Tips to tackle economic downturn

In times of unexpected events and economic challenges, small businesses can face vulnerability.

We have compiled the following tips to help Monash small businesses deal with potential impacts.

Mental health strategies
Financial strategies
Local connections
Free wellbeing and business support

Mental health strategies

  • Regularly check in with your staff to understand how they're coping with challenges and keep them informed about business developments to alleviate concerns about job security.
  • Encourage positive interactions with customers, even during reduced foot traffic. Personalised service and gratitude go a long way.
  • Monitor your own mental health and celebrate small victories to break the cycle of anxiety.
  • 24/7 mental health support is available at:

Financial strategies

  • Collaborate with your accountant or financial advisor to manage cash flow, expenses and recovery planning.
  • Discuss payment plans with landlords and banks.
  • Seek hardship assistance and payment plans from utility providers.
  • Consult with your accountant regarding tax implications resulting from trade losses and consider deferring payments through the Australian Tax Office.
  • Investigate State and Federal Government assistance programs via the Monash Grants Finder.
  • Access free training resources available via Business Victoria and the Australian Tax Office.

Local connections

  • Express gratitude to customers and suppliers for their support during tough times.
  • Engage with other businesses and local community groups to aid recovery efforts.
  • Access Monash Council's mentoring and training opportunities.
  • If applicable, connect with your trader group and join in on local activations.
  • Join a business network or alliance and connect with other like-minded businesses for support and business development opportunities.
  • Whenever possible, source local goods and services to help bolster the Monash economy.

Free wellbeing and business support

Business Victoria

Access support services and resources to assist sole traders, small businesses, and their employees deal with mental health and financial stress.

For more information: Business Victoria

Partners in Wellbeing

Confidential one-on-one access to experienced wellbeing coaches, financial counsellors, and business advisors.

For more information: Partners in Wellbeing

Small Business Debt Helpline

Assistance with debt management, payment arrangements, dispute resolution, bankruptcy information and emotional support.

For more information: Small Business Debt Helpline

NewAccess for Small Business Owners

Beyond Blue provides this guided self-help mental health program, run by specially trained coaches with small business backgrounds, to help small business owners manage stress and overwhelming situations.

For more information: NewAccess for Small Business Owners

Victorian Small Business Commission

Low-cost dispute resolution services for tenants, landlords and franchisees.

For more information: Victorian Small Business Commission

Related Information

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