Businesses everywhere are under constant pressure to evolve and minimise the impact of COVID-19. Indeed, the stress may be coming from all directions. You might find yourself applying for government assistance for the first time as your business faces financial strain from a cash flow shortage. Alternatively, you might be forced to downsize or face the prospect of closing your doors for good. You might have pivoted your business or started to revamp your activities as the ease of restrictions flow through.
The pandemic has more than financial ramifications: it can take a toll on you and your employees’ mental health. It is more important than ever to know where the business is going by creating a cash flow forecast, and equally important to look after your mental health and that of your staff.
Ongoing stress can lead to forgetfulness, indecisiveness, difficulty concentrating, short attention span, irritability, anxiety, depression, anger, insomnia, and increased risky or unhealthy behaviours (such as drinking, smoking, or overeating). Your employees will face stressors you have no control over, but there are work-related stressors you can help control. In fact, you are legally required to protect your workers’ mental health by providing a safe workplace, preventing discrimination and harassment, and protecting employee privacy.
Safe Work Australia has outlined a range of hazards factors in the workplace which can lead to health-related stress to consider:
By identifying the hazard risks in your workplace, you can take the steps to mitigate them.
Whether you are a business owner or a manager, it is important to look after your own physical and mental wellbeing so you can be a pillar of support for your staff.
It’s important that your employees know you care and that you’re open and honest with them during this difficult time. Talk to them to see if there’s anything they need, and provide a list of resources that may be helpful. Beyond Blue offers a mental wellbeing support service with online forums and a variety of resources along with counsellors you can reach via phone or online chat.
As a business owner, you should also take steps to control what you can. While there is a lot of uncertainty, you can still prepare for the future by maintaining contact with your customer base, enhancing your knowledge, and preparing a cash flow forecast so you can have a clear picture of how the business is travelling.
A cash flow forecast is an estimate of your cash flow to ensure you have enough money to meet ATO obligations, pay your employees, maintain your inventory, and more. With all the uncertainty amid COVID-19, it’s more important than ever to know what money you can count on and what you’re going to need for your business to survive the pandemic.
There are various financial forecasting software to aid your business with preparing a cash flow forecast. Or you can follow the steps below to prepare a simple cash flow forecast spreadsheet for your business.
Cash flow finance is one way to reduce business-related stress associated with COVID-19. Instead of waiting 30, 60, or even 90 days for your customers to pay their invoices, you can use cash flow finance to bridge the slow-payment gap and work through the challenging uncertainty of the pandemic. You can pay your employees, cover ATO obligations, and more, with a steady cash flow based on goods and services you’ve already sold and delivered.
With Key Factors cash flow finance, you can get your invoices paid in as quick as 4 hours in 3 simple steps:
For more than 30 years, Key Factors has been helping small and medium businesses throughout Australia improve their cash flow. We offer personalised service with a simple and transparent process. Our cash flow finance facility also has no lock-in contracts, no minimum factoring volume, no property security, no quarterly audits, and no monthly admin fees. Send us the invoices you require funding for, and you will only be charged for what you use.
Taking care of your mental health has many facets, and reducing your company’s financial stress with cash flow finance can help. Contact us now to find out more and get approval in as quick as 24 hours.