Newsletter
August 2020 Newsletter
Small Business Tips: Navigating COVID19
Running a small business can be difficult at the best of times. It takes organisation, management and delegation to achieve the best practice for you, your clients and your employees.
If 2020 has provided you with extra hurdles in terms of workflow, cashflow, and your general business operations, there are some ways you can see out 2020 with positive practices to help you navigate these uncertain times.
Tip 1: Establish your Financial Position
There has never been a more crucial time to be transparent with your finances. Understanding your financial position will allow you to accurately assess the impact that COVID-19 has had on your business. This will allow you to gauge how long you can continue to run your business with your current number of staff and outgoing expenses. It will also allow you to better understand what level of government assistance you are eligible for to help you avoid downsizing and cut-backs. Which leads us to our next point.
Tip 2: Apply for Government Assistance
The Job Keeper scheme has supported many Australian businesses in retaining their employees. The good news for business owners is that this scheme has now been extended to March 2021. As some businesses are only feeling the financial impact of COVID-19 now, many now find themselves eligible for the Job Keeper scheme. If you feel you may be newly eligible for this payment, understanding your financial position is paramount.
To learn more about the Job Seeker scheme, click here: https://www.ato.gov.au/general/JobKeeper-Payment/?=Redirected_URL
For information on the support available to Sole Traders specifically, click here: https://treasury.gov.au/coronavirus/businesses/sole-traders
Government Grants are also in place to assist small businesses in engaging online services to get their business up and running online and for in-house training purposes. The NSW small business recovery grant can be viewed here: https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-recovery-grant
Tip 3: Maintain Normality for Staff
Maintaining normality for staff is important for morale. As a leader in your business, it is your role to ensure staff feel supported throughout the many changes your business may experience. If workflow has slowed for some staff, now is a time to perfect your processes, upskill, and focus on education. Staying focused, productive and feeling valued as an employee is paramount.
Tip 4: Take Care of your Clients
As your clients feel the pressure of COVID-19 themselves, the extra support you provide to them will not go unnoticed. One of the true phrases to arise from this unprecedented time, is that “we are all in this together”. As long as we support each other with kindness and understanding we can continue to be proud of the services we provide.
If you require small business accounting assistance to help navigate 2020/21 please contact us today. We are here to help you.