Author: Bizink

  • 3 Ways to Delight Your Online Customers

    3 Ways to Delight Your Online Customers

    Businesses are increasingly moving online to expand their reach and provide the best possible experience to their customers. Being online, however, means more competition, so business owners must come up with ways to amp up their game to gain a bigger market share.

    If you own an eCommerce business or are looking to start one, read on to learn about ways to delight your online customers.

    Put the buyer’s journey at the forefront

    The buyer’s journey refers to the path that your customers take when they make a purchase from your website. Your responsibility is to focus on the buyer’s journey and give them a clear path to navigate.

    The homepage is the face of your online store, so be sure you make a positive first impression. Just by looking at the homepage, it should already be clear to your customers what products or services you’re offering. This is also your first opportunity to show why your business stands out.

    You can group your products into collections such as, “Bestsellers” and “New Releases”, or have seasonal offerings such as “Holiday Deals”. Have a robust search function that enables customers to easily find specific products. Aside from making your online store easy to navigate, you should also ensure mobile-friendliness to meet the needs of shoppers that increasingly want to make purchases quickly from their smartphones.

    Make sure to set clear expectations such as using a “Start Now” button if there are a few steps to take, or a “Buy Now” button that implies immediacy.

    Team Of Programmers Talking About Algorithm Running On Laptop Screen Pointing At Source Code

    Make the process easy and straightforward

    Customers love a straightforward buying experience. A simple process makes it easier for them to keep saying “yes” to the purchase and gives them fewer reasons to abandon their cart.

    To make more sales, it’s imperative to make it easy for your customers to navigate your site and reach their goals. Ensure that the shopping process is as streamlined and smooth as possible. Make sure all links work on your site, and all product or service descriptions are accurate and up-to-date. If possible, have a one-click buy option available so people in a hurry can make a purchase quickly and easily.

    If you sell products that encourage repeat purchases, have an option for your customers to easily buy the same product again, either through a subscription or a “buy again” button.

    Integrate the right apps into your business

    As technology continuously evolves, more and more apps are being developed to automate and streamline processes. In order to scale and grow your online business effectively, it is important to have the right tech in place.

    Xero is leading cloud-based accounting software that can help ease your accounting burden and save time working on your books. Aside from making your data secure and easily accessible from the cloud, what’s great about Xero is that you can integrate a range of other apps that support retail businesses with things like inventory, payments, shipping, and many more–making this cloud accounting system even more powerful.

    Final Thoughts

    The future looks bright for small businesses, as customer preferences change and people turn their focus to local or independent businesses.

    To establish a successful eCommerce business, you also need to ensure your numbers are on track. So let our team of accountants take over the finance side of your business while you focus on doing what you do best–growing your business.

  • Federal Budget 2022: What it means for you

    Treasurer Josh Frydenberg has released the 2022 Federal Budget ahead of a Federal election in a few months. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions.

    A Quick Overview

    • Due to soaring fuel prices, the fuel excise tax will be cut in half, saving motorists 22 cents per litre.
    • Low-and middle-income earners will receive an extra $420 back on their tax returns to help with the increased cost of living.
    • The low and middle tax offset means qualifying individuals may get up to $1500 back at tax time. This is “temporary and targeted” assistance for certain individuals.
    • Pensioners, carers, veterans, job seekers and other concession card holders will receive a one-off payment of $250.
    • Wages are not forecast to grow until later this year due to higher-than-expected inflation which will continue to put pressure on the cost of living.
    • Big changes to the government’s Paid Parental Leave program including “Dad and Partner Pay” now combined with “Parental Leave Pay”, extended to 20 weeks and able to be shared between partners.
    • Regional Australia will benefit from investments in infrastructure projects including port and road upgrades, dams and logistics hubs and the “Regional Accelerator Program” to improve supply chains.
    • The first home buyers scheme expands so people only need to have a 5% deposit to buy a house with no lenders mortgage insurance (LMI).
    • 50% reduction to minimum drawdown rate for pension accounts extended to 30 June 2023.
    • Half a billion dollars allocated for the National Mental Health and Suicide Prevention Plan.
    • New apprentice incentive scheme to replace the one ending 30 June.
    • Tax break for farmers who make money by selling carbon credits.
    • $1 billion for the Great Barrier Reef, $53 million for koala conservation as well as funding for National Parks and planting trees for the Queen’s platinum jubilee.
    • Subsidies for vocational education and training places for aged care workers.
    • Funding to boost Australia’s cybersecurity and intelligence capabilities.
    • Funding for Indigenous Rangers including encouraging women to begin work as rangers.
    • Extra places for Afghan nationals and temporary humanitarian visas for up to 3 years for Ukrainian refugees.
    • Expanded task force to target tax avoidance by multinationals, large public and trust groups and wealthy individuals.

    Fuel Tax Cuts

    In a bid to bring down the soaring price of petrol, the government is cutting the tax levied on fuel in half. The war in Ukraine has caused an increase in oil prices and with some stations charging more than $2.20 a litre for petrol. The cut will last 6 months and will save motorists 22c per litre. The ACCC will keep an eye on fuel prices to make sure this is passed on.

    Tax Offsets

    Pensioners, carers, veterans, job seekers and other eligible concession cardholders will receive a one-off payment of $250 to help with the cost of living. This is estimated to go to 6 million people.

    Low-and middle-income earners will receive $420 back on their tax returns to help with the cost of living. Plus the temporary low and middle tax offset will mean $1500 back at tax time for qualifying individuals.

    Wages

    Wages are not forecast to grow until later this year due to inflation. This means cost of living pressures will continue for the meantime.

