[Updated April 18th]
If you’ve lost your job or your contract, there are steps you need to take immediately, and things you can do to prepare for the recovery.
If you or your business have been impacted by this crisis, and a new or improved website would help, please visit our friends at Strategic Web Solutions.
First, it’s important to remember that we will get through this. It will be tougher for some than other, and maybe tougher than it’s ever been for some, but we will get through it.
Here’s what you need to do now.
First, steady the ship:
- Acknowledge that changes will be needed until the situation turns around
- Apply for benefits/assistance
- Unemployment benefits, wage support, etc.
- In Australia, government support for businesses can be found here and support for individuals/households can be found here
- [April 13th] An excellent summary of support available to small businesses and the self-employed can be found here (Australia)
- [April 13th] Details of the Paycheck Protection Program (USA) can be found here
[April 18th] Latest details about JobKeeper Payments for sole traders and self employed, from the ATO here- [April 27th] JobKeeper – updated after some confusion regarding sole traders
Sole traders go here
Other businesses go here
- Apply for relief from your lenders/creditors – business expenses relief, rent/lease pause or reduction, etc.
- Unemployment benefits, wage support, etc.
- Build a (new) budget
- Cut all non-essential expenses
- Reduce or pause bills (utilities, credit cards, etc.)
- Work out how much you really need to survive
Next, establish a new routine and do what you can:
- Get immediate help
- Apart from everything above, are there other things you need help with – whether personally or professionally?
- If so, who can you turn to? A family member, friend, or colleague if you need a loan? A support line if you are struggling with mental health issues?
And finally, consider your next steps, and prepare:
- How can you find some (any) work, or attract clients, during the current crisis?
- Depending on your area of expertise, there could be opportunities for you (e.g. see this article)
- What can you do to set yourself up for when things start to go back to normal?
- If you’ve lost your job, is now the time to start your independent consulting career?
- If you’re already an independent consultant, can you refresh your website and profile, learn new skills, etc?