RSM Australia's advice for businesses in lockdown about support measures

A state-wide lockdown will be in place until at least Sunday, and while essential services and eateries offering takeaway can remain open to some extent, many businesses have been forced to shut.

One of the partners at RSM Australia, Andrew Bowcher, said he had received many phone calls from the community in the past week as the owner try and navigate the difficult times.

"With the business community facing another lockdown, our message is that if your business was viable before the crisis, it is reasonable to plan now and put strategies in place for it to be viable in the future," he said.

"The general economy is well-positioned as the agricultural sector seems to hold its own with good rain.

IN OTHER NEWS:

"The outlook for eastern Australia is positive for growers, and government capital expenditure in the Wagga Local Government Area is at a record high."

Mr Bowcher said some key ways businesses can take action if the current lockdown is impacting them.

He said that initially, they should work with their advisers and financial counsellors to prepare a cash flow and analyse future income and expenses.

"Negotiate, if necessary, to revise and delay payment terms with suppliers, banks, finance companies, Australian Tax Office, State Revenue office," Mr Bowcher said.

"Finalise hardship applications and utilise options for government and associated support initiatives.

"Consider business reviews, restructuring, downsizing and industry consolidation guidance."

Other points to consider, Mr Bowcher said, including conducting urgent structure and risk reviews to understand any gaps, particularly in terms of individual asset protection strategies.

"Consider debt negotiation, settlement and long-term agreements," he said.

"Assist in resolving any lingering commercial disputes."

Mr Bowcher's main piece of advice was to talk to financial advisers and take a long-term approach.

"Make smart, informed decisions rather than relying on panic or emotion, which can lead to hasty, reactive decisions and potential longer-term issues," he said.

"Investigate what assistance may be available to you.

"I also think it is important to acknowledge not just the financial impact but the mental health impact these lockdowns can create for people."

For information about the latest government assistance measures, click here.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: