As a small business owner, you may still be feeling overwhelmed by the financial impact of COVID-19 and stressed about the future of your business.
For many small business owners, financial pressure is often one of the biggest sources of stress, find out where you can get the latest COVID-19 support.
Australian Federal and State Governments have been providing a range of financial support packages, grants and measures for small businesses impacted by COVID-19.
While this support has been well received, many employers are still faced with the stress of arranging payments for their employees, whilst also figuring out how to adapt their business to remain financially viable. Taking care of your business finances is only half the battle, make sure you also take care of yourself and your mental health.
Work and your mental health during the coronavirus outbreak
COVID-19, coupled with the financial stress of reduced income, staff illness, and other restrictions has made it more important than ever to prioritise mental health and wellbeing.
Following the financial impact of COVID-19, here are some tips that might help you get back on your feet:
- Organise and schedule your finances: Keep good records of your incoming and outgoing money this will make it easier to manage money. There are a range of free tools and education available online to help organise your finances.
- Get help managing finances: Finances are not everyone’s strong suit, and that is ok. If possible, outsource some financial advice, financial counselling, or someone to help manage your finances. Consider the benefits not just monetarily, but for your wellbeing and peace of mind.
- Make a plan and set short and long-term goals: Planning and goal setting will help you see in advance when finances might be strained and allow you to deal with issues before they lead to stress.
- Deal with debt: If debt is a serious concern for you, consider whether there are ways to negotiate, consolidate or plan a settlement. It’s always better to deal with debt early before it becomes a problem.
Beyond Blue has produced information, tips and links to useful resources to help employees, managers and small business owners impacted by COVID-19.
For further information on how to support your mental health as a small business owner during COVID-19, please see the article ‘COVID-19 and your mental health.
Financial information and assistance by the Australian Government
Federal Government: Economic response to the coronavirus for businesses and employers
Australian Government: JobMaker scheme, and other initiatives
Australian Taxation Office: support for businesses and employers
Council of Small Business Organisations Australia: COVID-19 Assistance for Small Businesses:
Financial information and assistance by each state government
ACT Government: COVID-19 business and work
NSW Government: financial assistance for business and employers
NSW Government: information for businesses and employers
NSW Small Business Commissioner: COVID-19 information for small business owners
NT Government: Business Hardships Package
QLD Government: Coronavirus Business Assistance Finder
SA Government: COVID-19 assistance for businesses, jobs and community
TAS Government: State government stimulus and support
VIC Government: Business support package
VIC Government: Business Resilience package
WA Government:COVID-19: Support for Businesses