While it's important that your business can get through these tough times, it's essential that you are personally in a position to weather any storms and protect your family in these uncertain times.
This is our Checklist to work through:
1. Review your personal house cash flow and reduce excess expenses | |
2. Review personal insurances and ensure you have adequate cover. Are you able to make a claim on any policies? | |
3. Review debts and negotiate with banks to refinance or defer repayments where applicable. This is not a reduction in debt but merely a delay of repayments. Don't spend this money unnecessarily, instead keep it aside to assist in navigating the current situation. Once you are in a secure position you can make the additional repayments to the bank when possible. | |
4. Understand your current cash reserves and how long you could afford to live without an income. | |
5. Review your investment portfolio. Is it being managed effectively given the current economic conditions and volatility in the markets? | |
6. Review your Estate Planning and Will and Power of Attorney. This is imperative while there is a deadly virus spreading around the world. Ensure your affairs are in order. | |
7. Review the Government's current personal stimulus packages and consider if any can be applied to your circumstances, family, or staff.
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