is designed to help employers to keep their workforce levels. There are key tax benefits that business owners need to access over the next few months. We are here to help business owners receive the maximum benefits they can.
Wealth Advice
The share markets are exceptionally volatile due to fear and uncertainty in the marketplace. As has always happened before, when this crisis is over the markets will quickly pick up again.
Keeping a long-term focus and not panicking now is the key to success. If you have any concerns about your portfolio, don’t make decisions in isolation, get professional advice – at least take the opportunity to use your financial planner as a sounding board. Knee-jerk reactions can seriously erode your financial position over the long term.
Protect yourself ... and your business
If you’re a business owner, you need to consider how much your business needs YOU personally to operate, in case that you fall ill. So, there are a couple of important documents you need to update (or prepare if you don’t already have them!).
If you have to self-quarantine or are admitted to hospital, if you don’t have an Enduring Power of Attorney (EPOA) then no-one else can make important business or financial decisions on your behalf.
Make sure you have at least one other employee who has access to anything important too – like passwords and financial information they might need if you’re not around.
Without being alarmist, we strongly recommend that you have an up to date EPOA. This is also an opportune time to review your will, and make sure your intentions are clear, in any worst case scenario.
Insurance
Similarly, now is a good time to review your insurance policies to make sure they’re current and paid up. Know what you’re covered for, particularly if you have employees who will now be working from home for an extended period. What about general insurance if the entire team is absent and your premises are locked up and left unattended for a few weeks? Consider other issues too, like the need for ‘key person’ insurance if a pivotal team member suddenly becomes ill, incapable of returning to work for some time.
Next Steps
These are certainly times when we need to stay calm and rely on reliable news sources and information from State and Australian Government websites. What you see on social media may be panicky and unreliable information – stay away from this!
But above all, don’t be complacent. Now is the time to put the appropriate risk management strategies in place for any possible eventuality and while the threat of Coronavirus remains unclear, help from professionals will enable you to understand the potential threat and plan accordingly, to stay ahead, and keep your business on track.
If we can help, please contact us.
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