Let's not argue ladies and gents.
Whatever your personal beliefs are about where the weight of blame needs to lie or how much meat you should eat each week are now irrelevant.
Although my business revenue has gone to exactly $0, I've just finished 4 full days of contacting all my clients to see how they are doing and to assist them in arranging payment plans with banks if required. All in all, I've spoken to about 200 business owners in varying industries.
For the record, I mainly work with SME's. Here's the wrap.
1. All reporting turnover has decreased anywhere from 50% (in the construction industry for instance) up to 100% (I.e. hospitality, restaurants, cafes etc.). Typically, restaurants/cafes have said it costs less to close than to stay open for 1 customer. Makes sense.
2. Those that employ staff have cut casual hours as a minimum by half. Others have cut casual hours to zero. All have said this is the first wave of cuts just to keep the doors open.
3. Full-timers are next on the chopping block - only a matter of time.
4. Most have only 2-4 months reserves at best. Many are living month to month.
5. Enquiry for all businesses has dropped sharply. Minimum is 70% up to 100%.
6. Common view is that, even if this was to stop tomorrow, the damage already done is going to hurt them for the next 6-12 months until they can catch up again.
7. Some are holding stock they can't sell which has been bought at fair market value. As liquidations occur, there will be a glut of equipment and machinery on the market at drastically reduced prices. These people are fully invested in their current inventory, so are either forced into a fire sale to keep trading or into liquidation because they operate by financing their purchases.
There's much more, but to put it into perspective, these people have gone from relative prosperity to virtual poverty overnight.
Guys, here's an idea...instead of braving the crowds at Coles or Woolies, contact your local restaurant and ask them if they'll sell you some meat in bulk. They have a direct supply chain to farms and wholesalers and can help you skip the queues.
If you're still in an office, get your colleagues to pitch in and send them a catering order - catering allows them to know exactly what they need to buy to fulfil your order and there's no over-purchasing for the restaurant/cafe.
There's just 2 ideas for restaurants and cafes. Other industries are burning as well. There's some smart people on this forum, so I'm sure you can come up with ways to help your local businesses in such a difficult period. Coles and Woolies have made enough during this time.
And please...to anyone who wants to nit pick my post, save it for another time. On a personal level, this has devastated me financially and I'm only writing this post to give the forum a picture of what's happening out there and maybe it will spurn some people with the capacity to help out a mate/family member/colleague etc. and soften the blow for those people.
Some good ideas there mate. I'm sorry to hear your business has been decimated by this, and I hope you're able to make a prosperous recovery.
We're eating at our favourite cafe once a week for lunch on a weekend and making sure we spend a decent amount of money. Was heartening to see last weekend that despite the bushfires ravaging the mountains and then the subsequent drop in tourism and now the COVID drama that the cafe was absolutely bustling.
Thank you for the kind words my friend. So glad to hear your community is supporting each other.
We've had differences of opinion in the past, but we've always been extremely amicable about it and if never wish misfortune on someone purely for that, especially not a Wests fan.
It comes from an honest place when I wish you the best. Hoping the next couple of weeks see a bit of clarity and allow everyone stop living in the moment.
