Article:

Regional Business Partner Funding for access to professional advice to help you through COVID-19 resurgence

14 August 2020

The resurgence of COVID-19 in New Zealand has created a fresh wave of uncertainty for local businesses.  Given the unprecedented impact the full national lockdown had on the New Zealand economy, we understand that you may be feeling isolated, overwhelmed, and uncertain about what the future holds for you and your business. 

The recent Government announcements has once again restricted Business activity and, in some instances, stopped altogether. The ongoing uncertainty globally will also continue to impact New Zealand businesses for a long time to come – regardless of how quickly New Zealanders stamp out this second wave.

One of the ways the Government has been supporting businesses is by providing funding for business owners to access professional advice to help them deal with the impact of COVID-19. The funds are administered through the Regional Business Partner Network (RBN) nationwide and are tagged as COVID-19 Advisory Funding. 

 

At BDO Central have been approved service providers with RBN for a number of years and are proud to be able to support you and your business in the following specified areas:

Business Continuity Planning

  • Supporting businesses to retain employees by utilising funding options available
  • Training on how to account for COVID-19 funding received and wage payments to be processed
  • Ensuring financial systems are fit for the future and the current business climate
  • Ensure industry specific support is utilised where applicable
  • Training business to manage debt collection and creditor payments
  • Develop a plan with businesses to ensure client communication is maintained
  • Assisting with a business disaster recovery plan i.e. communicating with staff, plan to work from home, resources required off-site etc
  • Developing a growth plan beyond COVID-19
     

Finance and Cashflow Management

  • Review financial performance and financial position of business
  • Determine financial effects of COVID-19 on business
  • Review current financial system and ensure it is sustainable for the future
  • Ensure business is utilising COVID 19 business support packages from government, banks, IRD, and industry related support
  • Review liability/debt levels and implement recovery plan
  • Provide debt collection training and set up automated systems for statements etc
  • Review creditor payments and train business to implement payment plans where required
  • Complete cashflow projections for growth beyond COVID-19 using 'what if' scenarios
  • Work with business to identify and increase revenue opportunities

 

This is an opportunity for you to potentially access fully funded assistance, one on one with a BDO Business Adviser, to work through the challenges you’re facing and assess what the future looks like. 

If your business is:

  • An employer of fewer than 100FTE
  • GST registered in NZ
  • Operating in a commercial environment
  • Privately owned, a Maori Trust or incorporation under the Te Ture Whenua Maori Act 1993
  • Being impacted by COVID-19

You may be eligible to access this funding.


The BDO network is open for business, with remote working technology and qualified and experienced Business Advisers available to work with you, wherever you are in NZ.   If you think that your business could benefit from our support, please get in touch with us. 

 

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