Expert Insights: Hear from a CIB Business Advisory Manager

We asked Business Advisory Manager, Damian Koryzma what advice he’s giving his clients to manage through this unpredictable and difficult time.

Here are his thoughts;

• Focus on the work you have and can do. Provide your customers with the same quality product, service and attention you would in normal times. Maintaining a high level of customer service will ensure your customers stay with you during and after lockdown

• Work when you can work and make the most of a bad situation – i.e. don’t close your doors, unless you are forced to, and if you have some sort of work already in progress try to do this even if it is for sanity purposes

• Unless there’s no alternative, don’t lay off your workers as this is a crucial criteria of the business support program, in which you need to maintain the same headcount from the 13/7/2021 throughout the business support payment period and is done to ensure continued employment after lockdown

• Revisit your finances and make sure you have sufficient working capital to cover loan/finance repayments (if applicable). If you don’t, then contact your bank to get ahead of the curve and put some support measures in place to assist during this time

• From experience with the last run of grants provided by the Government many were asked to repay these amounts back. Therefore it is important to understand the rules around the eligibility for the grants and do not attempt to manipulate your data to secure the support grant/s as this was a focus for the ATO the last time. Note that at CIB we don’t encourage nor support such schemes and will not be a party to such actions

• On a more personal note; do what you can to remain mentally and physically healthy and reach out as much as possible to family, friends

• Importantly, don’t hesitate to reach out to your CIB manager if you are concerned about your business situation, we will do everything we can to help relieve some of that pressure.