    Paid Parental Leave

    The Paid Parental Leave (PPL) scheme will have some changes. Instead of offering two separate payments — two weeks of “Dad and Partner Pay” and 18 weeks of “Parental Leave Pay” — these will now be combined, meaning parents can choose to split the leave between them however they’d like.

    Single parents will also be able to access the full 20 weeks of leave.

    The income test will be adjusted to include a household income threshold of $350,000 a year.

    Regional Australia

    Billions have been set aside to help Regional Australia with “nation-building infrastructure projects”. The funding may go towards everything from upgrading ports and roads to building dams and logistics hubs and certain regions.

    A “Regional Accelerator Program” will bring together schemes designed to improve skills, education and supply chains in Regional Australia.

    First home buyers

    The first home buyers scheme expands so people only need to have a 5% deposit to buy a house with no lenders mortgage insurance (LMI). The number of places will increase to 35,000 but there are rules on eligibility.

    Mental Health

    Half a billion dollars has been allocated for the National Mentional Health and Suicide Prevention Plan. Those on a mental health plan will again receive an additional 10 partially-Medicare subsidised visits to a psychologist, as was first announced during the pandemic.

    Apprentices

    A new incentive scheme will be created to encourage businesses to take on apprentices and hand new apprentices some cash.

    The Boosting Apprenticeship Commencement scheme will end on June 30. The Australian Apprenticeships Incentive Scheme will replace it but will offer lower wage subsidies and only for “priority” occupations. The priority list hasn’t been announced just yet.

    Farmers

    Farmers that make money by selling carbon credits will receive a tax break.

    The Environment

    The big spend here is $1 billion for the Great Barrier Reef, particularly water quality, reef management and research. There’s also $53 million for koala conservation as well as funding for National Parks and planting trees for the Queen’s platinum jubilee.

    $60 million has been added to the government’s recycling fund in order to find new and innovative ways to make recycling more efficient. The funding is to develop “advanced plastic recycling technology” which will better recycle soft plastics like chip packets. This will contribute to the government’s target to have 70% of plastic packaging recycled or composted by 2025.

    Aged Care

    Last year’s budget included $17.7 billion for aged care. This year includes subsidies for 15,000 vocational education and training places for the aged care workforce (both existing and new to the sector).

    Cyber

    A significant part of the budget has been allocated towards boosting Australia’s cybersecurity and intelligence through data analysts, computer programmers and software engineers.

    The government has warned about potential cyber attacks from China and Russia and has urged businesses to update their systems to defend against future attacks.

    Indigenous Rangers

    The government will spend more than $636 million to create around 2,000 more ranger jobs by 2028 in regional and remote parts of the country. The funding will also encourage more Indigenous women to begin working as rangers.

    Refugees

    Australia’s humanitarian program will have extra places for 16,500 Afghan nationals and temporary humanitarian visas for up to 3 years for Ukrainian refugees.

    Tax Avoiders

    There’s also funding for an expanded task force to target tax avoidance by multinationals, large public and trust groups and wealthy individuals.

    Get in touch

    Got a question about how this budget will affect you? Get in touch with us today. We’ll keep you updated as more information is released. S & H TAx Accountants Cranbourne are here for help.

  • Main Causes of Stress for Business Owners & How to Counter Them

    Main Causes of Stress for Business Owners & How to Counter Them

    Many entrepreneurs believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health.

    Research compiled by Office Vibe reveals that over 70% of professionals regularly experience the physical and mental symptoms of stress. And stress-related illness costs businesses a whopping $200 billion a year in missed work and medical bills.

    Wondering how you can stop stress from derailing your productivity, profits, and overall wellbeing? Follow these practical tips for avoiding the main causes of “business burn-out.”

    Stressed Man Frustrated With Electronic Devices

    So many tasks, so little time!

    Busy business owners have notoriously long to-do lists. Without effective strategies for managing time and sharing the load, you’ll be forced into a reactive versus proactive position – the perfect storm for chronic stress and impaired decision-making.

    Try these approaches to free up more of your time:

    • resist the urge to micromanage and begin delegating more tasks to partners and employees
    • use a project management tool  to prioritize and assign tasks,  track progress, and share results with clients (here’s a handy list of top-ranked tools)
    • hire an accountant to help you navigate taxes and implement year-round time and money-saving financial solutions.

    Maintaining positive cash flow

    All businesses, particularly start-ups, must ensure they have enough cash to keep running after covering expenses each month. Cultivating a consistent cash flow is crucial for managing both your finances and your stress levels. Here are a few ways to stay cash-flow positive:

    • follow up promptly on unpaid bills, and consider offering an incentive for early bill payment (such as a small discount when payment is received within five days of invoicing)
    • be wary of slashing prices: if you must mark down a product or service, be sure you can recover your costs elsewhere
    • think “less is more” when purchasing inventory to avoid sinking precious cash into excess stock
    • have a trusted employee monitor your cash flow, and inform you once it dips below a certain threshold.

    Rear View Of A Confused Man Looking At Graphics On Black Wall

    Attracting new customers

    Starting to panic because you keep missing your sales goals? Auditing your current approach and implementing better growth strategies is key to alleviating that stress. Here are a few ideas to get started:

    • drill down into the behaviors and preferences of your customers, so you can better target your marketing
    • analyze each step in your sales process to see where the holes are, and tighten your approach
    • use your audience research to develop a new product or service – one that fills a unique need for your customers and gives you a leg up on the competition.

    Starting and growing a business takes tremendous energy. But by leveraging skilled help and improving key management processes, you’ll learn to pace yourself – and keep that passion burning for years to come.

