Coronavirus (COVID-19)
Road to recovery

If your business has been impacted by any disruption or disaster, there are a range of actions you can take. These steps will help put you in the best possible position not only to navigate through the crisis and be better prepared to take advantage of the recovery.

It’s fundamental to keep up to date with official information from trusted sources and government authorities, and adapt to changing circumstances that may impact your response. Refer to the below resources for essential information in responding to COVID-19.

 Managing through COVID-19 – Accounting and business resources
We’ve developed an extensive library of resources to support you and your clients at every stage of the COVID-19 crisis. Whether it’s tax updates, requirements for financial reporting, insolvency information or strategies to help lead your team, we’ll help you manage through the immediate technical and business challenges of COVID-19.

 Roadmap to Recovery podcast series: Part 1 – How businesses can respond to the COVID-19 lockdown
In part one of the Roadmap to Recovery podcast series, Mike Sewell FCPA discusses how businesses have responded to the COVID-19 crisis, and how they are recovering. He provides practical tips to improve the cash position of a business, suggestions for how businesses should approach the recovery phase, and how to reconsider strategy for the post-COVID-19 environment.
Uploaded June 2020 | Podcast

 Bernard Salt predicts staircase recovery for Australia post-pandemic
In this podcast episode, Bernard Salt provides an insight into the economic and social trends in Australia for the remainder of this year and beyond. Hear why he thinks the path ahead is a "staircase recovery" and why the real issue is how to navigate it.
Uploaded May 2020 | Podcast

Additional reading and resources

 Rising from the ashes: Turning crisis into opportunity
The global economy has been plagued by recessions and depressions in the past but has found a way to bounce back via innovation booms. We share some examples of successful businesses or product innovation born during tough times. So are we on the verge of another game-changer?
Published April 2020 | INTHEBLACK article

 Triple threat: Leading in the age of COVID-19
Australia’s business leaders are facing a once-in-a-generation test of their managerial mettle. We speak with three CEOs about their leadership strategies during such grave circumstances and how they’ve dealt with crisis management.
Published March 2020 | INTHEBLACK article

After taking immediate actions to determine your business position and options, you can look to the recovery phase. This will be different for every business, so you’ll need to consider the option that’s best for you. A professional adviser can help you understand the options and future opportunities for your business.

It’s important to take the time to consider your own physical and mental health through the process, as well as the health of your business. Seek support if needed and explore our resources on how to build resilience and take care of your mental health. Refer to the below resources for key information to assist business recovery.

 Small Business COVID-19 Recovery Toolkit
As governments begin easing restrictions in stages, businesses will recover at varied paces based on geography and industry. Access our tips, checklists and templates to help start your business recovery.
Uploaded July 2020 | PDF

 Roadmap to Recovery podcast series: Part 2 – How businesses can recover from the COVID-19 lockdown
In this podcast episode, Mike Sewell FCPA discusses practical ways businesses can react when they’ve been hit, or are about to be hit, by substantial revenue reduction due to COVID-19 lockdowns. He offers lessons learnt from businesses who've already been through the crisis of their work and clients diminishing, and explains how businesses can prepare and act to ensure survival.
Uploaded June 2020 | Podcast

 Impacts of COVID-19 on annual report disclosures
In this publication, joint professional bodies explore the difficulties that directors, preparers of financial statements, accountants and auditors face when disclosing the impact of COVID-19 in their annual reports.
Uploaded August 2020 | PDF

 Key risks arising from a pandemic – resource for accountants, risk managers and boards
As organisations continue to respond, recover and re-create themselves, our members are finding themselves taking on a variety of tasks, including strategic planning, risk management, scenario modelling and financial reporting functions. This briefing from the CPA Australia ESG Centre of Excellence explores some of the key risks from COVID-19 that accountants, risk managers and other board executives or advisers, should consider irrespective of size, nature and complexity of business.
Uploaded August 2020 | PDF

 SWOT analysis template
This SWOT analysis template will help you identify your business’s strengths, weaknesses, opportunities and threats so you can make smarter decisions moving forward and better understand your business. By addressing these characteristics, it gives you an opportunity to take stock of your business and figure out where you can improve.
Uploaded August 2020 | PDF

Additional reading and resources

 Ahead of the curve: Leading from the front during recovery
While the timing of the impact of COVID-19 on different countries varied across the globe, nowhere was untouched. INTHEBLACK spoke to some of CPA Australia’s External Reporting Centre of Excellence members living and working in locations across the world, about how they were managing their staff, clients and other stakeholders through the next stage.
Published June 2020 | INTHEBLACK article

 How to expertly handle return-to-work for employees post-pandemic
Historically, the biggest changes in society tend to occur after a major disruption. So as employees are gradually welcomed back to their offices, it’s likely we can expect a dramatic – and timely – shift in the use and purpose of workplaces.
Published July 2020 | INTHEBLACK article

Sometimes a crisis will be an opportunity to revaluate and reset your business goals and objectives. You may decide to completely change your operations or find new opportunities that emerge. Similarly, you may decide that it’s time for you to change paths and leave your current business.

