If you’re in survival mode right now, you’re not alone. Thousands of Australian businesses are being tested by the fallout from COVID-19. But no business director can afford to neglect planning – our future economic recovery depends on it; and a simple first step in that direction is a business health check.
Leadership teams have a lot on their plates at the moment. Many are facing budget pressures, trying to shore up cash and liquidity while keeping customers, staff and suppliers happy. Meanwhile, there’s the stress of adapting to employees working from home, keeping remote teams productive and engaged, and widespread technological disruption in our workplaces. On top of that we’re coping with health concerns, disruptions to household routines, and the uncertainty of future travel plans.
If you’re one of the many business directors feeling overwhelmed at the moment, rest assured – there are people who can help you see a way forward. Unlike some firms that approach business difficulties with an ‘insolvency-first’ approach, Mackay Goodwin is an advisory firm that focuses on keeping your business viable and able to trade into the future. Ultimately, we play the role of recovery partner, or if you like – a wellness coach for your business, helping you put together a holistic game plan for a healthier business future.
The benefits of a health check
In 2021 especially, we believe doing a health check is vitally important for businesses to gain some valuable perspective. With the right questions, this kind of comprehensive diagnosis can identify strengths, weaknesses and opportunities in your current operations. It can give a better understanding of trends affecting your business now and into the future, and a clearer picture of wider industry risks.
It will show where you sit financially and how viable your business is, including any cash flow issues, credit issues, or factors – COVID related or otherwise, affecting profit margins. It can also help you become more customer-centric, give you inspiration to revise sales and marketing plans, and help transform your organisational structure and culture.
A business health check is a powerful opportunity for your business to diagnose areas for improvement and maintenance, and should give actionable, measurable suggestions to improve your diagnosis in the future.
An action plan for healthy growth
After you’ve submitted all your health-check answers, an independent business adviser will prepare an action plan for healthy growth in the short, medium and long term. Ultimately it’s always up to you to accept or reject parts of the diagnosis that aren’t helpful – your business is your baby and no one knows it better than you.
Once you complete a Mackay Goodwin health check, one of our expert advisors will consult with you to decide what actions are needed to produce the positive changes your business plan indicates, the resources required and the timeline for change. This gives you the clarity and confidence to act without hesitation, and some clear goal posts to work towards.
We can then give a clear picture of your eligibility for government financial support, and advise on other government initiatives, such as Safe Harbour reforms.
Mackay Goodwin’s free Business Health Check
Free, fast and easy to use
With the pandemic having such an effect on business, Mackay Goodwin is offering free business health checks for Australian companies of all sizes, to help them get back on track post COVID-19 shutdowns. If you’re a smaller business in particular, without the finances to hire a business advisor, this free health check and our one-hour free consultation to discuss your health check is exactly what you need to get back on track for 2021 and beyond.
Using the Mackay Goodwin Business Health Check is easy. You’ll complete an online questionnaire, which examines all aspects of your business, from finance and risk to operations systems, team, sales and marketing. The questionnaire takes 20 minutes on average to complete.
As part of this service, you’ll create an online account where you can see your top-line financial and business results in an initial report on your dashboard, and log in any time to view and review.
A report card with a difference
Just 24 hours after completing the online questionnaire, a detailed PDF report will appear in your online account, with findings displayed in a set of easy-to-read tables. The Mackay Goodwin Business Health Check uses a unique set of weighted formulas to calculate an overall percentage health score to show how each factor is tracking, as well as six individual departmental health scores, with an explanation that analyses the causes for each.
“The health score will highlight areas that could use additional focus for companies to improve their profitability and their ability to weather crises, as we have experienced in the pandemic,“ says Mackay Goodwin CEO Domenic Calabretta. “It is particularly valuable for businesses across Australia who have re-opened after being locked down in 2020,” he says.
Real people, real expertise
Once you’ve had a chance to review your report, a member of the Mackay Goodwin team will contact you to organise a free, consultation to help you make sense of the report and your game plan. Our Mackay Goodwin team of experts who take on this role have over 20 years’ experience in insolvency and business advisory and are registered liquidators, administrators or receivers.
“Now, more than ever, businesses must get back on their feet and recover from the impacts of COVID-19, especially in those states where the economic impacts have been most keenly felt,” Calabretta says. “Even if a company is not on the verge of insolvency, every bespoke report will provide some useful insight and advice for business improvement.”
Click on the relevant link below to complete your free business health check today:
The earlier you address the effects of the pandemic on your business, the more proactively you can reduce the damage to its health and the faster you can recover. Call Mackay Goodwin on 1300 062 950 or visit www.mackaygoodwin.com.au
Any Business Health Check undertaken by Mackay Goodwin Pty Ltd ACN 160 033 321 and/or any of its associated entities and/or contractors (herein referred to as “Mackay Goodwin”) is based solely on the information you provide us and will be of a general and preliminary nature only. Mackay Goodwin does not guarantee that the Business Health Check report will cover all issues affecting your business. Mackay Goodwin accepts no liability for the consequences of any actions taken by you or a third party on the basis of recommendations, conclusions or information provided by us and you agree to indemnify and hold us harmless from and against all and any liability in relation thereto.