  • Business Update – 9 March 2022

    Business Update – 9 March 2022

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    COVID-19 Vaccine Claims Scheme

    The government is developing a claims scheme to provide a simple, streamlined process to compensate eligible people who suffer a moderate to significant impact following an adverse reaction to an approved COVID-19 vaccine without the need for complex legal proceedings. The scheme covers the costs of injuries of $1,000 and above.

    Business Sentiment Rebounds

    Business sentiment strengthened in February, as the Omicron wave dissipated, easing supply chain disruptions and reviving demand. Business confidence jumped to 13 points from a revised 4 in January, recording gains across all industries, according to a National Australia Bank survey.

    Labour Crunch May Affect Economic Recovery

    A labour crunch across critical industries threatens to weigh on the country’s economic recovery. Australia currently faces a shortfall of about 300,000 workers.

    Central Bank Still Patient on Rates

    The central bank head warned that the war in Ukraine was a new inflationary shock to the world economy, but Australia still had time to assess the impact before likely raising interest rates later in the year.

    Investment Attraction Fund Opens

    Expressions of interest are now open for the recently launched Investment Attraction Fund designed to attract new investment to Western Australia that will create local jobs and contribute to a more diversified economy.

    Grants for Regional Sporting Events

    Sporting events across rural and regional Australia are set to benefit from the government’s Regional Sport Events Fund. The fund is now open for applications and will support community sporting events with an aim of kickstarting local economies and encouraging visitors back after the impacts of the pandemic. More than 400 eligible LGAs across Australia can apply for funding of up to $50,000.

    Business Assistance Package for WA Businesses

    The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.

    Safe Transition Industry Support Package

    The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation, and events sectors.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality, and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate themselves due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact with someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.

  • Tax tips for new business owners

    Tax tips for new business owners

    Want to avoid paying more than you should come tax time? Or a frantic last-minute search for missing financial records?

    New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return.

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    The organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support new entrepreneurs.

    Set yourself up for success by following these four pillars of the painless tax prep.

    1. Commit to clean bookkeeping from day one

    Year-round, effective bookkeeping is the best way new business owners can minimize tax season stress. With the wide range of accounting software out there, there’s no reason to rely on time-consuming manual methods that leave room for error.

    All-in-one options like Xero, KashFlow, and QuickBooks automate your most important bookkeeping processes, including:

    • Tracking expenses;
    • Tracking sales and income;
    • Creating and sending invoices and
    • Managing inventory.

    With your financial records all in one place and up-to-date, you’re better positioned to maximize your refund, while avoiding penalties associated with incorrect or incomplete tax returns.

    2. Capture every business expense

    Each year, 21% of small business owners claim less than half of their business expenses, largely because they don’t have a reliable system for documenting expenditures while on the go.

    Without carefully logged receipts, entrepreneurs must forfeit valuable tax deductions, sacrificing cash they could be funneling back into their business.

    Cash in on claimable expenses by using a mobile app to record receipt data, track mileage and generate expense reports. As an added bonus, many of these tools sync with your all-in-one accounting software.

    3. Separate business from personal

    Right from day one, small business owners should clearly divide their personal and business expenses. Differentiating between the two will make it much easier to claim deductions on your tax return – and support those claims in case of an audit.

    Recommended steps to separate your business and personal finances include:

    • Create a separate bank account for your business, and designate a credit card solely for business purposes (this will help you track expenditures while building up your credit and borrowing power);
    • Never combine business and personal expenses (for example, if you buy printer ink for your home and your business at the same time, ask for two separate receipts);
    • Pay yourself a set salary from your business checking account each month (this will help you determine how your income, as well as the business, will be taxed).

    4. Always consult with an accountant

    Not sure exactly what you can claim as a business expense? Wondering which accounting software to use or how to interpret local tax regulations?

    Consult with an accounting professional to put your mind at ease – well before the filing deadline! In addition to managing the nuts and bolts of tax preparation, regular meetings with an accountant will help you continuously improve bookkeeping practices and better understand the financial workings of your small business.

    Those organizational strategies you commit to now will promote positive relations with your local tax authorities – and the long-term financial health of your company.

     

    As we all are aware that tax season is here, this time of year can be very stressful as businesses will need to make sure they have all of their financial records accurate and organised as well as making sure they have every expense listed. S & H Tax Accountants are aware of the stress, however we are here to help. Our firm offers services to not only individuals but also businesses, our accountants are well qualified and vastly experiences. We pride ourselves in maintaining top tier level of service to our clients, our firm also provided advice to businesses in need. Book an appointment today with S & H Tax Accountants, call us at 03 8759 5532 or email us at info@sahtax.com.au

  • 6 Tips to Improve Your Delegation Skills

    6 Tips to Improve Your Delegation Skills

    When you run your own business, it’s tempting to take on every responsibility. There are many reasons for doing so: because you want something done a specific way because you don’t have the time to explain how to do it, or because you’re not sure someone else can handle the task.

    Delegating saves you valuable time and energy. Sharing duties with your team also fosters a sense of responsibility, engages them, and helps them develop their skills.

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    Here are six tips to help you improve your delegation skills.

    1. Know when to delegate

    If you’re like many people, you hold onto as many tasks as you can and only begin delegating once you feel too busy or worn out to take on another thing. It’s good to get used to delegating before you become burned out, so you can more appropriately and effectively choose which tasks should be handed off to others. You may have to begin by delegating small, low-stakes tasks, especially if delegation makes you uncomfortable.

