What COVID-19 can teach us about business continuity
As cases of COVID-19 escalate around Australia, following expert advice on protecting your own health, and that of your employees and customers is essential. But what else can, and should you be doing to protect your business?
Now is the time to put in place a pandemic plan as part of your business continuity plan— however large or small your business is.
If you’re reading this and your business doesn’t have either of these plans—don’t worry. Follow the simple checklist we’ve put together to help you. And start protecting your business and your research and development (R&D) programs from coronavirus today.
Focus on 4 key actions
- Prevention—take action to reduce or limit the likelihood and effects of coronavirus on your business.
- Preparedness—take steps to ensure your business can mount an effective response to the impacts of coronavirus.
- Response—contain, control and minimise the effects of coronavirus on your business and your R&D program.
- Recovery—put a plan in place to minimise disruption and ensure your business bounces back from the pandemic as soon as possible.
The coronavirus pandemic is underway and its economic shockwaves have reached Australia. Its already impacting many businesses, especially in the travel sector. In times of crisis, businesses with R&D are more important than ever.
So as a first step, you need to identify what the risks are to your business from this pandemic. Then analyse and evaluate the likelihood and consequences of these coronavirus risks for your particular situation. While you can’t prevent coronavirus risks that have already affected your business, you can improve how you’re responding to these. Plus you will have identified future risks from the pandemic that might be about to stall your R&D.
Focusing on protecting on your resources. Your two most important resources are:
- you and your staff
- capital and cash flow to fund your research
Other resources that you’ll need to consider are:
- IT systems
- workplace infrastructure
With global markets in free fall and investors getting the jitters, there’s a real risk your R&D capital and cash flow could suddenly evaporate. Don’t let that happen.
Remember if you qualify for an R&D tax refund, this is a government incentive. So it’s not going to disappear over market fears about the coronavirus. Radium Capital can help you access and bring forward your refund throughout the year with a Radium Advance. We can approve your loan and help you secure funds within a few business days. And with our Radium Quarterly Advance model, we can do this for you several times a year. This will help you maintain vital R&D cash flow during the pandemic. Radium Advances are cash flow friendly and affordable—with nothing to pay until you receive your full tax refund from the government.
Don’t give up on your investors. Engage with them as soon as you can and reassure them. If you’re trying to secure new investor funding, redouble your efforts. Be persistent and consider approaching additional investors with a strong and compelling pitch.
The government is continually reviewing its plans to support businesses feeling the force of the pandemic. Stay informed about which grants and other government support your business qualifies for.
And if you haven’t already done so, check what insurances you have for your business.
Make sure you have back-up systems for all your important data and the IT systems you’re using. Remain vigilant when it comes to online scams and cyber-attacks. Criminal activity can go unnoticed when businesses are focusing on a crisis. The Australian Government’s Australian Cyber Security Centre has a wealth of up to date information and advice on how to protect your business from cyber-crime.
Remember if you qualify for an R&D tax refund, this is a government incentive. So it’s not going to disappear over market fears about the coronavirus.
Consider what you will do if your workplace is told to close temporarily, or a member of your team contracts coronavirus. Can your R&D be done remotely or at an alternative location? Plan how you will decontaminate your premises and reassure staff if your business has a confirmed case of coronavirus.
With careful planning we can minimise the worst impacts of the coronavirus pandemic. Don’t let lack of access to capital shutter your R&D programs. Call our team today on 1800 723 486 and start accessing your R&D refund sooner.