Small businesses have always played an integral part in the productivity and employment rate of Australia, but they’re still experiencing the effects of a global pandemic. This has been further compacted at home, with some businesses still feeling the effects of the bushfires at the start of the year.
All of this means there’s stress being placed on smaller businesses, small construction companies in particular. Luckily though, there’s tools, assistance and government grants available to keep businesses running. Below we’ll outline some tips to keep your small construction company moving forward and prepared for future recovery.
Plan your recovery
One of the most helpful things to look into is a business recovery plan. It will help you create steps to keep your business running and to have enough cash flow coming in. Generally, these management plans include three steps to help you before, during and after an emergency:
These kinds of things can be quite overwhelming for a small business to start, luckily there’s a handy guide on the government's business.gov.au website.
Get on top of finances
Another thing that can be a little overwhelming can be getting on top of finances. Analysing your cash flow and managing your debt can be one of the most useful things during tough times. If this task seems a little daunting, consider speaking to a financial adviser. The Australian Government has committed more than $4.7 million to provide small regional businesses affected by COVID-19 with access to free and confidential financial counselling.
In addition to government support, you may be able to find help from any organisations you owe money to. Being on top of your finances can allow you to identify potential debts early and flagging this can prevent late penalties or calls from debt collectors.
Something that can be easy to overlook for small construction companies is how important marketing is in terms of keeping business coming in. This will be especially true for digital marketing over the next few months as many people are now working from home and spending more time online in general.
If you need help with marketing, the government's ASBAS Digital Solutions provides low cost, high quality advice on digital solutions to meet your business needs. Their advisers can help you with:
Government funding and support programs can help pay your employees and get your business through this difficult time. Each state and territory is investing in construction in different ways, so it’s best to check locally for ways in which your state government is committed to supporting small business.
When searching for funding, keep in mind that you’ll generally need to meet certain criteria to be eligible, and that aside from funding assistance, there are many programs that give you tools, skills and resources to improve your business. All of this is, of course, in addition to support at the federal level, including the highly publicised JobKeeper and HomeBuilder initiatives, which we’ve previously covered.
There’s a great deal of effort going into supporting small business at the moment. If you know of any other helpful support packages or programs, leave a comment on our LinkedIn.