     

    Here are questions to ask before you delegate:

    • Is it vital that you do the task yourself (be honest about this–do you really have to be the person to take this on)?
    • Is there someone else who has the relevant skills, experience or interests to take it on?
    • Is there someone else keen to do it?
    • Do you have time to give detailed information about the task?
    • Are you available to monitor progress?

    2. Match the task to the appropriate person

    Often, business owners delegate a task by finding someone who has time to do it. Just as you have your strengths, so do your team members. When you delegate, make sure to take into account the person who is most suited to it based on their skills, their level of knowledge or experience, and their interests. Unless absolutely necessary, don’t push someone into a task they have no experience or interest in.

    3. Make sure the delegated individual understands what’s being asked of them

    You may understand what needs to be done but your team may not. Spend time with those involved to ensure they’re on board as well. They need to know the goals or objectives, how the task is to be accomplished, what success looks like, and your expectations.

    4. Communicate openly

    Leave room for your team members to come back with questions or concerns. Follow up with them yourself to see how they’re progressing and what support they need. Address any challenges they have and celebrate their successes. If there are milestones or delivery deadlines, check periodically to make sure all activities are still on track.

    5. Coach employees through barriers

    Where possible, avoid taking a task back. It’s tempting to step in when they encounter an obstacle, especially when an activity is time-sensitive. Doing so prevents them from learning or growing. Instead, coach your team members through their challenges. Make sure they have the support and knowledge needed to complete their task.

    6. Encourage feedback

    When you delegate, it’s important to follow up with constructive feedback that celebrates what worked well and provides insights for improvement. Be prepared to accept feedback. Your team might have ideas about how the activity could have gone more smoothly–perhaps with more thorough instructions or by delegating to someone else.

    Delegating tasks to others is a great way to help them develop their skills and knowledge while taking responsibility off your hands. If delegation is difficult for you, it’s worthwhile to consider what’s holding you back and work to overcome your hesitations.

  • 4 Tips to Improve Your Business Negotiation Skills

    4 Tips to Improve Your Business Negotiation Skills

    Owning your business requires many skills, and among the most important might be the ability to manage negotiations. As a business owner, you could find yourself negotiating in many circumstances, such as:

    • Salary and job expectations with a potential employee
    • Financing terms with a lender
    • Payment terms with a supplier
    • Lease or property agreements
    • Equipment agreements.

    Your ability to negotiate will have an impact on your financial situation, which is why it’s a good idea to refine your skills. That way, you’ll feel confident when discussion time comes around.

    Daily Routine

    Here are four tips to improve your negotiation skills.

    1. Be prepared

    One of the best things you can do to improve your skills is to be prepared for any negotiation. By being prepared you’ll be better able to negotiate beneficial agreement terms and you’ll identify when someone is offering you a great deal that you should take advantage of.

    This means doing your research to understand the scenario you’re negotiating in. Get to know what terms businesses like yours have agreed to, what other options you have available to you and how they’d stack up against the agreement you’re considering.

    Also give thought to what you would consider a good agreement. Ask other people how they have handled similar negotiations. Finally, make sure you know what you’ll do if negotiations fall through. It’s easier to walk away from a negotiation if you know you have a back-up plan in place.

    2. Know what you’re willing to give up

    Before you go into the negotiations, it’s important to not only know what you want but what you’re willing to give up. Would you lose an investor so you keep more shares in your company? Would you give up partial control of your company for more shares? Would you pay more money for additional storage space?

    Understand what you’re willing to give up and what you won’t yield on.

    Knowing what you will–and won’t–give up on helps you stay focused and prevents you from making snap decisions that you ultimately wind up regretting. It also helps you evaluate whether the deal is a good one for you, and enables you to push to keep the things that are most important.

    3. Practice negotiating

    There are plenty of opportunities in your daily life to practice your negotiation skills in a low-stakes environment. You can practice negotiating where you want to eat for dinner, who has to do the chores, and what activities to take part in on the weekend. Use these situations to develop your listening skills and your ability to find a way to mutually beneficial terms.

    4. Keep it conversational

    Negotiations are about both sides walking away feeling positive about the deal that has been reached. You don’t want a negotiation to become adversarial. Remember that you are having a conversation to reach a point of agreement between all parties involved, and keep in mind that the negotiation isn’t personal. You and the other parties both want to get something out of the agreement, and you likely both want the other side to come away happy as well.

    Final Thoughts

    Negotiation is an important part of business life. Ideally, you want to feel confident, relaxed and prepared going into any negotiation. The best way to do so is to do your research, know what you want, practice your skills and keep things conversational.

  • Differences Between an Accountant and a Financial Planner

    Differences Between an Accountant and a Financial Planner

    When it comes to managing your finances, there are two professions that can help you understand your numbers, and ensure you have a plan to get to where you want to be. Accountants and financial planners can both play an important role in your financial success, but there are some important differences between the two.

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    For any successful business, it’s advisable to have both an accountant and a financial planner because their skills are so complementary and they can work together to help you better meet your financial goals.

    There are areas where they are similar, of course. Both can help determine if your financial plans are feasible and can provide you with important strategies for managing your money. And while they can both advise you, neither can make decisions for you.

    Here are the main differences between accountants and financial planners.

    Accountants

    Your accountant is responsible for keeping accurate financial records, making summaries, and undertaking analyses of your financial transactions. Depending on their role or specialty, they may also undertake auditing, inventory accounting, and financial forecasting.

    They’ll also help ensure your business is compliant with tax regulations and may advise you on important financial issues related to your business, such as decreasing costs, setting prices or wages, managing expenses, and budgeting. Additionally, they can help you determine the best way to set up your business, how to increase your returns after-tax, and how to grow your business.

    Further areas accountants can help you include

    • Payroll
    • Lowering your tax burden
    • Preparing business plans
    • Forensic accounting
    • Selling, buying, or merging a business.

    Financial planners

    Financial planners advise you on your wealth management. Typically, they are specialists in areas such as tax planning, managing your portfolio, or retirement planning. They may also advise you on solving your debt or building your long-term wealth.

    People who have specific financial goals in mind can turn to a financial planner to develop the best path forward to achieve those goals and improve their financial wellbeing.

    Specifically, financial planners can help you with

    • Philanthropic strategies
    • Retirement planning
    • Investing
    • Estate planning
    • Budgeting
    • Inheritance tax planning
    • Cash flow modeling
    • Portfolio construction.

    Who to hire and when

    If you run a business, it’s a good idea to have both an accountant and a financial planner on your team. Both will help set you up for success, lessen your risks and develop strategies to enable you to thrive financially. Often, accountants will know of good financial planners to bring onto your team, and vice versa.

    If you feel you can only hire one, that one will be based on your specific needs. If you’re working towards long-term wealth or other financial goals, considering investing, or concerned about setting up your estate, talk to a financial planner. If your needs have more to do with running a business, daily transactional financial activities, or dealing with your taxes, an accountant will help you.

    Develop relationships with both

    In an ideal situation, you’d have both an accountant and a financial planner on your team. Keep in mind that for them to help you to their best abilities, they need to get to know you, your plans, and your challenges. By developing a solid relationship with both and being open and transparent about your financial situation and any issues you face you can better enable both to help guide you toward success.

    Final thoughts

    Whether you’re planning for your business or for your personal finances, it’s a good idea to have someone around who can give you expert advice and advise you on the best financial path forward.

     

    Need an Accountant, S & H Accountants are the one for you. We are one of the best accounting firms in Cranbourne. We offer all types of tax services not only for individuals but also for companies, trusts and  businesses. Our team consists of well-qualified, vastly experienced as well as extremely professional individuals. We also do offer bookkeeping services, which will manage your transactions for you! S & H Tax Accountants aim to provide the best level of service to our clients. Book an appointment today, call us on 03 8759 5532 or email us on info@sahtax.com.au

  • 5 Steps to Setting Up Your Business Processes for Success

    5 Steps to Setting Up Your Business Processes for Success

    When a business first starts out, it’s natural for the owner to be a jack-of-all-trades. You may not have the capital to hire specialists or access to the technology that can help you. As your business grows–or as you look to take a smaller role in your company–you may find the business has become over-reliant on you, which makes it difficult for you to take a step back.

    16 Real World Business Process Automation.ong

    Here are some steps you can take to enable your business to thrive, even if you can’t be there all the time.

    1. Review workflows

    Have someone interview everyone in the company to find out what their job is and how they fulfill their tasks. Look at their processes to see if there are ways to make their tasks more efficient and seamless–you could even look at best practices in other companies to see how they manage their tasks.

    The goal here is to make processes as simple and efficient as possible. Take out any unnecessary steps and ensure each process only involves tasks that are vital to successful completion.

    2. Automate what you can

    Often in business, people continue doing a task inefficiently simply because they got used to doing it that way. That can lead to hours being spent in activities that could be automated. Look at activities that are carried out regularly and investigate whether software exists to make that process easier for you.

    For example, if your staff spends hours each day updating your customer database, it’s worth looking into customer relationship management (CRM) software, which automatically takes care of that for you, saving you time and reducing the risk of errors. Likewise, if your team spends time following up on unpaid invoices, consider an online invoicing system that automatically sends out overdue notices.

    3. Document the processes

    Once you have an idea of how people carry out their responsibilities and have identified ways to improve or automate them, write the processes out. If possible, keep the documents digital, so they can be updated as your business evolves and so everyone can easily find them. If you’ve purchased software to automate processes, make sure everyone who would use the software knows how to access it and can do so easily.

    Finally, ensure the documents are stored somewhere safe and accessible for your staff. You could use Google Docs or software designed to help with business process management.

    4. Train your staff

    Now is the time to train your team in your optimal workflows. Make sure everyone has read and understood the documented processes and knows how to access and use any software or technology you’ve purchased. Ideally, you’ll have a couple of people trained to cover each area of your business, so if one is ill or unable to work for a while, someone else can easily step in to carry out those responsibilities.

    5. Make your business self-reliant

    You want your business to function without you so it still thrives if you become ill, need a vacation or otherwise can’t work for a while. Examine your processes for areas where the company is still overly reliant on you and look for ways to foster self-reliance. This may mean identifying gaps in your employees’ expertise and hiring people with complementary skills, finding new ways to automate workflows, working with consultants and outside service providers to fill in gaps, or creating an FAQ document where questions you’re commonly asked are answered.

    Final Thoughts

    As your business grows and you step away, you’ll need to ensure you have staff who can take over various activities. Reviewing and documenting your processes, automating what you can, and identifying areas where your business is overly reliant on you will set you up for success.

  • Tips to Navigating the Post-pandemic Business Landscape

    Tips to Navigating the Post-pandemic Business Landscape

    Covid has resulted in many business transformations. While some small businesses found themselves shifting their offerings, others moved online or found new niches. If you’re wondering how to continue moving your business forward following Covid, you’re probably not alone.

    Here are some important tips for navigating the business landscape following Covid.

    1. Explore your remote options

    Having a business model that enables you and your staff to work remotely gives you incredible flexibility in how you run your business. That doesn’t mean you have to move to an entirely remote work-force, although you can if you want to, but it does mean that should your staff have to work from home, they can still access the information they need to do their jobs.

