As the world is heading into lockdown, many of you might be concerned about the financial implications for you and your family, your practice.
So how should you react to this unprecedented event?
Do not panic
Do not give in to your fears, because that is when we make irrational decisions. Financial decisions should always be made from logic, not emotions.
Do not start selling investment assets in this type of volatile environment, unless you really have to, and if that is the case, seek professional advice first.
From a financial point of view, start to prepare yourself for a reduction in income. Postpone or reduce unnecessary expenses where possible, preserve your cash flow, seek legal advice on how to manage your staff and the options available to you.
Speak to your accountant, your financial planner, your peers to have objective discussions around your options. In times like this, it is important to work together.
If you have any concerns whatsoever about your practice or your finances, myself and my business partner Mitchell Walmsley are happy to take your call and listen to your concerns.
Please call our office on 08 9381 2704 if you wanted to have a private conversation.