Six ways small businesses should prepare for a reduction in government support
8th July 2020
As the COVID-19 pandemic matures, the initial economic support introduced by the government will eventually begin to wind down.
Recent reports have hinted that the government will introduce a revamped JobKeeper package later in July, with some businesses in line for additional support. Others have intimated regional support might be the government’s next port of call.
Regardless, there will come a time when government support is no longer available to Australia’s SME business community.
For small businesses, which are less likely to have deep reserves, this means finding ways to become self-sufficient despite the ongoing challenges posed by the once-in-a-lifetime crisis, both economically and logistically.
So, what can small businesses do to ensure their long-term viability when the government turns off the tap?
Greg Charlwood, Managing Director, Australian Invoice Finance