    Where information may have been stored on your computers’ hard drives, consider moving to cloud-based options, which allow for secure remote access. If you have documents that need signing or require collaboration, look into tools that allow staff to do so from wherever they happen to be.

    2. Create an in-person experience for people purchasing from you remotely

    Where possible, shift your business so your customers or clients get a remote experience that comes close to matching the experience they have when they visit your store or office.

    You can explore offering telemedicine either online or through phone calls. If you have a retail store, consider offering virtual reality changing rooms, so people can see how the clothes they want to buy online look on them. Furniture stores can enable customers to upload pictures of their rooms so they can see how the furniture they’re considering would look in those rooms.

    While a remote experience won’t ever be exactly the same as an in-person experience, there are things you can do to give customers and clients similar services that make their purchasing decisions easier.

    3. Talk to your customers and clients about their needs

    What your customers and clients needed from you before Covid may now have changed, and it’s important for you to identify those changes and shift accordingly. Many households have changed their routines and developed new habits, some of which will persist for years.

    Is there a new product or service you can offer to help them? Are they concerned about being in your office in person? Are they more eager than they used to be to get out of their homes? Have they shifted to online shopping enough to justify you having an online store?

    Don’t guess at the answers to these questions, reach out to your customers to ask. Ask them how their habits have changed, what they’re looking forward to buying from you and what concerns they have about returning to in-person transactions.

    4. Explore your data

    While it’s important to talk to your customers and clients about how their lives have changed, take note of how your market has changed. If you run a hospitality business that thrived on tourism, have you made up for it by marketing to locals? Are more of your customers coming from a different market segment than they used to? Did a service you provide suddenly take off during Covid?

    Look at what your numbers and data are telling you. Although not all changes will be permanent, how your numbers have shifted can indicate new paths for you to follow and new ways to market your business.

    Final Thoughts

    The post-Covid business landscape will most likely look different from pre-Covid. By following a few steps, you can make the transition smoother for you, your team and your clients.

  • How to Make Work-from-home Work for Your Team

    How to Make Work-from-home Work for Your Team

    More companies are exploring their options when it comes to employees working remotely. There are numerous reasons for doing so:

    • Increased worker morale
    • More flexibility in work schedules
    • Enhanced cost savings by not paying for office space.

    With all the benefits, it makes sense that employers are considering whether or not working from home can work for their team.

    Here are 3 steps you can take to make working remotely as successful as possible.

    1. Be upfront about your policies

    You’ll need policies about what you expect from your team as they work from home. Do you need them working Monday to Friday, or is their schedule somewhat flexible? Are there meetings you’ll require them to be part of? Are there certain procedures or security protocols they still need to follow?

    Have a policy book or set of guidelines that specifically lay out your expectations for employees who work remotely. In it, include the expectations you’ll hold yourself to, as well. Will you be available at certain hours if they need you? How much time do you need to respond to emails or phone calls? Will the company check in on employees periodically to see how they’re doing?

    Setting your expectations upfront allows your team to work more cohesively because they know what you expect from them. While you probably won’t foresee every issue that could come up, you can address some common areas of uncertainty.

    2. Communicate more than you used to

    When staff is in the office, they have access to additional information they may not have when working remotely. In the office, they might share information about a project while standing in the breakroom or pop in for a quick chat about a client. When they work remotely, they don’t have those same opportunities.

    If there’s a question about whether your team should know something or would want to know it, share it, so you can be certain they know everything they need to. Not everyone will get that information through the grapevine when they work remotely, so you’ll need to be vigilant about sharing it yourself, or delegating someone to keep everyone informed.

    These days, there are many possible channels, including phone, email, text, IM, Slack, Zoom, and Skype. Do you have different channels that you use depending on the information being shared? Make sure employees know the best methods of sharing information depending on the purpose.

    3. Encourage informal communications

    One thing your team might miss is the social aspect of gathering in one space. Previously, they saw each other every day and likely had informal chats at break time or throughout the day. Schedule a group lunch or break time and encourage your team to join. Don’t make it mandatory, as they may have other pressing priorities –such as feeding their own children or walking their dog.

    Having the space available gives them the opportunity to catch up with their colleagues and feel part of the team. Make sure the lunch chat is informal–don’t encourage talking about work.

    Final thoughts

    There may be other things you need to do, such as providing your team with necessary equipment or technology access to enable them to do their job successfully. It’s also always a good idea to ask your colleagues regularly for feedback on what is working well and what is more challenging when working from home, and adjusting as necessary.

  • How to Choose the Right Software for Your Business

    How to Choose the Right Software for Your Business

    These days, businesses have plenty of options when it comes to choosing software. There are hundreds of developers creating and perfecting new products designed to help you more effectively and efficiently run your business.

    With so many options available, it’s important to focus so you know where to start looking and how to make the best decision.

    Here are some factors to keep in mind when you choose software for your business.

    Your core needs

    Not every business needs every type of software, so you’ll want to sit down and think about what your business actually needs, and what will help you achieve your future goals.

    Some types of software include:

    • Lead generation and sales to help you identify and track prospects throughout the sales process
    • Finance and accounting to help you manage your finances, track accounts, and invoice clients
    • Supply chain and logistics to help you manage your supply chain and inventory
    • Proposal software to help you create, send and track your business proposals
    • Productivity to help you improve productivity and track employee activities.

    Each of these has its benefits, but you don’t need all of them. Consider what your most important goals and objectives are. Do you want the software to make your business more efficient? Do you need software to take administrative chores off your hands? Is there an important gap in your business that software can fill?

    The answers to those questions should help you decide on which category of software to start with.

