Helping your business get through COVID-19
With COVID-19 affecting virtually every business in New Zealand in one way or another, and with the situation changing so rapidly, it's hard to know what to do and where to start. For business owners, we have some simple advice to help ensure your operation is prepared for whatever might come.
It's time to talk.
In what are unprecedented times, the best thing you can do is speak to your advisers to ensure that your business and finances are as prepared as possible for harder times.
The first thing many business owners do when things slow down is look for ways to cut costs. While this can sometimes be the right move to make, often businesses go looking in the wrong places or have left it too late. Talking to your expert Orange Network adviser now about your options can mean that you, and your business, will be in much better shape to ride out whatever might be thrown at you.
For example, adjusting loan terms to lower repayments can often free up cash in the short term, or putting in place a lending facility to provide funds to cover operating expenses can alleviate cash-flow issues.
Now is also a good time to consider insurance to protect your most valuable asset - your people. If you, or a key member of your team, is unable to work for a prolonged period due to illness, will your business be able to keep going?
Whether you feel you're well-prepared (or not prepared at all) for what's to come, now is the time to talk to your advisers. And that's not just us - speak to your accountant too and ask for their advice. We'll be reaching out to our business clients over the next week or so to make a time to catch up, but please feel free to get in touch with us at any time.
If you’re not a current client and you’re looking for expert advice, reach out and we’ll connect you with one of our Orange Network business advisors.