There have already been many businesses which have been financially impacted by coronavirus.  In this article we look at what thoses businesses can do and how we can help.

The crisis risks turning into an economic tragedy now. Even if the pandemic turns out to be more benign than feared, which is a big ‘if’ and it probably won’t, the economic damage is looking grave.

Alan Kohler, The Weekend Australian, 21/3/20

The level of disruption to businesses due to coronavirus is unprecedented in the lives of working Australians.

So what can businesses do?

It is a sobering thought but business conditions are likely to get much worse before they get better and no-one can be certain what the timeline through to recovery will be.

Businesses must assess and monitor their circumstances and the impacts of coronavirus disruption in developing their response plan. The health crisis, government policy response and level of disruption to business is evolving day by day. Accordingly, business response plans need to be fluid and take into account the likelihood of heightened disruption in the future.

Businesses need to consider where they fit within the three broad categories of coronavirus disruption below and develop their response plans accordingly:

Few businesses will fall within the first category.

Businesses in categories two and three need to be proactive and responsive in grappling with the changing business landscape. Many will need advice and assistance regarding options to best navigate their paths going forward and how to manage dealings with creditors and other stakeholders.

How can we help?

Pearce & Heers is here to help with providing advice, assistance and solutions to the financial challenges clients may face. We are fully operational and our systems allow us to work from home or remotely, if necessary. In the event of a business lock down we will remain contactable via our office phone number 07 3221 0055 and other usual methods. Contact details for our senior staff are below: