What a great time to be a small business owner!!
Right now it might feel like the world is going to hell in a hand basket and you might feel pretty powerless as things just happen around you or things are forced upon you. Don’t panic.
There are many things that are beyond your control, but this is also an opportunity to take stock of where you are at and where you want to go.
Perhaps you’ve been working really long hours and you are burnt out. Take the rest that is being forced upon you.
A quieter workload might give you the opportunity to work on your business, rather than in your business.
Do your systems need an overhaul?
Trying to implement new software?
Moving off a server to the cloud?
Need a massive office clean up and shred session?
If funds are running out and you have to make tough decisions about staffing – what roles will you need, and which ones no longer serve your business. Take the opportunity to take a critical look at your staffing needs. Fairwork rules still apply – please treat your staff fairly & kindly.
In a small business your team are probably pretty close to the action, keep them informed as best you can.
Can you ask staff to take leave to reduce large balance liabilities while the workload is low? Check the fairwork website for rules around this.
Your team might love the opportunity to test working from home. It might suit everyone to have a bit of a mix when the office reopens. There probably aren’t too many people missing the daily commute!
State and Federal governments are supporting small business like never before – what is available to you?
Most businesses with staff will automatically qualify for Cashflow Boost 1 & 2 – a refund of PAYGW (tax withheld from staff wages) with a minimum of $10,000 and maximum of $50,000 for each round.
JobKeeper might also be an option, but only if your small business has or will experience a downturn of 30% or more.
State governments have grants available for small businesses severely impacted by coronavirus. NSW government website says: If your small business or non-profit organisation has experienced a significant decline in revenue as a result of COVID-19, you may be eligible for a small business support grant of up to $10,000.
Some of the rules are difficult to understand – reach out to your accountant or bookkeeper for support. You’ll be better of to spend a few $ on expert advice and make a genuine claim, than DIY, make a mistake and be in a whole world of hurt. Or not claim at all as it seems too hard.
Never waste a crisis! This could be an amazing opportunity to reshape your small business for the future.
What would you like to do to improve your small business this month?
