“Business owners right now in Victoria are still fighting back. They are really strong and resilient and have a really good mental attitude.”
Mark Bouris on Channel 7’s ‘The Morning Show’
11 August, 2020
Businesses around the country are undoubtedly facing one of the most difficult periods in years, and with wide ranging shutdowns and restrictions put in place across Victoria, the State’s business community are having to weather the storm.
Some early reports are suggested nearly 15 per cent of businesses will be forced to shut their doors permanently due to the pandemic-induced restrictions.
Government measures like JobKeeper and business grants have attempted to ease the burden on business owners, but with Victorians facing another five weeks of lock down, and Australia’s east coast communities still feeling the economic impacts of the bushfires, many are asking how businesses will survive.
“It’s going to have a massive impact on businesses not just in Victoria but across Australia,” said Mark Bouris.
“All of us are interconnected. Victoria doesn’t exist on its own, and it is the second-largest part of the Australian economy.
“Consumers are going to lose confidence big time – and where we really have to get worried is when the drop in consumer confidence starts to drive into business owners.
“Business owners right now in Victoria are still fighting back. They are really strong and resilient and have a really good mental attitude.
“But if consumers’ attitude and confidence drops off, then that will start to bleed into the business owners too, and that’s when people will start throwing it up and saying, ‘I’m out’ – then you will see a lot of drama.”
Look at your cashflow
“We can’t control the amount of revenue we make – but we have to start controlling our expenses,” Bouris said.
“We have to make sure that we understand how to manage our expenses – which means we have to know what our expenses are.
“What deal can we do with our landlord? What deal can we do with our staff?
“You’ve got to start doing deals – all in order to control the money that’s going out the door.
“At the same time, start planning and building a strategy to try in pivoting a business somehow – whether that’s online pivoting, getting supplementary income because you become a delivery person.
“Do something right now to pivot and build other cash flow sources, and try and maintain and protect that business that you have built up.”
Don’t sit on your hands
“Use this time wisely to make more revenue and protect your costs going out the door,” Bouris said.
“Go and find some area in the economy that is booming and try and tap into that – even if it means becoming a humble courier.
“Couriers now have come into their own and that is a great business. Or you might be selling courier vans.
“I’m hearing that companies that sell vans have run out of stock because there are so many requests to buy a van at the moment.”