q4 financial | COVID-19 Update
Today, we are all facing the challenges of responding to the unprecedented event of the Coronavirus (COVID-19) which the World Health Organisation has officially declared a pandemic. The spread of COVID-19 will not only have a wide-ranging effect on the health of our communities but considerable consequences on the local and global economies.
As we face uncertainty, now is the time your teams and families will be looking to you to lead. For many of us this will be a level of crisis never experienced, however there are several measures you can put in place to manage these unsettling times.
To quote from Verne Harnish, author of the book Scaling Up, these are the 5 C’s of leadership in a crisis:
1. Communicate daily – and more if needed
2. Customers – give, give, give with no expectation of return
3. Clean up and catch up –time for spring cleaning to keep people proactive and occupied
4. Cash, Cash, Cash – engage your team in the process to develop strategies. (Below are links to the government stimulus packages)
5. Calm and considerate – You will think clearer in this state.
Everyone will be affected by this crisis in some way. This will include the impacts we have yet to contemplate. What we do know is that problems are often solved more effectively if you talk through the alternatives to paving a way forward.
Should you need to discuss your situation or share the load, we are here to help. All meetings will be done at no additional cost. Let us know when you need a hand. As you read this it is more than likely the situation will have evolved. There is a further interest rate cut predicted for Thursday and another stimulus package will also be released shortly. We will endeavour to keep you informed of the major updates.
Grant Titman and Kelly Hill
Federal Stimulus Information
Useful Information & Links
The Reserve Bank of Australia will meet on Thursday (March 19th) two weeks ahead of schedule and is expected to slash the official cash rate to 0.25 percent.
Additional Queensland Government and Federal Government stimulus packages are expected over the coming days and weeks. We will keep you updated on major changes.
- QLD – Loans announcement (March 17th)
- QLD – Expressions of Interest Registration: Queensland COVID-19 Jobs Support Loans
- WA – Economic stimulus package
- NSW – Economic stimulus package
- NT – Economic stimulus package
- Latest Federal Government Announcement (March 18th)
A CPA and Director of q4 financial, Grant Titman brings leadership and the disciplined energy of an endurance runner to deliver ‘big picture’ outcomes for his firm and his clients.
Grant’s expertise includes and extends well beyond achieving profitability and growth for his clients’ businesses. His focus is squarely on helping his clients to achieve three key goals: extract wealth from their business; set and achieve long-term wealth objectives; and ultimately, enjoy financial freedom.