The prediction is that the total number could reach 47 Million, that is a 32% unemployment rate for the world-leading economy.
Comparison is being made to the 1930’s great depression which is not painting an optimistic picture for the near future.
A global recession/depression is very much on the cards, which will decrease the demand for our natural resources.
As a country, we have minimised the number of deaths and avoided scenes like those from hospitals in Northern Italy and New York. Something, we should all be incredibly grateful for.
Nether less and despite government assistance, many business owners are sleeping uneasily worrying how, when and if they will be able to reopen and return to ‘normal’ business operations.
3 quick tips to assist in this challenging time
- Your Financial Score
Have an accurate idea of the daily, weekly, and monthly numbers and financial trends in your business. Master your cash flow - Best Practices
Formalise your processes and ensure that you are effective and efficient as possible, remembering that every process can be improved. 5% to 10% efficiency gains can represent thousands to your bottom line, especially if cumulative - If in financial trouble and facing a permanent closure
Seek out professional assistance, the Australian Government made changes to the Bankruptcy law as part of the economic response to the Coronavirus. These temporary changes will be in place for six months from 25 March 2020.