Preparing for life after JobKeeper

Preparing for life after JobKeeper

02 February 2021
If you’ve been relying on JobKeeper in recent months to keep staff on the payroll, you may be wondering how you’ll make the figures add up when the Government’s wage support package ends on Sunday, 28 March 2021.

Here are 5 quick and powerful tips to help you get ready for life after JobKeeper.

1. Start planning now 
You’ll have a far better chance of making a smooth transition away from the support JobKeeper has provided if you give yourself time to look ahead and prepare for what happens next.
2. Crunch the numbers 
Making projections regarding revenue, workflow and expenditure is critical over the next two months as the end of JobKeeper inches nearer. Not only will you be able to alter your staffing and structure to suit what’s immediately ahead, but you’ll also be assessing your ability to move forward without the support of JobKeeper.
3. Review strategy 
If the figures project a loss or you’re likely to be just breaking even, then a change of strategy is probably in order. This could mean diversifying into new markets, for example. Many businesses moved online as part of a revised business plan to cope with changing times. With a plan in place, you can look for different revenue streams or adjust your expenses accordingly to ensure you remain profitable into the future.
4. Talk to your staff 
This is the perfect time to start a conversation with your employees, asking them what their hopes and needs are in terms of their work hours. Maybe some are happy to continue part-time. Maybe others are actively looking for a more flexible arrangement. If you don’t ask, you don’t know. If you don’t know, you can’t plan as effectively. Looking ahead as a team to what happens after 28 March could be a welcome opportunity for positive reflection and planning for the future.
5. Enlist help if you need it 
We often hear business owners say they’re too busy with day-to-day operations to stop, think and plan. Let alone look at the numbers. This is where their business advisor shines. A trusted business advisor is part of the team, not only helping shape strategy but also crunching the numbers. A Virtual CFO service is ideal, especially if setting budgets and forecasting is not your forte.

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