    Web Design Website Coding Concept

    Software factors

    Next, examine products within your chosen category to find the best product for you. This is based on a number of factors, including your current software, the new product’s functionality, and the developer’s responsiveness.

    Key factors to consider:

    Functionality: Although it’s tempting to go for a product that has all the bells and whistles, you might be paying extra for features you’ll never use–and which could actually cause problems of their own. Look for software that has the features you need and will use.

    Integrations: If you’re already using software, you’ll want new products that integrate with what you’ve got.

    Security: If you’re handling confidential or sensitive information, you need software that has ample security.

    Customer support: You need to know that issues can be handled and dealt with quickly. Make sure there’s a solid customer support policy backing the product.

    Budget: Choose the best product that fits your budget and has what you need.

    Making the decision

    You don’t have to go it alone when making a software decision. Research to find out what software others in your industry use. Talk to your team to find out what their experience with the software has been and what they recommend. Find out what factors they need taken into account to make their jobs easier.

    Read online reviews, particularly from companies similar to yours, to find out what they liked about the software you’re considering. If the developer offers it, read their buyer’s guide, white paper or other documentation to get a feel for the product and their philosophy. It’s even better if you can get a demo of a product to try.

    Final Thoughts

    Buying new software is an exciting opportunity for your business. You’re purchasing something that can make your business more efficient and profitable, while also making your job easier. Take the time to consider what you really need, what will work for you now and as you grow, and what others say about your options before making a final decision.

  • Essential tips to help you sell your house quickly

    Essential tips to help you sell your house quickly

    Once you’ve made the decision to sell your home, chances are you’d like to do it as soon as possible. While some houses sell almost as quickly as they hit the market, others sit for a considerable amount of time without generating any offers from prospective buyers. Fortunately, there are several steps that you can take to increase the odds that your house is in hot demand and sells quickly.

    Choose the Right Real Estate Agent

    While every area has a handful of real estate agents who make a name for themselves by outselling their competitors, that doesn’t necessarily mean that one of them is the right agent for you.

    How Women Can Ensure Their Financial Independence

    While a top seller may be just what you need, it’s more important that you choose an agent with whom you can work well and feel comfortable. Whether you choose a realtor who is an outgoing overachiever or a laid-back professional who takes a more relaxed approach is entirely up to you.

    Pick the Right Price

    There’s nothing that will knock your home out of the running more quickly than a price that’s too high. Before pricing your home, do your research and find out what comparable homes in your area are selling for. While your real estate agent will help you determine where to place your asking price, it is always a good idea to be an informed party in the process. Perform internet searches to locate homes in your neighborhood and the adjoining ones to find homes similar to yours and see how they’re priced and which ones are selling.

    Stage Your Home

    Although not all sellers invest the effort required to create a warm, welcoming atmosphere in their home so it looks inviting when potential buyers come through, smart sellers do. If you’ve ever watched the real estate shows on the home improvement channels on television, you’ve probably been exposed to the concept of home staging. De-cluttering, improving curb appeal, cleaning, and creating a neutral atmosphere are all key components of staging your home in a way that helps prospective buyers be able to imagine themselves in your home and encourages them to make an offer.

    List Your Home on the Internet

    Nowadays most home buyers start their search for a new house on the internet. What that means to you is that you should get your home listed on the internet as early in the selling process as you can. Ensure that your realtor gets your house, along with numerous attractive photos of the interior and exterior of the home, onto as many real estate search sites as he can. The more people that view your home, the more likely you’ll attract the buyer that is going to come through with an offer for your asking price.

    While selling a house in a hurry can pose challenges, they’re nothing that you can’t overcome with proper planning and action. Before you know it, you’ll have a signed contract in hand and be happily packing boxes for the move to your new place.

  • Financial Planning to Ensure Financial Independence for Women

    Financial Planning to Ensure Financial Independence for Women

    Financial independence is an important goal for many people. It means you have the ability to support yourself financially, without relying on others for assistance. It also means you control your finances because you make your own financial decisions, rather than someone else making them for you.

    Regardless of who you are, financial independence makes it easier for you to achieve your dreams. It also gives you the peace of mind of knowing that you have the finances to live the life you want to live.

    For women, financial independence can be more elusive, as women typically face financial hurdles such as lower pay, career gaps while they care for their families, and other financial barriers. Additionally, women generally live longer than men, so they must plan financially for longer periods, and they must have enough financial knowledge to make decisions on their own in the event their spouse dies before they do.

    Here are ways women can effectively manage their finances and plan for the future.

    Find an advisor you trust

    Too many well-intentioned advice columns offer advice designed to “fix” women, focusing on what they do wrong with their money. This advice is outdated. You don’t need to be fixed, but you may need some guidance on what the best strategies are for you.

    Find an advisor who is willing to guide you by respecting where you are, where you want to go, how you want to spend your money, and what your unique financial needs are. Choose an advisor who works with your personality, your goals, and your concerns, and takes your insights seriously.

    Financial Plan Retirement Investment Diagram Concept

    Follow age-old advice

    Regardless of your gender, there are some important steps that can help you obtain financial independence. These include:

    • Deciding what you want
    • Creating a budget
    • Setting aside a certain amount of savings
    • Having an emergency fund
    • Paying down debt.

    Think of your retirement

    Part of taking charge of your financial future is thinking about your retirement. If you work for a company that offers a retirement plan, take advantage of it. If you don’t, consider opening your own retirement savings accounts. The earlier you do it, the longer you have to save for your retirement, which is important because you could live well into your 90s.

