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Collaboration with Te Waka

The Waikato business community is quickly learning what it means to be part of an interconnected world. As we progressed to Alert Level 4, with all non-essential business either operating from home or closed; Te Waka, the Chamber and other like minded agencies are working together to ensure our businesses have the tools and support you need.

 
You may recall we dispatched a survey on behalf of Te Waka around the immediate needs of our SME’s. Cashflow as you will appreciate was the top priority.
 
As such, this article prepared by Te Waka is the first off the block – we hope you find it useful.
 
Two weeks ago, it would have been hard to imagine that Coronavirus or Covid-19 would become part of everyday language. But it’s here in a very big way and for businesses in the Waikato, there is no escaping it as we move to Level 4, our non-essential service businesses will all be either operating from home based offices or closed for business. 

For business owners vigilance is required and the old age of Cash is King rings very true at this time. So what can we do to respond?
Look into the Wage Subsidy Scheme and other support available under the government’s Covid-19 Financial Support package and apply immediately if you are eligible.
Review your cash forecast for the next 4-5 months, develop best, medium and worst case scenarios. Understand where there are opportunities to improve your cash conversion cycle. These actions may include;
Politely collect any funds that are owed to you and where possible consider shortening payment terms. Your customers are likely to also be experiencing impacts on their business which may impact on yours if they aren’t able to pay you
Converting inventory/stock to cash through sales promotions
Negotiating payment terms with suppliers and cancelling any orders of parts or goods that you don’t believe you can convert to cash quickly
Talk with key parties such as your lenders and investors to negotiate access to funding and lending facilities
Have early discussions with IRD, landlords and other key parties including critical suppliers to negotiate supply terms, payment plans and payment holidays. To this end, take a look at the business cashflow and tax measures that IRD have established
Reduce non-critical spending but be mindful of the impact on reducing staff numbers if those staff are critical to your business post crisis. Consider other measures for critical staff such as reduction in hours, bringing forward annual leave, temporary reduction in remuneration. With a pandemic, think about how you will have coverage during periods of sickness
Defer non-critical capital expenditure that can be delayed
Continuing to identify the risks in your supply chain including; availability of raw materials, parts and goods; restrictions on transportation of raw materials, parts and goods; financial stability of the supplier (particularly around critical infrastructure such as IT); alternative sources of supply
Please feel free to ZOOM or call us for more information, advice or just an ear.



 

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