By Tina Zawila
As I am writing this article, within 72 hours of first identifying the COVID case, South Australia has just entered a 6-day hard lockdown. COVID cases in the USA continue to sky rocket, and at the same time most major news stories start with headlines regarding the vaccines that are almost ready…
But I don’t want to talk about COVID-19 directly in this article, instead I want to take a moment to consider, that only a few short days ago I think most Queenslanders (and even Australians more broadly) could be forgiven for thinking that Christmas 2020 might actually be somewhat normal. There was an air of confidence and hope. Businesses were more worried about their ability to access sufficient stock for sale rather than a lack of demand in the lead up to the silly season and Christmas parties were booked. In Queensland, we even filled the stadium for the State of Origin! (How good was that game?!)
However, many of us may be reconsidering those Christmas plans now particularly if they involve inter-state travel and we are watching with concern how the SA situation unfolds. Can you afford to add an unexpected 14-day hotel quarantine bill to your holiday budget?
Imagine if your business or workplace was locked down overnight. We know how tough this is not just for the period of lockdown, but for the ‘recovery’ as well. I expect the rapid escalation in SA is making many business owners nervous right now.
We all need to stay vigilant in light of the ongoing crisis, obviously from a public health perspective, but also from a financial perspective.
Business owners need to recognise that it is still vitally important to have contingency plans in place, including a business continuity plan (if possible). Cash reserves are still as important as ever. In Central Queensland many businesses have come through the last 9 months or so relatively unscathed thanks to the Government financial support via PAYG Cash Flow Boost and JobKeeper. Prudent business owners have retained some of those funds for a ‘rainy day’. Let’s hope it doesn’t rain here in Queensland, but I think it’s important we have umbrellas on stand by.
If you need assistance with business continuity plans or cashflow management please call the professional business advisors at UHY Haines Norton on 07 4972 1300 we are here to support you through all of life’s ups and downs.