Pile of iron chains dumped after business closure
Business guide to Coronavirus

Closing your business

Here you will find information to help you make informed choices when faced with the tough decision of needing to close your business – whether it be temporarily or permanently.

It can be a difficult decision to close your business or put it into hibernation, but during these uncertain times, it may be your only option. Whatever your reasons, and if it is only temporary or permanent, there are several factors you must consider first. 

You should think about the impact to your employees, your premises, what financial options are available, whether you can move your business online, and how best to continue working with your team. Below we outline information to help you manage these considerations. 

Taking the next step

Decide your approach 

Your employees are likely your number one concern right now, but it is necessary to consider what options are available to you regarding their employment. Ensure you are aware of your obligations when asking an employee to stand down, take leave or offering them a redundancy. 

Prepare your documents

Once you have made the decision on how to manage your employees, ensure you have the correct documentation prepared before notifying your workers. Keep in mind your requirements might change depending on whether you close your business temporarily, permanently or go into hibernation.

Temporary impacts: our free Employer Toolkit provides a leave policy, letter to employee advising stand down, mental health policy, working from home checklist, working from home policy and an ergonomics checklist. 

Permanent impacts: our free Impacted Employee Kit will help you prepare your employees for unexpected change. The kit provides a letter to employee advising stand down, leave without pay policy, redundancy checklist, letter to employee – termination due to redundancy, reference letter for employee. 

Notify your team

Be sure to notify your team of the businesses closure as soon as you can, clearly articulating what the impacts are to their employment. You may need to provide assistance to help employees manage anxiety and stress in response to the news.

Manage your premises

Many small businesses are facing a time when they may not be able to make their rental payments. This is particularly true if you are forced to close your business. To help guide you through this difficult time, we have created two free downloadable letters to your landlord, including how best to request a temporary rent reduction.

We have also created free, easy to edit signage to display in your shop-front to keep customers informed of how best to keep in touch with you. 

Look at what financial options are available 

State and Federal Governments have created several funding options to help your business through this critical time. Investigate the options and find a solution best suited to your situation.

Look into alternatives

Just because you’ve closed your physical business, doesn’t mean you can’t continue to operate online. Explore our resources on how to launch an online store quickly and affordably, and how to continue generating leads in an unstable environment.

Start collaborating

If your business is able to move to a working from home model, rather than closing entirely, check out our free Working From Home Kit to get you and your employees started. The kit includes a working from home policy, working from home checklist, ergonomics checklist, expense claim policy and an expense claim form. 

Be sure to remind employees of what they can claim back on expenses, and come tax time. 

How much is your business worth?

We've partnered with Business Valuations Online, a CPA Public Practice, to provide members with affordable business valuations and health checks.