Our resources will help you determine your future strategy, build on opportunities and set yourself up for your next stage of the journey. Refer to the below resources for insights to help re-evaluate or re-invent your business for the future.

 MY FIRM. MY FUTURE eLearning series
A set of practical and complimentary e-learning modules to help you prepare for the challenges and take advantage of the opportunities to build a sustainable business. These modules complement findings from the MY FIRM. MY FUTURE report and will help you ready your practice for the future.

 MY FIRM. MY FUTURE webinar series
In addition to changes in technology, legislation and shifting client demands, COVID-19 has drastically altered the accounting landscape. The MY FIRM. MY FUTURE webinar series has been developed to help CPA Australia members in practice adapt and plan for both the short term and the long term, and build a sustainable practice.

 Roadmap to Recovery podcast series: Part 3 – How businesses can reimagine and reinvent after the COVID-19 lockdown
In this podcast episode, Mike Sewell FCPA discusses the types of businesses that have experienced high demand throughout – or due to – the COVID-19 pandemic, and some of the challenges they face. He provides practical ways businesses can manage a temporary spike in demand, and offers lessons other businesses can learn from these high growth businesses.
Uploaded June 2020 | Podcast

Additional reading and resources

 Tips for building customer trust online
For many small businesses, building trust is crucial to ensuring repeat customers and standing out from competitors. This is no different, and is perhaps even more important, when you are selling online. We’ve put together eight key areas to consider when working to build trust with your online customer-base.
Uploaded April 2020 | PDF

 By the book: Disruption, innovation and COVID-19
In 1997, The Harvard Business School professor Clayton Christensen wrote The Innovator's Dilemma, a groundbreaking book that introduced the world to his theory of disruptive innovation. So, in a world shaken by the COVID-19 pandemic and with the global economy teetering on the edge of severe recession or even depression, what lessons do Christensen's theory hold for entrepreneurs and businesses today.
Published May 2020 | INTHEBLACK article

 Faster disaster recovery: the business owner's guide to developing a business continuity plan
In the face of an environmental or man-made disaster, it's imperative to have a contingency plan that maps out your corporation's strategy to minimise the impact on the daily functions or life of the corporation. This ebook provides a 10-step approach for business owners on creating a disaster recovery plan for both natural and man-made events.
Published 2019 | Library

 The disaster recovery handbook: a step-by-step plan to ensure business continuity and protect vital operations, facilities and assets
This ebook provides a step-by-step guide to disaster recovery, including analysing business impact, building a risk analysis, selecting a recovery strategy, assembling an administrative plan and communicating effectively.
Published  2019 | Library

There are many reasons behind the decision to exit your business, and planning this transition gives you the best opportunity to achieve the outcome you want. It’s strongly recommended you seek professional advice throughout the process to give you the best chance of a successful exit out of your business.

  Warning signs your business may be in trouble
If you're struggling to keep up with compliance obligations or experiencing concerning changes in customer behaviour, it could be an early warning sign that your business may be in trouble. This factsheet can help you identify the warning signs, take early action and get back on track.
Uploaded September 2020 | PDF

  Guide to exiting your business
There are many reasons why a business owner may want to exit their business. Regardless of your reasons, planning your exit to maximise your business’ value will probably be the most important decision made during your business’s lifecycle. This guide will help you through the process, including ways to exit your business, selling your business, merger, succession, closing your business, solvency and any other issues you need to consider.
Uploaded July 2020 | PDF

  Checklist for closing your business
Once you’ve made the decision to close a business, it’s not simply a matter of shutting the doors and handing the keys back to the landlord. Whether you’re selling your business, merging with another business, passing it on to family members or key staff, or liquidating the business, this checklist sets out the actions business owners should consider taking.
Uploaded December 2020 | PDF

  How public practitioners can work with clients facing insolvency
In this podcast episode, Kristen Beadle, Partner at Hall Chadwick, and Damian Pearce, Client Director at Pitcher Partners, discuss the warning signs that your client may be heading towards insolvency. They cover safe harbour rules, the advantages of maintaining records, and how, as small business owners, public practitioners can protect themselves.
Uploaded January 2019 | Podcast

  The meaning of insolvency – factsheet for public practitioners
We’ve produced this factsheet for public practitioners because the risk of corporate failure under the current and evolving COVID-19-related economic circumstances is unprecedented. This guide provides clarification on insolvency matters, including insolvency as opposed to a temporary lack of liquidity; the nature of due and payable; relationships between debtor and creditor, and the course of commercial dealing; and indicators of insolvency.
Uploaded April 2020 | PDF

  Options for clients in financial distress
This factsheet provides an overview of the options available for your clients in financial distress, in order to help you navigate them through this health and economic crisis.
Uploaded June 2020 | PDF

  Is your SME client insolvent? How you can help?
The ongoing impact of COVID-19 has had a significant impact on many small businesses and with recent changes to stimulus support, it’s important those businesses seek professional help now. This recorded webinar will help you identify the warning signs that your SME client may be trading insolvent, where the line is in the advice and support you can provide them, and the advice and support an insolvency practitioner can provide.
Recorded July 2020 | Webinar