Tips to help your business stay resilient

Plan ahead by building a rolling 13-week cash flow and updating it weekly so you can see what’s coming in and going out. Test a few “what if” scenarios to understand your risks.

If you have concerns, talk to your bank early about options like interest-only periods or refinancing. If the ATO or suppliers contact you, respond quickly and lodge forms on time, even if you can’t pay in full.

Cover essentials first, like mortgage, groceries, utilities, fuel, medical and school costs. If eligible, ask about support such as the Rural Support Grant or the RBS Relief Fund.

Think carefully before using your super as it can affect your long-term security. Talk to RBS before making any big decisions.

Check if you’re eligible for financial help through the Algal Bloom Support Package or Drought Support services. These programs and resources can ease short-term pressure and help you keep your business running.

Delay non-essential spending and consider selling unused equipment to help with cash flow. Bundling smaller debts can make repayments easier. Review costs like insurance, energy and freight as small savings can add up. Make sure you’re not under-insured, as that can cost more later.

Price your products and services based on your true costs, not last year’s figures. Add expiry dates and staged deposits to quotes for service work to protect your cash flow.

If you’re a family business, record key decisions (who decided what and when) so creditors and financial institutions can see clear governance.

Start by listing your creditors in order of urgency and impact (e.g. ATO, finance providers, suppliers). Contact the top three with a realistic plan backed by your 13-week on your cash flow. Keep a record of all calls and agreements.

Financial stress is common and not a sign of failure. Talk to a partner, friend or trusted supporter early so you’re not carrying everything alone.

RBS and their Business Financial Counsellors provide a calm and confidential second set of eyes on your numbers and options.

You’ll get hands on support with grant applications, refinance packs and creditor negotiations or help through the RBS Relief Fund. All services are free, independent and confidential for eligible business owners.

For more information, visit the RBS website or call 1800 836 211.