Every small business owner knows how challenging it is to cut down expenses without somehow compromising internal or external quality. Regardless of the nature of your business, the first step to reducing your overhead costs is to take the time to go through every single expense you have. Next, assess which ones are necessary for your business to operate smoothly, what can be trimmed down, and what can be eliminated… Read more
State-by-State Guide to COVID-19 Restrictions Ahead of Holidays As Australia plans to reopen in time for Christmas and the New Year, authorities are reminding people to follow the COVID-19 restrictions that remain in place. Over the months, states and territories have continuously changed travel and social restrictions to curb the spread of the virus. You may check this guide for a state-by-state breakdown of which restrictions remain in place in… Read more
As you know, the COVID-19 pandemic is not just a public health issue, it’s also caused lockdowns and financial worries on a global scale. Small businesses are not strangers to the impacts of the pandemic. In a survey by the International Trade Centre (ITC) among 1,200 businesses in 109 countries between 20 April and 4 May, the pandemic has strongly affected 60% of the businesses. The results of the survey… Read more
Australia Bounces Out of Recession As Economy Grows 3.3% Australia’s economy grew by 3.3% in the third quarter as it rebounded from its first recession in nearly 30 years. This rebound in Q3 GDP reversed around 40% of the decline during the first half of the year and it is expected to return to pre-pandemic levels by mid-2021. Australia Stocks Extend Rally to 6th Day The Australian stock market finished… Read more
In these difficult times, you may find your business slowing down and sales harder to come by. Given this trend, establishing and maintaining connections with existing and potential customers have become more important than ever. So here are some simple tips to help you step up your marketing game: 1. Strengthen your social media presence. With the extended lockdowns and social distancing rules in place, it is the perfect time… Read more
South Australia Now Open to Victoria Since 12.01am on Tuesday, the border with Victoria has been reopened, allowing travel between the two states. Victorians entering South Australia are still required to fill in an online permit form, to get pre-approval. Masks are also mandatory for people in allied health and residential care, and the state is rolling out its QR code mandatory check-in system for businesses and venues. Meanwhile, Premier… Read more
Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite easily and can have costly consequences to your business. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent… Read more
Australia Opens Up More Borders in Domestic Travel Australia will lift more internal state border restrictions in a boost for tourism as new COVID-19 cases slow to a trickle, while the first vaccines could be available in March. Queensland will allow visitors next week from New South Wales and Victoria, after closing its borders in August. Meanwhile, NSW will ease restrictions on arrivals from Sydney on December 1 and will… Read more
When you’re an entrepreneur, your to-do list is often long and constantly growing longer. There are an overwhelming number of things you need to do, and it can feel like they’re all urgent. In such cases, it’s easy to push important tasks to the side and focus on less-vital activities, but that often means you miss deadlines, make mistakes or always feel as though you’re trying to catch up. Here… Read more
6-Day Lockdown Ordered in South Australia The state of South Australia will begin a 6-day lockdown at midnight on Wednesday, with schools, universities, bars and cafes closed. Only one person from each household will be allowed to leave home each day, and only for specific reasons. Under this latest lockdown, wearing masks is mandatory, outdoor exercise is banned, aged-care facilities will go into lockdown, and most factories will close. Weddings… Read more
Now is the perfect time to evaluate your financial position and come up with innovative ways to add revenue streams and generate cash. Here are five ways you might consider to improve your cash inflow: 1. Evaluate your current company assets. Take a look at your assets, both fixed and human. Could you make slight pivots to create a new form of income? For instance, if you run a coffee… Read more
No locally acquired cases for the first time since Feb! Great news this week for Victoria who recorded 12 days with no new COVID-19 cases, and the rest of the country as Australia recorded its third day without a locally acquired case nationally for the first time since late February. COVID-19 Vaccine Breakthrough Results from Pfizer’s COVID-19 vaccine trials are exciting, immunology and infectious diseases experts say, as early data… Read more
The Australian Government has extended and expanded the Supporting Apprentices and Trainees wage subsidy, to include medium-sized businesses who had an eligible apprentice in place on 1 July 2020. This may be of particular interest to employers who are not eligible for the JobKeeper extension. What is the Supporting Apprentices and Trainees wage subsidy? The Supporting Apprentices and Trainees wage subsidy is part of the Australian Government’s COVID-19 Economic Response.… Read more
The end is hopefully in sight. Things are slowly getting back to normal. Victoria Reports No COVID-19 Cases For Fifth Straight Day Victoria, Australia’s coronavirus hotspot, reported zero COVID-19 cases for the fifth straight day as states started easing regional border restrictions. This increases the prospects for a faster return to normal. Last week, Victoria allowed restaurants and cafes in Melbourne to reopen after over 3 months under stringent lockdown,… Read more
With social media, you can connect with business associates quickly and creatively. But this communication mode is not without risk. A thoughtless post can offend customers and other business partners and damage relationships rather than build them. By following a few ground rules you can be confident your comments and posts will be appropriate ones. Check Your Messages for Grammar and Spelling Your co-workers and business partners evaluate your… Read more
This week’s update on the economy, the latest government announcements and any changes to government stimulus on the table. Australia Starts Fourth Quarter on Stronger Economic Footing Flash Australia PMI signals faster output growth in October as COVID-19 restrictions loosen. The IHS Markit Flash Australia Composite PMI, covering both manufacturing and service sectors, increased from 51.1 in September to 53.6 in October. This marked the fastest increase in private sector… Read more
When customers make a buying decision, they’re not just considering the quality and price of your products or services, they’re also evaluating the ease and convenience of the whole buying process. As a business owner, you should offer different payment options to provide the best customer experience and to ensure you receive timely payments Here are four ways your small business can accept payments in 2020: 1. Credit and debit… Read more
Weekly update for our Clients Lately, economists have been talking about a “K-shaped” recovery from the current recession. As this article in The Conversation explains, this kind of recovery happens when different parts of the economy recover at different rates. White-collar workers who can more easily work remotely may have an easier and faster path to recovery than blue-collar and service workers who must be physically present to do their… Read more
So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.… Read more
Weekly update for our clients Proposed Superannuation Reform Measures The Government has announced that it will spend $159.6 million over the next four years to implement a number of reforms to the superannuation system that will save fund members $18 billion in fees and other costs between now and 2030. The key elements of these reforms include: From 1 July 2021, when a person changes jobs, their super account will… Read more