Your business recover plan
January 1, 2022
Your Business Recovery Plan
As businesses emerge from Covid-19 restrictions, for many 'Business as Usual' has become 'Business Unusual'. So, how do we navigate our way towards a sustainable new normal?
During lockdown, we focused on crisis management, activating relevant Government support packages and doing our best to build cash war chests.
Now we enter the recovery phase on the way to establishing the new normal. We have all learnt lockdown lessons. We have discovered risks in our business model that we may not have appreciated before, as well as opportunities that are there for the taking.
Now is the ideal time to document a clear Business Recovery Plan:
- Defining what you, as business owners, want from the business; this includes cash drawings, your role, hours of work and holidays.
- Establishing your budget and break-even analysis to ensure you are generating enough cash to cover all expenses including tax, personal expenses, loans and asset purchases.
- Determining your critical KPIs; the most important things you need to measure to track your progress towards achieving your targets.
- Identifying your opportunities and vulnerabilities; the factors that will most impact your business recovery.
- Determining how to manage your most critical challenges.
- Undertaking a risk analysis of each of your departments, e.g. product / service development, marketing, sales, human resources, finances, technology, etc.
- Identifying necessary finance requirements and what is needed to apply.
- Establishing your 12-month and 90 day goals to ensure you are clear on your priorities
Treasurer Jim Chalmers has framed the 2026 Federal Budget as “the most important and ambitious budget in decades”.
Following the recent release of the December 2025 quarter average weekly ordinary times earnings (AWOTE) the annual concessional contribution (CC) cap will increase from $30,000 to $32,500 from 1 July 2026. The annual non-concessional contribution (NCC) cap will also increase to $130,000.
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