Finder makes money from featured partners, but editorial opinions are our own.
Keep your business afloat during the coronavirus outbreak
How to keep up with daily operations during the COVID-19 pandemic.
With full lockdowns seemingly around the corner, the COVID-19 pandemic has put economic pressure on businesses all over Australia. It's difficult to know what to do with the situation rapidly changing and so many things thrown into chaos. This guide will look at what you can still do to manage your business' daily operations, employees, and finances.
How to continue business during the coronavirus outbreak
Continuing business during the coronavirus outbreak may still be possible — but will require you to apply extra protective measures to keep customers and employees safe.
1. Keep in clear communication with your employees.
Transparent communication with employees is crucial. The more your employees know about your expectations and intentions, the better equipped they are to prepare. Create an email account specifically for coronavirus-related queries and communications. Provide scheduled updates on how you plan to tackle day-to-day operations. If you anticipate having to close up shop or plan to ask employees to work from home, give as much notice as possible. Given the current circumstances, a play-it-by-ear approach is entirely understandable. But keep your team in the know with frequent updates. How Finder is managing its global workforce during the outbreak
2. Set up direct deposit for all employees.
Shifting payroll from paper checks to direct deposit eliminates the need for employees to pick up paychecks in person. You can set up direct deposit through your business bank account provider or payroll software like ADP, ClockOn or OnPay. Collect the necessary banking information from your employees, including their bank account type, number and the BSB of their financial institution. After you submit their information to your direct deposit provider, all that's left is setting up a payroll schedule and completing your provider's authorization process.
3. Shift employees to work from home when possible.
While it may not be feasible for all business models, video conferencing can safeguard the health of your employees while keeping operations afloat. If it's possible for your employees to get work done with a computer and an Internet connection, encourage them to work from home.
4. Come up with ways to continue serving your customers.
Does your business rely on in-person sales? Consider selling online. A number of merchant services providers like Square and Shopify offer e-commerce store building software. You don't need to be tech-savvy to set up your website, as most providers offer beginner-friendly website themes. You can even integrate your online store with your social media accounts for omnichannel marketing.
5. Strategise the best ways to keep your business running.
Business operations during a global pandemic are all about managing risk. And while it may be tempting to forge ahead with a business-as-usual attitude, the health of your employees and that of the greater community needs to come first. If you're committed to keeping your doors open, consider reducing your operating hours if it is possible to do so.
Update as of 8 April 2020: Government support for businesses
Small business loan payments
A Small Business Relief Package has been announced for small businesses that have been affected by COVID-19. The relief package will defer all principal and interest payments for loans to small businesses that have been affected by COVID-19. It is available to businesses in any sector that have business loan facilities up to $10 million.
Banks can defer loan payments for six months and are also offering loans or overdrafts with no repayments for the first six months with low interest rates through an SME loan guarantee.
Any small business who has not already been contacted by their bank about the Small Business Relief Package is being urged to get in touch with their bank. Banks have already begun contacting their customers and the packages have begun rolling out to customers.
JobKeeper payment
If your business has been affected by COVID-19 and you are unable to pay staff, you can access a government subsidy of up to $1,500 per employee for a period of up to six months. This subsidy is already in place. To be eligible, your business needs to have a turnover of less than $1 billion and it needs to have fallen by more than 30. If you have turnover of more than $1 billion it needs to have fallen by 50%.
Eligible employees need to be full-time, part-time or long-time casuals that are at least 16 years of age.
Commercial tenancies
A mandatory commercial tenancies code has been released by the Federal Government and includes measures to support businesses affected by the COVID-19 restrictions. The code covers businesses that are in financial distress due to COVID-19, have a turnover of less than $50 million and are eligible to receive support under the JobKeeper payment (eligibility for which is outlined above).
Under the code, landlords must not terminate the lease and will be required to reduce leases in proportion to the decline in turnover experienced by the tenant. To do this, landlords can use a mix of rent waivers and rent deferrals, but waivers must account for at least 50%. Any deferral of rent must be spread over the remaining time of the lease and for a period which must not be for less than 24 months.
How can the coronavirus stimulus package help me run my business?
There are a few ways your business can financially benefit from the Coronavirus Aid, Relief and Economic Security (CARES) Act. You might be able to apply for the new Paycheck Protection Loan or an SBA disaster loan to cover overhead costs like payroll. And if you apply for a disaster loan, you can also request a $10,000 grant to tide you over until your loan funds come through.
Tax breaks, SBA loan payment subsidies and other programs might also help you retain employees and keep your business from shuttering completely. Also, check with your state and local government for other funding options for your business.
John Nguyen is the founder of EatBoxNow, a Korean BBQ box delivery service. John successfully launched his startup business amid the coronavirus pandemic. Find out more.
For a smooth transition from in-person operations to an at-home workforce, consider implementing these strategies and tools:
Communication software. Shift company communications to an online workspace with the help of communication software like Slack, Zoom or Microsoft Teams.
Established desk hours. Set a daily schedule and structured desk hours to help remote workers establish a routine — but keep in mind that some staff members may be trying to balance child care while keeping up with work responsibilities.
Schedule daily check-ins. Help your team stay connected and up to speed with team check-ins, conference calls and virtual town halls through Skype or Zoom.
Explore business apps. Review your business app options to streamline operations as your team works from home.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
If your business is still open amid the COVID-19 crisis, take proactive measures to keep employees and customers safe:
Disinfect daily. Regularly disinfect high-traffic areas and surfaces, like doorknobs, tables, desks, light switches, keyboards and telephones.
