We had originally intended to share steps in starting to considering your back-up power needs from a budget perspective as you plan for the next Financial Year, however, as companies nationally are facing the impacts of Covid-19 right now, we felt it might also be helpful to include the recently updated funding resources to support you too.
A few ways to start considering your site requirements for back-up power:
Usage across your site – based on supporting continuity of services and care for your customers and staff, what kind of energy usage does your site have?
- Do your current back-up systems have sufficient capacity to support your
- Do you need support with your site assessment to determine what capacity
generator your site requires?
Why is this important?
For example, in the Aged Care sector, in this post-Royal Commission into Aged Care environment, more and more facilities are choosing to ensure continuity of service and care, by investing in back-up generator systems. In the pursuit of developing a more resilient facility, and as you consider ways in which to minimise your risk, we encourage all our Aged Care facility clients to consider their current back-up systems to manage:
- Medications requiring refrigeration
- Life support equipment requiring continuity of power
- Computer systems (with client data)
- Entry and access points with digital control mechanisms
- General communication systems
- Other essential infrastructure
- And most importantly, your client and staff comfort
Although not all of our clients can relate to the service requirements in Aged Care, we find that majority of companies understand the need for continuity of service, and to be able to rely on remote access and data.
Capital asset investment planning – no doubt as we lead into April, that you are considering your budgets for the coming financial year, and considering whether there are any Capital Spending projects you may need to consider. The current climate is changing how we prioritise projects, and many are seeking ways to ensure there are reliable back-up options across their services. From medical and allied health facilities, to data storage and defence, there is an appreciation of both the planning for, and the implementation of back-up power options. Whether there are industry regulations around it, or a general approach to best-practice, we encourage you to explore your site needs prior to setting budgets for the coming financial year.
As you are likely now revisiting your 6-month Cashflow and other financial Forecasts, as well as your business plans, keep in mind your service needs as you do this, and whether your current back-up power solutions are sufficient. For companies interested in exploring back-up power during this time, the Australian Government has recently expanded their financial support, and are expected to vote these initiatives in, this week.
Additional financial support for companies looking to fortify their back-up power:
- Instant Asset Write-off – increase to $150,000, for companies with turnover less than $500million. Small, medium and large companies can now tap into this write-off – more details can be found at https://business.gov.au/risk- management/emergency-management/coronavirus-information-and-support- for-business/instant-asset write-off
- Backing Business Investment (BBI) – this resource supports companies with turnover under $500million to accelerate their depreciation deductions to allow you to deduct 50% of the cost of an eligible asset on installation. Follow the link for more details: https://business.gov.au/risk-management/emergency- management/coronavirus-information-and-support-for-business/backing- business-investment-bbi
What is evident, is that a ‘new normal’ is emerging in how we work. We want to
encourage everyone to find the positives as they look forward with their Business
Continuity Planning, and we hope that this practical piece helps you on that journey.