• New Wave Accountants

3 Tips for Your Business to Thrive Amid COVID-19 Outbreak - What to Know

Contingency planning is important to prepare for any unforeseen circumstances or accidents, such as inclement weather or bus strikes. At present, doing this kind of planning for businesses amid the coronavirus (COVID-19) outbreak is essential.

Being a business owner during these trying times is challenging and daunting. However, there are several actions you can take to prepare your business for operation resilience. Read the list below to learn more about preventing your business from slowing down during this virus outbreak.

1. Implement a work-from-home setup

To continue your day-to-day operations amid the virus outbreak, carry out a work-from-home setup.

Many businesses around the world have a work-from-home option, and this setup is beneficial not only for the workers but to the company as well.

Employees say they are more productive, have more job satisfaction, and have a better work-life balance compared to those who don’t enjoy the benefits of working from the comfort of their homes.

2. Keep in touch with your team

Working remotely requires staying more connected and updated with your team members. To do this, use cloud technology and other online platforms and tools to communicate with your team and perform your tasks efficiently. Make sure to use the right mechanisms at the right time to prevent causing panic or misinformation.

Keep your lines of communication open with your customers, clients, and suppliers. Discuss with them what they can expect of you during this crisis.

3. Create a workplace plan for emergencies

Your business should be prepared for unexpected situations, such as accidents and disasters. To prepare for any similar level of circumstance that might dramatically impact your business, it’s best to create a contingency plan.

Here are some suggested ways on how to get started in making your plan:

  • Assign an owner

Make your contingency plan workable and efficient by assigning a single point of contact who can delegate. This person should be responsible for making sure the plan makes sense. You can also consult experienced business accountants for help in creating the plan.

  • Encourage feedback from all sources

Discuss with your team members about the plan they think would be best for your business. Whether you decide that each department or individual needs its own plan, make sure that they should all sync-up and be merged into a larger workplace plan.

  • Consider your suppliers and clients

During this difficult time, think about your suppliers and customers and how they would possibly affect your business. For instance, if your existing supplier becomes unavailable, look for alternative suppliers. You may also create plans on how to treat your clients during the virus outbreak.

  • Update your plan regularly

Keep your plan as a living document. This means you and your team must make sure that it is reviewed regularly and changes are made when necessary.

  • Communicate with your team

Your contingency plan should be accessible to all. Ensure that your team knows its content, source, and value.


Coping with the impact of COVID-19 on your business won’t be easy. By setting up a work-from-home system, using online communication and collaborative tools, creating a contingency plan, and seeking help from experienced business accountants, you and your team can carry on with your daily operations and stay productive despite virus concerns.

Let us help your business thrive and grow during these trying times. Turn to our seasoned business accountants for accounting solutions that are right for your business.

If you’re looking for business accountants on the Gold Coast, get in touch with us to see how we can help you.

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