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COVID-19 Business Continuity – 23rd March

Hi, it’s Ashley Thomson with the COVID-19 business continuity update for Monday, 23rd March.

In today’s briefing:
1. Shut-down of non-essential services
2. Weathering the storm: stimulus and coaching to sustain your business
3. Tenfold Client Hotline

1. Shut-down of non-essential services

On Sunday, 22nd March, the Federal government mandated a shut-down of non-essential services. The shut-down will apply to pubs, restaurants, cafes, gyms and other social gathering businesses. Other businesses are not included in the shut-down. Reading between the lines the government’s purpose in sending such a strong message regarding shut-downs was to get the general population to take the social distancing seriously in response to the scenes of hundreds of people crowding Bondi Beach.


2. Weathering the storm

The message is clear from both the state and federal governments: small business is being targeted for financial support to retain employment throughout this crisis.

Where some other countries’ governments are paying wages, it appears that the Australian and Victorian governments’ position is to support wages by funding employers. When Prime Minister Scott Morrison announced the second round of stimulus (an additional $66 billion) on Sunday, he expressed that it would not be the last. Financial commentators are expecting even more wage subsidies and assistance to enable businesses to stay operational.

How much stimulus is your business entitled to?

There are several ways your business will benefit from the stimulus packages that have been announced so far. A Tenfold business mentor could assist you in understanding and claiming the stimulus you are entitled to. Your coach would work with you to incorporate these cash injections and payment deferrals into your financial model and assess different scenarios for your business. Tenfold’s objective is to help businesses make informed decisions to weather this storm, make it through to the other side and be ready for the turnaround when the worst has passed.


3. Tenfold Client Hotline: We’re here to help…

If you have questions (e.g. HR, government payments, etc) or would like to understand how a business coach can support you during this time, call us on the Tenfold Client Hotline: 9885 0044. If we can’t answer your question on the spot, someone in our office will know or we’ll tap into our network of advisory professionals.

Coming up:
• If there’s a suspected case of COVID-19 in your business, I’ll explain how you can handle it.
• Working from home: how to implement it in your business and what you need to know. We are working on tools that you can immediately use if you need to have people working remotely.

Our team of business coaches and specialists are in constant discussion and sharing knowledge from and with our clients to help keep you informed and equipped to weather this storm.

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