Starting A Business During A Pandemic: How To Stay Afloat

Starting A Business During A Pandemic: How To Stay Afloat

Unless you’ve been living under a rock for the past three weeks you’ll be well aware of the global pandemic that’s wreaked havoc across the world. If the introduction of the coronavirus coincides with the exciting new business venture that you’ve just embarked on, it may feel like bad timing. It is possible, however, to stay afloat during this uncertain time and weather the storm, regardless of how long your company has been up and running. How? I hear you ask, well it’s easier than you think. There are small changes you can make and simple tweaks to your new business plan that will have a huge impact on the sustainability of your company. Continue reading to find out what you need to to stay afloat during this pandemic.

Single Touch Payroll

Investing in single touch payroll software will save you endless hours of invaluable time. It may seem, at this moment in time, like the world is falling apart in front of our eyes which means you don’t want to be wasting your time payroll entering data. It’s important that your staff get paid accurately and on time but when you’re single handedly holding down the fort, this task may inadvertently slip down your “to do” list. Switching to single touch payroll will relive some of the pressure that comes with managing this yourself. There’s software on the market that produces ATO compliant reports, collects data and automatically shares payslips with staff. What’s not to love about this super efficient piece of software that will free up so much of your valuable time.

Government Support

If you’re thinking to yourself, how will I be able to pay my staff? Or, What if I am unable to afford rent on the new building I’ve leased? Then you are not alone. The responsibilities that come with setting up and running a business can weigh heavily, and that’s when the world is turning at it’s normal pace. Luckily, the government has created economic support packages worth around a whopping $130 billion to support small and medium sized businesses who have been affected by Covid 19. Wage subsidies and large one off payments and just some of the initiatives that you can explore to help retain your staff and defend your company from the downfall.

Adapt And Overcome

The worst thing you can do right now is bury your head in the sand and naively continue down the same path; ignorance is not bliss. The key to success is adapting in order to overcome what this global pandemic will throw at you, and that’s not “if” but “when”. You’re highly likely to experience a significant reduction or increase in traffic, staff absence and economic repercussions. If you plan for them all then you’ll be raring and ready to face them when they arise. Preparation is key people, and the best way to prepare is to tweak your business plan. If you’re anything like me, creating a comprehensive list of actions will help reduce any anxiety you may have. Writing down all the actions you need to take in order to feel prepared, for example, ordering more hand sanitizer, will help you find order in this chaotic time. If you’ve never created a “to do” list to gain clarity and reduce anxiety, give it a go. Honestly, it really works.

Summary

Experiencing and navigating your way through a global pandemic as a business owner will be stressful, I’m sure. But it is possible to succeed if you get prepared now and adapt to the current climate. Investing in software that will save you time, taking advantage of all the government support you’re eligible for and thinking flexibly are great ways to kick start your survival journey.

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