Reducing Economic Impact to Business

Recorded on Thursday, the 19th of March at 2pm
  • LBW Business + Wealth Advisors talked about managing cash flow to ensure that you maintain your liquidity throughout the crisis.
  • Victorian Chamber of Commerce and Industry discussed government stimulus for small businesses and managing staff leave.
  • Enterprise Monkey gave us insight into continuity planning and the types of scenarios you need to be prepared for.
  • Xtreme Technology shared knowledge on technology to make your workforce mobile.
  • General Practitioner John Stekelenburg gave practical health advice for your staff and your business.
Key points:
  • Keep calm. Much has changed rapidly, but is still early days. Consider what is essential to running your business and what is not.
  • Look into what stimulus packages your business is eligible for.
  • If you intend to have staff working remotely, check-in with your IT service provider to make sure your information is secure. Times of uncertainty can create opportunities for hackers.
  • Workplace relations is a complex issue and there is not a one size fits all approach. Take advantage of supports offered by Fairwork and the Victorian Chamber of Commerce. Have open conversations with your staff.
  • Social distancing – yes we have heard this over and over but it is vital; in the workplace and the community. Wash hands regularly with soap and water or hand sanitiser.
  • If you are managing a team remotely, have a short morning meeting online (there are many options out there such as MS Teams, Google Hangout) to maintain structure for you and your staff.
  • If you are an employee – work with your employer to set realistic work goals. Talk to your employer about setting flexible work hours if relevant.
  • Even in times of trouble there are still positive things that will come out of it. Use the opportunity to identify gaps in your business; look more closely at your policies and procedures; what other opportunities have you not investigated?
The above information was correct at the time of broadcast. This does not constitute formal legal advice. The Geelong Chamber accepts no liability for actions taken as a result of any broadcasts.