My Business has Closed, Now What?

by Caragh Welford 5th of April, 2020
My Business has Closed, Now What?

As we live day-by-day through this global pandemic, thousands of businesses have been forced to close their doors for the safety of themselves and the public. If you’re one of those owners, you’re probably thinking “my business has closed, now what?”. Although each person is unique to their own set of circumstances, at Bsale we pride ourselves on supplying vital information to businesses throughout this period. 

There’s no doubt that the speed of which this pandemic has unfolded and the immediate impacts it’s had on businesses has been a battle for most to adapt to. With this being said, the regular updates from the Government and constant reporting from the media has somewhat made the situation even harder to follow. If you’re unsure of the current Government grants relevant to you and your business, you can read our article which recaps What the Government has offered SMEs. We have seen a dramatic change in people search for a business for sale in Sydney and other capital cities. Seeing how this pandemic unfolds will make a big difference to its impact on the business marketplace. 

So, what next? 

Apply for the Government grants that you’re eligible for.

There have been 3 stimulus packages announced at the time of publishing this article. Stay in the loop by visiting the Treasury website.

Contact your suppliers directly and update them of the situation.

You’ve worked hard at creating meaningful relationships with your suppliers. It’s important you keep them in the loop and let them know you’ve closed. Chances are they may be in the same boat. Either way, knowing that you’ve kept the lines of communication open will pay dividends when you’re back up and running.

Contact your customers and keep them informed. 

Similar to your suppliers, it’s important to be transparent with your customers. Don’t assume they know whether you’re trading as normal, be sure to provide an update on each of your touchpoints - social media, website, email and directly.

Access your superannuation.

Not sure if this is the right move for you? We spoke with several professionals in the industry who weighed in on this topic. You can read more about accessing your superannuation here.

Consolidate or pause loans 

Most banks have come to the party and are offering freeze or holiday periods for your accounts. If you’re facing financial hardship or need help paying your accounts, it’s worthwhile reaching out to your banks directly and seeing what options are available for you.

Keep planning and working on your business.

A lot of business owners admit to working in the business, instead of on the business. This time, albeit not ideal, is the perfect opportunity to put your 2021 plans in place. Get creative and keep the dream alive. Your business can and will bounce back, the market will get better - plan for this and put measures in place to ensure you’re ready to go when the time presents itself. 

The situation is continually evolving day by day. If you’re after more information about business and COVID-19, visit our Business Articles page.