Coronavirus (COVID-19) is causing fast changes in the way we live and operate our businesses. With a lot of uncertainty around, it is essential to have the right resources available at hand. At Contractor Cover, we offer guidance and are ready to answer any questions you may have to support you during the current crisis.
Contractor Cover CFO, Rachael, is here to equip you with information you may require on business planning, HR, how to approach your finances, and anything else that may concern you. To get in touch with Rachel, call 1300 635 315 or send us an email at info@contractorcover.com.au, and she will be in touch with you as soon as possible.
If you are looking for referral partners, accountants, mortgage brokers, or other experts, contact Contractor Cover, and we will direct you to the right professional.
Protecting Your Future as a Contractor
As a contractor, you rely on other businesses to have a secure and stable workflow. COVID-19 is affecting a lot of businesses; therefore, as contractors, you need to look at ways you can adapt your business to ensure a secure future for yourself.
Look into your business plan and determine what changes you need to consider. If there is an option available, transition your business online. There are excellent tools such as Zoom, to utilize for service-based providers, and there are online market spaces available for product-based businesses.
Use the time you have available now to look for other opportunities to innovate. When you examine your business continuity plan, if you decide to conduct your business from home, you may need to implement new policies. Before moving your business online, contact your suppliers and find out what resources are currently available to you.
This current pandemic is forcing change upon us, and even though it is going to be difficult at first, there are things you can do to ensure your business continues to thrive.
The Australian Taxation Office (ATO) is offering deferral of payments for up to 4 months if you are on a payment plan with them. To find out more and see all support options available, visit the ATO website. Remember to apply for assistance with ATO. Consult with your tax agent or a bookkeeper, and take note of cut off dates for applications. If you don’t have a tax agent or a bookkeeper, please contact Contractor Cover now, and we will provide advice on how to proceed further.
Business Disaster Planning
Before making any decisions during stressful times, consider talking to professionals first, and creating a business disaster plan. Once you have a plan for your business, you will allow yourself to have more space for decision making. With a plan, instead of making rash decisions, you will simply follow a strategy that will bring your business forward.
Here is a list of resources to help you find information about disaster planning:
- Business: Disaster Assistance
- Business: Coronavirus Information and Support for Business
- Business: How to Prepare an Emergency Management Plan
- ATO: Dealing with Disasters
If you are experiencing financial hardship, please contact Contract Cover now, and we can discuss all options available to you.
