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Business Planning - from surviving to thriving

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In recent weeks small businesses have been hit hard by the Federal Government restrictions in reaction to COVID-19.  Doors were shut overnight, and businesses were forced to adapt and adjust their trading systems in the blink of an eye, or risk becoming insolvent.

Australia, and in particular, Western Australia, has handled this pandemic well.  The day will come shortly when this will be a distant memory and life will regain some semblance of normality.  For restaurants, cafes, pubs and bars, this day is on the horizon.  On 29 April 2020, Premier Mark McGowan discussed a new and free training course to enable all hospitality staff to be trained on COVID-19 hygiene.

This course will be mandatory and will allow people in the hospitality industry to return to work.  Customers will once again enjoy the opportunity to go to their favourite dining establishments and socialise without fear of being infected.

Thanks to the efforts of our hard-working leaders we appear to have implemented ‘damage control’ almost perfectly, and in the scheme of things, excluding of course the tragic deaths of virus victims, there appears to have been limited damage, particularly in comparison with other countries.  This time most of us were fortunate.  However, what are the lessons to be learned and applied if there is a relapse, as has happened in Tasmania and in other countries?

Have you made the necessary provisions for events over which you have no control, such as death, disability, or pandemics like COVID-19?  Do you have cost-effective insurance and superannuation strategies?

Now that we have had first-hand experience of what can happen, if we neglect to make the necessary provisions for our businesses it could be a costly mistake.  Getting it right can be time-consuming and stressful yet doing so can also ensure the survival of the business which you have worked tirelessly  to build and maintain.

At Butlers Lawyers & Notaries, we have an experienced Team who are able to assist you in planning and implementing the best structure for your business.  Whether it be as a Sole Trader, a Partnership, a Company or even a Trust.

Our Team can assist you with Business Succession Planning which will ensure the continuation of your business if death or disability occurs.  We can also make provisions for Business protection in the event of another pandemic or disaster.

Succession Planning is crucial for any business, no matter how big or small.  Those who have anticipated and planned for challenges are usually better able to deal with them successfully.  And if you’re new to building a business, don’t ever think that “it can’t happen to me”.  Highs and lows are normal in any business, no matter what size.

Our Team can also assist you with creating Discretionary Trusts in order to protect your assets and minimise tax.

If you are in a business partnership, it is important to consider the planning and structuring of partnership assets so that there is both optimum asset protection, and clarity by all concerned about their respective entitlements.

At Butlers Lawyers & Notaries our foremost concern is your health and safety as our client.

Safety measures observed at our firm include:

  1. All Team members have the Government COVIDSafe App loaded on their phones;
  2. Hand sanitation stations;
  3. Stringent cleaning routines before and after all clients use our offices; and
  4. A COVID-19 declaration form to be completed and signed before attending at our offices.

Now is the time to put in place the best protection for your valuable business.  Your memory is fresh about what has happened and what questions and doubts have been brought to light because of COVID-19.

Please contact our Team who will assist you to gain peace of mind, knowing that you can now expect the unexpected and pull through to the other side securely.

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Wednesday, 27 May 2020

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