Current Times Update 7 – ACTION TIME
Good morning to you .. no weather report today as we are going to get straight into it as it is ACTION TIME.
Today, being the 7th of April, is tax payment day so you would have seen the previous blog posts on the IRD position in regards to paying the tax and the options available along with how to correctly make your payments to the IRD.
Also by now you should have:
- Checked out the Wage Subsidy to see if you qualify and applied if you do
- Discussed the situation with your employees and have agreed with them any reduction from their normal pay
- Spoken with your landlord about the terms of the lease and hopefully have come to an arrangement for the next month or so
- Touched base with your contact at your bank if required at this point
Now for Stage 2 Action Time .. the triage is done and now it is time for some forward thinking on the business.
This week the focus is going to be on cashflow and doing some forecasting to ascertain what the cashflow of your business is going to look like over the next 12 weeks based on your best estimates.
To do this we have created a spreadsheet for you to download that has the instructions on how to complete it. Although we do have access to high level forecasting tools, we wanted to keep this process simple at the start so it is efficient to give us a gauge on where the cashflow of the business is heading.
In conjunction with this, you need to start thinking about, and doing, talking to your major debtors to ascertain what effect the lock down is having on their business and discuss the payment terms of the amounts that they owe. Just a note to all of us on this, in order to keep the wheels of the economy moving we just can’t stop paying. We all have a responsibility to do what we can with what we have got and along the way preserve our business relationships.
Second action point is development – both yourself and your staff. Normally in the day to day busyness, any training is hard to fit in and can be extremely time consuming .. so now with down time it is a good opportunity to up skill everyone with online training.
Some ideas are:
- your suppliers may have online tutorials of products or how to use products to expand your staff’s knowledge
- YouTube – we all know YouTube
- TED Talks – expert speakers on a range of different topics
- Microsoft, Google you name it there are a range of free and paid courses on the internet
- For you Xero users, check out Xero Central Learning for specific Xero learning.
That’s all for today .. download the template, set some training tasks .. and ACTION
Remember we are here to assist so any queries or assistance please contact us.
Take care and keep safe.