What are some of the proactive things we can do as business owners, other than to remain calm, to protect staff and the business.
1. Review all of your expenses with the main goal to conserve cash, aim for sufficient cash reserve to operate for 6 months or longer, delay or cut down non-essential purchases
2. Review your staffing arrangements to prepare for potential downturn, look at annual leave and sick leave balances for each employees, can pay cuts be implemented immediately starting at the top management level
3. Speak to your accountant and take advantage of recently announced and future government stimulus packages