Weekly Digest – 27 May 2020

Welcome back to our Weekly Digest. Read on for this week’s update.

Cashflow

If you’re not having cashflow problems right now, that’s great, you’re one of the lucky ones. Plenty of businesses across the country are struggling with cashflow right now. There are a few ways to relieve the cashflow pressure from finance through to restructuring options. Don’t stick your head in the sand – we can help.

Here are some options that might be suitable for your business:

Borrow money – Government-backed loans can support small businesses with their cashflow troubles. Find out if you are eligible for the Small Business Cash Flow Loan Scheme on the website, and get in touch with us if you have any questions.
Restructure expenses and commitments – Reduce the burden of your existing debts until you can start trading normally again through the government’s Business Debt Hibernation initiative. Get in touch if you’d like help from our advisors.
Sell more – This could be hard, but we’re sure you’re doing all you can. Boost your cashflow by brainstorming how to sell more and how to tap into new sources of income. Ask us if you want some help with the future plans of your business.

Contact Tracing App

Identifying and finding the people who have been exposed to COVID-19 is key to quickly stopping the spread of COVID-19.

Under Alert Level 2, all businesses are required to keep a good record of all people’s movement on their premises, including staff, customers, and visitors. The NZ COVID Tracer app has been launched to help the public log the businesses and organisations they have visited for easier tracing.

However, to support the app, businesses need to generate QR code posters to display at their premises. Find out how you can do your part in beating the pandemic and learn more about the COVID Tracer app.

Changes to employment

With New Zealand currently at Alert Level 2 due to COVID-19, some businesses are allowed to operate, but must play it safe to reduce the risk of transmission. As a shift in work arrangements has become necessary to adapt to the current conditions, employers and employees must first agree on any changes.

After a conversation with your employee, a new employment agreement or a signed letter of variation that reflects such changes must be put in writing. Whether these are changes in work set up, operating hours, or shift schedules are temporary or permanent, the new written terms and conditions is a legal requirement.

Want more information? Chat to us or read more about government advice for employers affected by COVID-19.

What’s next?

Over the last few weeks we’ve brought you updates on various government initiatives and cashflow schemes to help businesses impacted by COVID-19. We’ll keep you updated if anything changes, but please feel free to get in touch to discuss what these schemes mean for your business.