The end of JobKeeper: is your business prepared?

StuartCOVID19, General

The extension of JobKeeper, came as a welcome relief for many business owners.

In an attempt to reduce the number of employees receiving more money than they previously earned prior to the pandemic, the overhauled scheme came with strict new rules. Centred mainly around who qualifies, meaning businesses are now required to complete more frequent turnover-reporting to prove ongoing financial distress.

Surviving, and thriving, post-JobKeeper

Businesses need to proactively consider if their current position will see them survive life after JobKeeper.

1.     Manage your cash flow

If you haven’t already, put in place a plan for every scenario, even the worst.

Work closely with your accountant to realistically assess what situation you would be in if cash flow dips.

2.     Reduce your expenses

Conduct a stringent review of all business expenses and cut costs where necessary.

3.     Know your legal obligations

Unfortunately for some businesses to stay afloat, this means reducing headcount.

If planning redundancies, seek appropriate legal advice to ensure you are covered in the instance you are faced with legal action.

As always, our team are here to help. If you would like assistance with any of these items or would like to talk to us about your COVID-19 strategy, get in touch.

Let’s Talk.