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How to Respond to COVID-19 (Coronavirus)

In response to the news regarding the spread of COVID-19 (Coronavirus), 4Front is actively taking steps to ensure the safety of our staff, clients, centres of influence and others whom enter our offices.

We are committed to ensuring the continuation of our operations through this time, and we will be following best practice, including taking advice on preventing the spread of the infection and monitoring updates from The Government and Other Officials.

Most importantly, please take care of yourself so that we can work together to stop the spread of the infection and continue to service you as efficiently as possible.

Three things business leaders need to do now to act on COVID-19

As a business leader, two of your roles are Ambassador and Planning which are more important now with the COVID-19 outbreak than ever.  Whilst we know your staff, family & customers come first, we also realise you will have concerns about your business during these uncertain times. Here are three things you can do now that we feel will help:

1. Ambassador

Your staff are worried and perhaps panicked about their health, job and if they can pay their bills.  Communicate:-

– That the objective is to get to the other side of this pandemic in a strong
position (life will go on)
– The company position on the virus and what happens if they get sick
– What the company is doing to protect itself and their jobs
– You are fighting against large amounts of social media, & staff may be
overwhelmed.
– Calm, consistent, clear messaging at least weekly is best

2. Planning

– Know how many weeks of cash reserve you have at all times
– Know how much revenue decline you can cope with and when to take
action
– Know what supply chain lines are going to impact your revenues and
when
– Ask if you can negotiate with landlords & large creditors now to preserve cash

3. Opportunity

– Every downturn creates opportunity.
– Spend time mitigating risk and also analysing opportunity
– This virus and recession will pass, although no one knows when
– What can you do now to improve margins & increase customers?
– Stop reading & start building plans

Most importantly, please stay safe and heed government and official warnings and advice.  Should you have any questions please call Carmine or Drue directly as soon as you can.

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4Front Accountants Pty Ltd (ASIC No. 33911) ABN 46 166 598 876 is a Corporate Authorised
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