Navigating a post-COVID world for businesses – what you need to know
As COVID restrictions begin to ease around New South Wales, businesses are beginning to reopen and operate under new safety guidelines.
The switch to ‘normality’, however, isn’t so simple. As each business begins to reopen, each will face their own set of challenges.
Despite this, all businesses are facing similar concerns. Where do you begin and what is the right way to move forward?
Our team is here to help you walk through it. Here are some important things you need to know.
The current COVID situation
As of Saturday 16 October 2021, COVID restrictions have eased for people who are fully vaccinated as New South Wales passes its 80% double vaccination target.
As per government orders, staff may return to work if safe to do so, if they have had at least 1 dose of a COVID-19 vaccine. However, they must be fully vaccinated by 1 November 2021. Premises will now operate at 1 person per 4 square meters indoors, and 1 person per 2 square meters outdoors.
Post lockdown, there are considerations that need to be followed when returning to workplaces. These include:
- Ensuring employees and visitors are socially distanced from one another.
- Safe managing of people in and out of the workplace.
- Planning for collaboration spaces – including meeting rooms and providing the technology to support this.
The changes and challenges faced post COVID lockdown.
When returning to work post-COVID lockdown, it’s important that your business has a plan to keep your workplace safe and free from coronavirus. It is also vital that this plan gets checked and updated regularly as restrictions change.
At Macmillans, we can guide you through managing the financial implications of COVID19. This includes ensuring your financial statements are being kept up to date.
Making financial decisions in an unpredictable environment can be difficult. It is important to have up-to-date information on the financial position of your business, contact us today to find out how we can help guide your business through these changes.
Understanding your business’ finances in crucial when determining how to navigate Covid 19 legislation and government incentives. The financial health of your business can be determined by analysing your financial statements through financial ratios.
Implementing a process to review these ratios can help detect and address any unusual movements or opportunities earlier.
What new responsibilities should business owners be aware of?
The NSW Government has provided financial assistance, support measures and tax relief to help businesses that have been impacted by COVID-19 restrictions.
Grants for businesses include the JobSaver payment, which is supporting an estimated 3 million people stay in their jobs. As NSW hits their 80% vaccination goals, the payments have been reduced to coincide with transitioning back to business’ opening up.
To determine if you are still eligible for these payments, refer to your business’ most recently lodged Business Activity Statement that was provided to the Australian Tax Office prior to 26 June 2021 for the 2020-21 financial year.
When determining your eligibility, we can help you navigate through the criteria. Contact us today to find out if your business is still eligible to receive these payments.
Returning to the workplace after COVID can be challenging. Talk to one of our specialists today to help you navigate this post-COVID period for your business.
Need help navigating post-covid business?
Our team are experts in understanding where your money goes and how to best manage it.