Assess your finances

An emergency incident in your region or local area will inevitably have a financial impact on your business. One of the first actions to take after a crisis event occurs is to prepare the business’ finances to cope with the months or possibly years ahead.

The extent to which your business will be affected by an emergency will depend on:

  • the nature and expected duration of the event
  • your financial reserves and access to other funding sources
  • whether the business can keep trading
  • whether customers continue to come to your business
  • the actions you take to reduce expenditure

What type of crisis event is it?

To help work out the financial implications of a crisis event and the best response, it’s important to be realistic about how severe the impact of the emergency will be, and how long it’s likely to continue for.

The Financial responses to different emergencies (40 kb)PDF outlines the different types of emergencies and appropriate financial responses to each.

Seek assistance

Find out about the financial assistance that may be available to you, for example tax cuts or deferment of tax instalments, business grants, low-interest loans or business advice. 

Contact your financial institution as soon as possible to discuss your financial situation and possible emergency relief and support measures.

The Australian Taxation Office can also provide a range of support measures to assist you in a crisis event. For more information, visit the ATO website External link

The Australian Bankers' Association also has some usful publications to assist small businesses experiencing financial hardship. To find out more, visit the Australian Bankers Association website External link

Important documents

As soon as possible, assess whether the emergency incident has destroyed:

  • Any of the business’ records such as receipts, invoices, financial computer software, bank statements, licenses and accreditations
  • Your personal records such as birth certificates, licenses, credit cards

To assist you with the recovery process, you will need to make time to organise replacements.

Some of these documents may be easily replaced if you contact the issuing organisation. Others may be irreplaceable and you may need statutory declarations or other actions to protect the legal position of the business.

Prepare a crisis cash flow budget

When a crisis event first hits your business, an important step is to develop or revise your budget for the business.

For more information, see the Prepare a cash flow budget page

Last Updated 6th September 2017