In times of struggle, it is the uncertainty that creates anxiety. The situation with Covid-19 is evolving and changing by the hour and while that can certainly induce stress, there is plenty you can do to navigate the waters of change. Today we wanted to share 5 ways trade business owners can gain some control right now.
Find a source of factual information
With so much information floating around on the internet, it can feel incredibly overwhelming when trying to navigate. At Tradies in Business, we suggest that you find factual information, not overinflated with fear to keep you informed. Check out government websites like the Department of Health to keep you up to date. Alternatively, associations like HIA and Master Builders can help with finding the right facts for your trade business.
Take an honest look at your financials
Our Drawing Board members are educated to look over the financial every week to ensure they know what is coming and while a situation like this couldn’t have been predicted, you can be in the know with exactly where you are at.
If you are not up to date with your bookwork, do that now, and then look at where you are at, and what you think is likely to happen. If you don’t think you can weather the storm, now is the time to be making swift decisions for your trade business.
If necessary, contact your financial institutions, or landlord/real estate agent.
If you can see a large gap coming once you’ve gotten an understanding of where your cashflow is at, contact your banks, insurers and real estate and ask for a reduction or a hold on your payments. Be sure to use the words “financial hardship” when having these conversations. Banks are authorizing 6 month holds on home loan payments, many landlords are passing this on to tenants.
While not necessarily a comfortable conversation to have, now is the time to be having it! Those months will allow space for you to refocus and rebuild.
If you’ve found yourself in a position in which your income has been lost, immediately seek assistance.
Don’t wait until you’ve run out of work or money, if you see the hole coming, act now. Support is available and increasing frequently.
Don’t stop working on your business
It can be tempting to feel swallowed up by times of great stress, but this is a great opportunity for you to continue to be working on your business, preparing for the rebuild. Consumer confidence will grow, this time will pass, and those clients will be looking to spend the money they need especially on a safe investment like their homes. Trade business owners are well placed right now to continue to work on growing their businesses during this time.
We’re so confident in this, we’ve opened up our DIY business support program to Trade business owners for the first month for free. Simply follow this link, and use the code TRADIES4TRADIES to receive your first month at no cost to you.
If we think a little differently at this time, there is opportunity for us to grow, network, learn and implement.