Page 39 - Tropic Magazine Issue 223

TROPIC • BUSINESS

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GET ADVICE 2
BDO Nth QLD is urging local 1. Todd Kelly, BDO Nth QLD
2. BDO Nth QLD team
businesses to embrace crisis
management strategies and It is concerning to look 2 Develop a treatment plan. Any
seek professional advice. treatment must bear in mind that the
into the future - even current stimulus packages are geared
As the situation with COVID-19 evolves just a little bit down at attempting to buy another 6 months
for business. However, the loans need
and restrictions increase, seeking out the the road - and see a to be repaid, the deferred bills need to
assistance of experienced financial crisis be paid, and the staff will be needed
managers is essential, Todd Kelly of BDO situation where local to be productive again. Whilst right
(Nth Qld) told Tropic. business communities are now is a critical period, any survival
“It is concerning to look into the future - plan should not simply focus on a
even just a little bit down the road - and potentially decimated by short-term “Band-Aid” approach and
see a situation where local business the impact of COVID-19 will need to accommodate the peak
communities are potentially decimated financial strain that the business can
by the impact of COVID-19,” Mr Kelly Todd Kelly, endure.
said. BDO Nth QLD
“The current economic turmoil got us at 3 Actioning the treatment plan. A
BDO thinking what is going to solve the The benefits of the current stimulus structured, rational, and practical
problem for local business communities packages are unknown but, in reality, approach is key. If the plan is unable to
now? The common theme was crisis local businesses may be in the same be actioned, it is not the appropriate
management advice at the right time.” situation in 6 months as now but with plan for the business. Your crisis
Many businesses will struggle to survive additional emotional burden due to management team can assist in
the coming months, but there will prolonged uncertainty and stress. conducting the conversations a
be those that have a fighting chance. To overcome these uncertain times, business will likely need to have with
Businesses need to avail themselves of businesses should look to team up with other parties.
every opportunity to come out the other financial advisers capable of providing 4 Monitoring of the results. Holding
side of this crisis. crisis management assistance, with such yourself to account and monitoring
Whilst the potential impact of the experts being able to assist the business the success (or otherwise) of the plan
current situation may be unprecedented, in formulating and executing a survival is key. This should be followed by a
significant economic downturns have plan. regular diagnosis of success or failure,
arisen before and we are now armed with Taking a medical analogy, the crisis and the cycle repeats.
more and better tools to be able to get management team at BDO can offer With an experienced crisis management
through to the other side. local businesses support and advice in team, BDO is offering businesses a free,
formulating a survival plan incorporating no obligation initial discussion to explore
the following: the wide range of crisis management
1 Diagnosis of the underlying cause, options.
not just the symptoms. For some
businesses, COVID-19 is the sole MORE: Call BDO (NTH QLD) on
1 catalyst of financial distress whilst for (07) 4046 0000 or visit:
others they may have had underlying
issues for some time prior. Each bdo.com.au/en-au/cairns
“patient” may need a distinctively
1 different approach.

39 • tropicnow.com.au