13 TIPS TO PREPARE YOUR SMALL BUSINESS FOR COVID-19

Courtesy of CPA Australia⁠
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1. Keep up to date with official information on COVID-19 and any directions public health authorities may issue⁠
2. Update your financial statements⁠
3. List possible impacts on your business of COVID-19, estimate the financial impact and develop mitigation strategies⁠
4. Perform a financial health check on your business⁠
5. Re-do your budgets with new assumptions⁠
6. Act now to improve cash flow⁠
7. Increase online sales⁠
8. Put in place a contingency plan⁠
9. Talk to key suppliers⁠
10. Identify employees with critical skills for your business and make sure they can continue working or can be replaced⁠
11. Measure, measure, measure⁠
12. Do a reality check on your business⁠
13. If you find yourself in financial difficulty, seek professional advice early⁠
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