Reassess the market and financial position
For example, if your neighbouring retailers or offices have also been affected and they are your key customers, the demand for your products may decline. Alternatively, there could be an increase in demand if you provide essential products such as basic staple food items.
Whether these changes are temporary or permanent, the way you react and adapt could make a big difference to your business.
Think about what you need to do to adapt to these changes. This may be an opportunity to move location, start trading online, or change the key products or services you offer.
Reassessing your financial position
Reassessing your financial position will help you decide how much cash you need to recover in the short-term. It will also help you make decisions about what you can recover and whether your business is in a good enough financial position to continue.
It's likely you'll need your business' financial paperwork in order to reassess. If you lose your key financial documents in an emergency situation, consider talking to your bank or building society, accountant, the Australian Taxation Office, and any other organisation you have provided financial details to in the past. They may be able to provide you with copies of your critical documents.
Your updated financial position will also be useful if you're dealing with your insurance company, bank or building society, government agencies, investors and shareholders.
What to do...
- See our Emergency management & recovery plan template and guide to complete your business impact assessment and use our Business recovery checklist for a quick reference of all the steps you should consider when recovering from an emergency event.
- Talk to a business advisor for advice and assistance. Search our Advisor Finder to find an advisor nearest to you.
- Find contact details for government agencies in our Directory of government & business associations.
- Read information on Emergency management planning in your state or territory.