Business Health Check

Business Health Check

Let's talk business, marketing and cashflow. Are you full-guns blazing? Do you want to check your business is reaching its full potential? Did your business take a dramatic turn last year in an effort to adapt to the changing times? Has the current economic climate hit you with crisis and cashflow management needing to take the spotlight? We’ll help you keep your business healthy and riding strong. If you don’t have a business but you know someone who does, please feel free to forward this article along.

It is important we all support our local businesses as often as we can, keep the stimulation turnover strong while taking care of your bottom line.

Whether tax planning or cashflow management is your point of convo, let’s talk about that, plan and put measures in place.

QUICK BUSINESS HEALTH POP-QUIZ! Get the wheels in your mind turning…

• Business Survival Health Check - grab a coffee and get thinking!

• Grants and Lending Assistance

• Services we’re offering you to keep your business going and growing - ask us!

  • Tax Planning Packages

  • Cashflow Analysis, Management and/or Business Strategising

  • Ad-Hoc Time - we’re here for you, use us as you wish!

  • We’re also happy to email you our templates for free:

    • ‘Cashflow Projection’ spreadsheets;

    • ‘Business Plan’ templates; or

    • Templates for use with your staff, including employment letters, meeting agendas, working from home docs, etc

• Be innovative, creative, acknowledge the struggles and find the opportunity.

BUSINESS SURVIVAL HEALTH CHECK

Business business business. You will be tested as a business owner, whether it is to keep the doors open or expand and grow. There’s never a dull moment and that’s all part of the fun. Needing help or wanting to improve efficiency? Stop on the below topics:

• Change and growth in sales

• Cutting costs and overheads

• Downsizing or structuring ownership of motor vehicles, leases, devices, assets, etc

• Cashflow

  • Turnover reduction

  • Forecasting

  • Included the employer stimulus boost. Fact sheet for more info or our article.

• Assets/Inventory

  • Asset protection to ensure you don’t lose your shirt and are proactive.

  • Culling/selling down or stocking up!

  • Upgrading assets to take advantage of unlimited Instant Asset Writeoff (Temporary Full Expensing) investment incentives. Fact sheet here for more info or our article.

  • Click here for info about the equipment grant.

• Employees

  • Feeling the JobKeeper hangover?

  • Are your staff happy and working well? Struggling to find staff or are you potentially over-staffed?

  • Keeping staff morale high and the good vibes flowing.

  • Working From Home. Contact us if you need agreements or claim information.

  • Fairwork Guidelines for pay rates, stand downs, leave entitlements, etc. Click here for more info to understand your rights as the employer and the rights of your employees.

  • WorkCover.

    • You can delay premium payments by paying monthly.

    • If you’ve had a significant stand down of staff or reduced hours, update your policy, the ‘Estimate’ given to WorkCover at the end of last financial year which calculated your premium which may trigger a refund.

    • If you’ve unfortunately stopped trading, you can cancel your policy altogether and receive back the due refund.

~ COFFEE BREAK ~

• Grants that may be available to you… here’s the ones we know about so far:

  • Business Basics Grant $5,000 CLOSED: click here for more info.

  • Business Growth Fund up to $50,000 CLOSED: click here for more info.

  • Business Boost Grant $15,000 OPEN: click here for more info.

  • Home Builder (and Renovator) Grant $15,000 CLOSED: click here for more info.

  • Qld’s Govn Small Business Grants Schedule

  • Vic Govn Business Support Packages

  • Check out Qld Rural and Industry Development Authority for more!

• Finance

  • Lending Assistance: click here to find out more and contact your bank for SME guarantees.

  • Please seek our advice prior to taking these out.

• Marketing. Your business has gotta move and shake with the times so now is when to get creative and think outside the box. Restrictions are a killer and opportunities are seen with the mind.

• Insurance

  • Make sure your policy is up to date or reduced if need be, including WorkCover.

  • Business insurance policies will contain an exclusion for quarantinable diseases, such is the COVID-19 which rules out claiming for business disruption.

  • Always good to keep the communication open with your insurance broker to ensure you have the correct policy and to stay in the know if there are claims you may be entitled to, e.g. if you’ve experienced theft or damage, etc.

  • Personal and income insurances. Do you have an income protection policy? Do you need to revisit any accident/trauma policies?

• Is your Will and Power of Attorney up to date. Never a fun subject but any reason for the reminder on this subject to ensure your legal areas are up to date, especially in these uncertain times is a great peace of mind.

• Work positive, opportunistic and practical.

Feel free to discuss some or all of these topics with us in depth and engage our help. We are available to you via phone, email, office meets or Skype and will continue to keep you updated on our socials.

Read our article “Where are we now” for our summary digest and tax tips.