TMM 111 Financial Health with Greg Valles, from Valles Accountants Australia – How to plan and prepare during times of crisis for you and your business.

** Please bear with us on the audio as we had to record this on the go while Greg was in his office with limited audio levels, so we really appreciate your understanding.

Managing Your Financial Health

I know that most of the world is in isolation at the moment, but that gives us even more of an opportunity to look under the hood. 

What better place to research what you’re doing in your business now and how you’re managing your personal life is to look at your financial health?

What core pillars should you look at during times of crisis:

Financial Health and Self Care | Your Mental Wellbeing

Your own mental stability: People around you look to you to be the leader, the leadership, you’re in business.

* Know there is always a solution: Back yourself and lean into your trusted team of advisors.

If you’re in business, you’ve always been a leader anyway – but ensure you reach out to the trusted sources of professionals around to help you meander your way through. Including institutions and verified government support.

There are range of options to look at and that is from the government stimulus package to some strong accounting advice at this stage. 

* So make a facts and stats approach rather than worrying in silence.* Banks and any other people that can be assistance you should look at every avenue.

Financial Health and Your Team

Remember your actions inspire your teams: Be real and communicate:

Know your duty of care to your teams and staff.

Can you empower them to work smarter in different ways?

* If you do go down the home office route where they working from home, and have you done all the legal preparation to ensure staff are working from home and business as usual. * Make sure all your information is readily accessible. * Deploy video conferencing. We’ll still meet with all the clients in video conferencing. * Making sure that your operations are secure – that you have clear communications and that your staff understand the collective co working situation. * Ensure confidentiality. Giving your staff clear guidelines on how to stay productive, how to keep confidential information whilst be empowered to work from home and still feel connected are vital aspects right now.

Financial Health – Manage your Costs, Know your Numbers

If you don’t know your numbers personally or professionally, this is a very important opportunity to get back to basics and actually have a working budget. Talk to your accountant, understand where do you actually sit in your own financial health?

Stop and prepare. Do not operate from fear.

Bills haven’t been officially passed yet around the stimulus and how those things can be accessed. So make sure you use this time to come from a place of sustainable cashflow – don’t just pull all your resources, stop spending and “hide”. That has a negative ripple effect for everyone.