This video series, made possible by MYOB, addresses the questions at the top of business owners' minds in these uncertain times.
Scroll down to the bottom to see all the videos in this series.
Today New Zealand came out of COVID-19 Alert Level 4 and started the process of re-opening the country and the economy, following the unprecedented lockdown. While Level 4 put the economy on pause, with all but essential businesses able to operate, for many businesses the real hard work begins now.
Moving into Alert Level 3 will mean key changes for many businesses – adapting systems, evolving the way they work and planning to ensure the safety of their customers and staff.
They also face an uncertain time ahead. No parts of the economy are untouched by this crisis. And around the world, the effects of the coronavirus pandemic are far-reaching.
The IMF predicts that real GDP growth for the world economy will fall by 3% as the major economies of the world see a recession deeper than that following the GFC. In New Zealand, according to the latest MYOB Business Monitor survey, by the end of March nearly all SME operators expected the economy to decline over the next 12 months, and over half were expecting their own revenues to fall in the year to March 2021.
Faced with a combined health and economic crisis not experienced in over a century, there is little to guide businesses on the full impacts of the pandemic. But, as previous downturns such as the GFC and disasters like the Canterbury and Kaikoura earthquake have demonstrated, even when facing extraordinary disruption there are actions SMEs can take to lessen and limit the effects on their business.
Business experts agree that focusing on the fundamentals gives SME operators the best means of taking control over the things they can influence while providing a foundation for responding to the range of challenges they may face in the future. From attention to contracts and agreements and working with business experts, to streamlining systems, and above all, ensuring the business has a good cash flow, there are many elements of good business SMEs can take charge of now, that will help them in the weeks and months ahead.
Local businesses are likely to face months of instability, so being prepared to be flexible will be vital. Those organisations that have done best throughout the early period of this crisis have been able to cope with rapid change. They've had a plan, adapted quickly, listened to customer demand, got help where they can and been ready to pivot where they've identified a new opportunity.
This series aims to provide practical information to help small businesses through these unprecedented times.
How to pivot - reimagining your business: In episode 4 we spoke to entrepreneur business coach, Debra Chantry, about how to pivot your business to make sure you remain relevant, how to identify opportunities ahead and change your business to make the most of them.
The first episode in the series looked at the myriad of issues concerning cashflow management with myob's Ingrid Cronin-Knight and Richard Abel, Business adviser and Chair of the Accountants and Tax Agents Institute of NZ (Atainz).
Dealing with your commercial lease:
In the second episode our expert panel discussed the legal issues enveloping commercial lease agreements for both SMEs and landlords.
Trade Supply Chain:
In episode 14 we talked about how export businesses are faring with the impacts of COVID-19 and what can be done to help support local SMEs selling offshore.
Tough decisions facing company directors
In episode 13 we discussed the decisions facing directors and the new safe harbour provisions that have been recently announced.
How to raise capital in New Zealand:
Episode 12 saw us discuss what to do when faced with tough financial business decisions, and how you could take on new investment to help you not just survive, but succeed.
Health and safety after lockdown:
In episode 11 we discussed the latest health and safety procedures, and how you can keep your business running without compromising the health of your staff.
Staying afloat or winding down:
In episode 10 we talked about the decisions businesses face when deciding whether to stay afloat or wind down, and where they can get help to decide what's best for them.
Preparing for our new normal:
Episode 9 looked at what the new world created by our response to the pandemic might be like for business and how they could prepare for it.
Government tax package:
In episode 8 we talked about the SME scheme announced by the Government and what it might mean for local businesses.
How to lead during lockdown:
In episode 7 we looked at how in times of crisis, leadership is key – that the need to establish a strong system where employees feel supported, comforted and empowered is essential in maintaining your business.
Tax relief - during and after lockdown:
In episode 6 we took a 'plain English' approach to look at the latest changes to the tax system, and how SMEs could access the support they needed to keep trading.
Bouncing back from failure:
In episode 5 we spoke about how business owners can 'reframe' the idea of business failure, and how they can get back on their feet after a bruising experience.
Managing mental health in lockdown:
Our third episode saw Olivia Storm of The Smile Initiative talk about proven strategies that can help SME operators manage their mental health while also coping with the effects of the pandemic.