8 TIPS TO KEEP YOUR HEAD ABOVE WATER AS COVID-19 CONTINUES

During times of rapid change, we often focus on the negatives and make short-term coping plans rather than looking into the future. Here are 8 quick tips to help all of you contractors, to look forward and keep your head above water during pandemic turbulence.

Tips for contractors

  1. Deliberately focus your energy on the positives rather than allowing your negative emotions to take control. Construct plans for different futures, visualise the possibilities, and document the actions you can and will need to take to get there.
  2. Draw on your network of friends and colleagues for practical support, expertise and advice as well as moral support. Don’t shy away from professional support if you need it.
  3. View change as an opportunity for you to learn about yourself and adapt, rather than one to beat you down. How can you apply the skills and experiences you have to emerging needs in your role or industry?
  4. Take time to learn new skills. With plenty of free webinars and courses being provided by industry suppliers, training schools and Associations, this is the perfect way to fill any down time, stay positive, keep your mind busy and grow your expertise.
  5. Be prepared for any supply issues. Consider all aspects of your role and how COVID-19 may impact your ability to deliver on the services you are contracted to provide. Make provisions and alert the Ayers Group or your end user client to any likely delay or failure to deliver so that alternative plans can be put in place and your contractual obligations can be met.
  6. Keep on top of your invoicing. If you are paid through your own Pty Ltd Australian company, it is critical to keep on top of your invoicing to give yourself the best chance of maintaining cashflow. As the pandemic affects all aspects of the economy, there is increased chance of slow payments.
  7. Don’t let your obligations slide. Again, for those that are Pty Ltd contractors, if you have any concerns about meeting your own financial obligations etc, make arrangements quickly before things get out of hand. The Australian Taxation Office has provided options to vary PAYG instalments, enter low interest repayments plans etc. Your suppliers may be prepared to provide you with more flexible terms and your bank may be prepared to offer you finance.  (Col, we will insert a hyper link to story #142 here)
  8. Allow yourself to celebrate small successes as you survive the COVID-pandemic.

Need help?

At the Ayers Group, our experts are on hand to help you manage your contract administration, as well as your financial, tax and legal obligations. By accessing our services and tapping into our network of professional experts, we can free you up to focus on innovation and wealth development.

Be sure to contact an expert at the Ayers Group today.