Is your business ready for Stage 3 of COVIDSafe?

With Stage 2 of the Government’s three-stage road map to a COVIDSafe Australia currently rolling out, small businesses should be preparing to enter and remain in accordance with Stage 3.

• There’s still time for small business to thrive
• Working from home expenses you can claim
• What help is available for household debt

For many small businesses, the road to recovery will be long and arduous as operators decipher what the Government’s three-stage road map to a COVIDSafe Australia means for them.

With Stage 2 currently rolling out at different dates in states and territories – seeing gyms, beauty salons, cinemas, galleries and amusement parks reopening – small businesses should be preparing to enter and remain in accordance with Stage 3.

Operating with coronavirus still considered a threat will take some preparation for small businesses. Picture: iStock

Expected to be reached in July, Stage 3 will remain the “new normal” until the threat of COVID-19 is gone, meaning gatherings will be capped at 100 people; staff can return to workplaces; nightclubs, food courts and saunas will reopen; as will interstate travel and some international travel will be considered.

“For businesses, this also means taking the time to prepare and develop a plan to operate in a COVIDSafe way to protect their customers and workers,” Prime Minister Scott Morrison said in a statement.

“With every one of us playing our part, we should all feel safe and confident in leaving the house and starting to do some of the things we’ve missed in the last few months – like getting back to work, having a quick bite in a restaurant or cafe, attending auctions and open houses,

and participating in group exercise.”

While protecting our health is paramount, cash management is critical for the survival of small businesses during this time.

“Monitoring costs has never been more important and now is the time to review all of your business’ expenses and look at how these can be reduced,” Westpac small business spokesperson Chris Brell said.

“There are a number of things which businesses need to consider, such as reducing stock and inventory, managing overheads or chasing outstanding debtors. By keeping a close eye on these operations you can significantly increase your business’ cashflow efficiency.”

Mr Brell said Westpac had helped up to 40,000 business customers with a range of COVID related relief measures.

“Westpac has a range of helpful resources available, such as tools for budgeting, cashflow, expense management, and business continuity planning which are all important for small businesses,” he said.

Visit Westpac’s dedicated Help for your Business content hub westpac.com.au/businesshelp

Originally published as Is your business ready for Stage 3 of COVIDSafe?