Staying strong when things go wrong

Kerry Schmidt • March 4, 2020

Recent local floods, bush fires across the country and the impact of the corona virus worldwide, have drawn attention to the need for small businesses to make sure they are prepared for the unexpected. Here are six steps we suggest you consider to build your business’ resilience and protect you when things go wrong.

Do a SWOT (and pay attention to the Threats):
A SWOT is a timeless tool that businesses use to consider the Strengths and Weaknesses (internal factors) and Opportunity and Threats (External factors) that can help sustain their business and help it grow. Get together with key stakeholders in your business and brainstorm your SWOT – be bold and realistic.

Do “What If” Financials:
When you do you annual budget (which everyone should be starting to work on now to get ready for 1 June), do some “what if” budgets including best case scenarios, worst place scenarios.

Diversify:
Don’t put all your eggs in one basket, just in case that basket breaks. Keep an open mind about business opportunities (go back to your SWOT). Every business transaction is essentially you solving a problem for someone. What problems are you noticing your customers or your marketplace facing? Can you be the supplier of the solution and add another string to your business bow?

Look for Grants and support:
The government regularly releases grants to support and/or stimulate business. There are also a number of industry bodies who release grants to help build business capacity. Start scanning for these opportunities.

Get the right insurance:
Engage a professional insurance broker or adviser to help you work through the kinds of insurance that will protect your business. The bushfires alone are estimated to have cost the country $4.4 billion and this figure could well rise. An Insurance Council of Australia survey shows one in 10 Australian businesses have no insurance and even those with cover are often underinsured. It’s not just your traditional general insurance (fire, flood, theft) that you should consider, but ask your adviser about things like professional indemnity, business interruption and key person insurance. Your SWOT will help you identify your vulnerable points and make sure you have them protected.

Look after yourself:
When your business hits tough times, you’re often busy dealing with the day-to-day that you forget the emotional toll it has on you. As a business owner and employer you need to make sure you are looking after your mental wellbeing too. Don’t be shy about chatting to a counsellor or your GP if you are feeling the pressure get on top of you.

Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

Your 30 June superannuation checklist

By Nikki Ashurst • June 4, 2026
Five easy ways to get more into your super fund before the end of the financial year.