Top ten tips to help businesses weather the economic storm
There’s a wealth of information, products and services designed to help businesses grow and prosper. The good news is that these products and services are free and available now. Here are some tips for helping small to medium sized business survive in tough times.
Write a business survival plan
Go to business.govt.nz and write a business survival plan. This is a really useful online tool to help you focus on what you need to do to make sure your business survives. You can do it in your own time and place. This should be your first step.
Call Employer Services for help with recruitment, retention or redundancy
Staff are one of your most important assets now and in the future. Work and Income can help you with your staffing needs whether it’s attracting, retaining or if you absolutely have to, making staff redundant. It’s a free service so the sooner you call us the better able we are to help
- Call Employer Line: 0800 778 008.
Get help if you're thinking of redundancies
If you have to lay staff off or reduce hours, help them help themselves. Prompt access to information on Working for Families entitlements, redundancy support through the ReStart package or benefit assistance is a phone call away. Work and Income staff will visit your work place and talk to your staff.
- Call Employer Line: 0800 778 008
Talk with your staff
Talk with your staff about the challenges and opportunities facing the business – they’re sure to have ideas. Look at flexible work arrangements either with reducing or changing hours, varying employment agreements or using the Job Support Scheme. The Department of Labour has useful information aimed at helping employers and employees cope during tough times
Focus on cashflow
Focus on cashflow and other business basics – join one of the free BIZ training courses and follow-up one-one-one sessions.
Seek help from others
Talk to your colleagues and experts. You can get business-focused answers to your business questions on business.govt.nz.
Use established networks
Use established networks and get to know your local Work and Income labour market manager or work broker. They are connected with the business community and can connect you with like minded people. We know about 70 per cent of jobs are not formally advertised.
- Call Employer Line: 0800 778 008
Get a mentor or buddy
It’s free and it gives you some perspective and an experienced person’s take on your situation. If you’re a sole charge business it’s sometimes hard to see the wood for the trees. Again it’s free.
Talk with Inland Revenue
Talk to Inland Revenue as soon as possible if you are struggling with tax. There is a range of options available for late payments such as paying off debt by instalments which can be renegotiated if the situation gets worse.
- Call IRD: 0800 377 774
Be prepared to change
And finally, fight business inertia and avoid doing the same. If something isn’t working, there’s little point continuing on that route. This takes us back to point number one – write your business plan. A SWOT analysis (strengths, weaknesses, opportunities and threats) as part of your business plan will help identify how and why you can and should do things differently.