Remind employees to practice good hygiene. Make soap and hand sanitizer available while encouraging staff to routinely clean their hands and avoid touching their face.
Avoid handling cash. Request that your customers use non-contact payment methods, like paypass or online transfers.
Open the windows. Consider increasing ventilation by opening windows.
Limit in-person meetings. Cancel all nonessential face-to-face chats.
Refrain from handshakes. Ask employees and customers to opt for noncontact greeting methods, like hand waves or head nods.
Communicate with customers. Let your customers know how your business plans to conduct itself, including expected hours of operation and updated sanitization protocols.
Should I close my business?
According to government regulations announced 26 March (2020), some businesses must be closed, while others are restricted or allowed to remain open. Remember that if you are able to close your business or move operations online or off-premises, you should do so to lower the risk of transmission. Even if regulations don't demand it, you can help limit the spread.
Guidelines and regulations are constantly evolving as the pandemic unfolds, but here is the current list of restrictions on businesses. For some of those in the banned or closed category, we've listed some ideas for how they can keep operating while closed.
Banned or closed
Registered and licensed clubs, licensed premises in hotels and pubs, casinos and nightclubs. Consider utilising takeaway options with services such as Deliveroo or UberEats.
Cinemas and entertainment venues. Try online streaming sessions or ticket donations.
Auctions and open house inspections. Use virtual inspection software. Or Virtual auctions via YouTube, Facebook Live, or other streaming platforms.
Personal services such as beauty therapy, tanning, massage and tattoo parlours (but not physiotherapy). Mobile services may still be feasible, but it's impossible to maintain social distancing, even with proper safety gear.
Most outdoor and indoor markets, although "major food markets" (the prime minister cited Sydney's Flemington market as an example) will be addressed by states and territories. Opt for takeaway or delivery services instead (especially if you have a refrigerated truck or van).
Amusement parks and arcades, and indoor and outdoor play centres.
Galleries, museums, libraries and swimming pools.
Gyms and indoor sport venues. Many providers are offering: live stream workouts or fitness programmes; telehealth consultations; pre-recorded content for members.
Overseas travel, with some exceptions such as aid workers and compassionate travel.
Restricted
Hairdressers and barbers can continue but must strictly manage social distancing with at least four square meters per person.
Restaurants and cafes can offer delivery and takeaway only. Food courts in shopping centres may also only offer takeaway.
Weddings restricted to five people – the couple, the celebrant and two witnesses.
Funerals are generally limited to no more than 10 people, but on 26 March states and territory were given the power to make exemptions in special circumstances.
Visits to houses should be kept to a very small number of people, including for family barbecues and birthday parties. States may choose to legislate to restrict house parties.
Remaining open
Shopping centres and other shops not specifically told to close, including bottle shops.
Medical centres.
Pharmacies.
How can I help my employees?
Remaining flexible and responsive can help your employees feel supported during the coronavirus outbreak. Employees may need to tend to their children or support a loved one in a high-risk group. Clarify your company's sick-leave policies and prepare to deal with questions and requests.
The Department of Health has advised that if someone feels sick or has a sick family member at home, they should self-quarantine to lessen the risk of potential infection. Let your employees know what coronavirus financial assistance programmes exist to help them cope, including unemployment benefits like Centrelink and banks that have begun to offer financial aid.
Financing options for businesses during the COVID-19 outbreak
If your bottom line has begun to suffer, look into ways your business can access cash during the outbreak:
Discounted business loans. It could be worth asking your bank if they have begun offering discounted or emergency business loans. Read more about the SME Recovery Loan Scheme for businesses affected by the coronavirus outbreak.
Overdrafts. Check if any overdraft increases have been made available by your lender.
Private grants. Organisations like Facebook have begun rolling out private grants to qualifying businesses.
Business stimulus measures. For a list of the measures available as part of the government's business stimulus package, read here.
Business credit cards. Some business credit cards offer 0% introductory rates of interest, for a set period of time, on purchases or balance transfers. You could ask your bank if they'll allow you to defer an existing credit card repayment.
Will my business insurance cover lost income?
Businesses that hold business interruption insurance might assume lost income as a result of the outbreak is by their policy. But here's the problem: Business interruption insurance is an extension of property insurance designed to cover property damage after a natural disaster. And the current COVID-19 pandemic may not qualify.
After the SARS outbreak in 2003, many providers began to exclude epidemics and pandemics from their business insurance coverage. Read our guide on insurance during the coronavirus outbreak for more information. You should also ask your insurance provider about your coverage and whether lost income as a result of the COVID-19 outbreak qualifies.
Is it too late to get business insurance?
While it's not too late to get coverage and many providers allow you to submit applications online, it may be difficult to find a provider willing to cover lost income as a result of the novel coronavirus outbreak. Many businesses across Australia are in the same situation and are seeking support for business insurance providers. You may be better off pursuing a government or private financing or relief option instead.
Bottom line
Businesses can navigate the COVID-19 outbreak by planning ahead, using resources and taking a proactive attitude. Stay up to date on the latest COVID-19 developments through our coronavirus hub.
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
If you're a startup founder and you want to apply for a loan, find an angel investor or put it all on a credit card, this guide will take you through your options.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan and read any disclosure documents (such as any Target Market Determination (TMD) and/or Product Disclosure Statement (PDS)) issued by the provider before making a decision.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