    Front View Arrangement Economy Elements

    Invest your money

    You need money in savings but you also need your money working for you. That means investing. You don’t have to invest in risky stocks if that doesn’t suit your personality or meet your needs. But investing can bring you back a higher return than savings accounts will. A diversified portfolio will limit your exposure to losses and give you more potential for growth.

    Have a comprehensive financial plan

    A budget will help you with your monthly spending, but a comprehensive financial plan takes into account your entire situation, including your income, expenses, assets, investments, retirement needs, estate planning needs, income taxes, and how they work together to help you achieve your goals.

    Financial independence involves you having the money you need to live the lifestyle you want, but it also means being confident in making your own financial decisions. It’s about having control over your money and making sure your money is working towards your goals.

  • Nine Tips to Reduce Debtor Days for Construction Business Owners

    Nine Tips to Reduce Debtor Days for Construction Business Owners

    Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority.

    Debtor days refer to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients take less time to pay you, which means there’s more cash available for your business to use.

    In the construction industry, debtor days can average as long as almost three months. Shortening that length can have a huge impact on your cash flow.

    When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time, and, not least of all, yourself. Additionally, if clients start taking too long to pay you, you may leave money on the table in exchange for collecting anything at all.

    Implement these nine tips to get paid without delay.

    Man Writing Credit Card Number At Desk

    1. Provide payment terms upfront

    Before you start working with any new client, always provide your terms in writing. Clearly state your rates, payment due dates, and your policies regarding late payments – including any fees you’ll charge on balances owing. Make sure your client signs the agreement indicating that they are aware of your terms and conditions. Don’t work with any client who refuses to sign.

    2. Understand your client’s payment process

    Large clients may have lengthy payment processes that require invoice verification. They may also receive dozens, or even hundreds, of invoices on a regular basis. As a result, their policy may be to pay invoices only on certain days or only after so many days have passed from receiving the invoice.

    If possible, submit your invoices with their payment cycle in mind. If they only pay on the 15 of the month, get your invoice in before that date, so you can get paid this month instead of next. Make sure your invoices have all the information your client needs to quickly and efficiently approve your invoice. Have a checklist of all the information to include so they can approve it without coming back to you with questions.

    3. Invoice immediately

    Invoice as quickly as you can. If your invoice is on completion of a project, have your invoice ready to go by the final day, so you can send it right away. Every day you wait to send an invoice is another day you’ll wait to be paid.

    If you’re currently preparing your invoices manually, switch over to an accounting system with automated billing. You’ll never forget to invoice a client, and you’ll eliminate errors. You’ll also be able to see when the invoice was sent, who it was sent to, and when they viewed the invoice.

    4. Follow up on invoices

    Send an invoice reminder before payment is due. People forget about their invoices, or invoices get misplaced, and a simple reminder can go a long way to helping clients remember.

    Call your customer immediately when a payment is a past due. Ask for the status of the invoice and if there’s anything you can do to speed up payment. Sometimes a simple change, like including a purchase order number on the invoice, can speed up processing times.

    Asian Woman Working Through Paperwork

    5. Reward early payers

    Consider offering clients a 2% discount when they pay their invoice within ten days. In this scenario, a $1000 invoice would be reduced to $980 – not a huge loss for you, but an attractive cash-saving incentive for your customers. It can be worth it if it frees up cash for your business.

    6. Charge interest

    As part of your terms, specify that if a client’s payment is past due, a weekly fee of 2% will be added to the total until funds are received in full. If the client goes past due, charge them interest.

    7. Get paid upfront

    Collect a partial deposit – or the entire amount in full – before you begin a project.

    8. Suspend service

    Stop your supply of products or services until you receive payment. With this tactic, you’ll avoid the accumulation of an even greater loss with a consistently late or non-paying client.

    9. Stay on top of who owes you

    Monitor who owes you money and how much on a weekly basis so you can act fast if a customer hasn’t paid on time.

    Final thoughts

    Perhaps the most important tip for encouraging prompt payment is excellent communication. Be clear on your terms and ensure you send out your invoices promptly.

    When you follow up on a late invoice, ask when you can expect a payment, and agree on a date.

    If the money still isn’t forthcoming, consider your legal options. You may not want to resort to legal action, but it’s important to send a message not only to that unpaying client but also to others that you will take the necessary steps to ensure payment.

  • 4 Tips for Positioning Yourself as a Market Leader

    4 Tips for Positioning Yourself as a Market Leader

    Small business owners often feel that they have to do something to stand out from the crowd and attract an audience. If that’s how you feel, you’re definitely not alone. Many business owners try to stand out by creating fancy websites that grab attention. Those may work in the short term, but it’s worth considering other ways to market yourself as an industry leader and build relationships with your ideal customers.

    So how can you position yourself as a leader?

    It’s all about establishing trust with your clients by showing them that you’re an expert in what you do and you care about their pain points.

    Here are four tactics you can use to build relationships that turn prospects into clients.

    1. Reach out on social media

    Social media is a great place to raise brand awareness, but you can also use it to highlight your expertise. Show your customers you understand their needs by sharing content relevant to them. If your clients are in a specific industry, share posts about that industry. If they have certain needs in common, write about those needs.

    Topics you could write about:

    • Changes in legislation that might affect them
    • Trends you see in their industry
    • Seasonal issues that would affect their business
    • Major upcoming issues and how to address them

    Ask questions to better understand what they want to read about or to encourage discussion. When they comment on your posts, respond. Answer questions, thank them for commenting, and find ways to take the conversation further.

    You can also do searches on social media for groups related to your industry. Look for groups that are asking questions in your area of specialty, then provide answers to their questions.

    2. Write articles for contribution sites

    There are many “contribution sites” seeking great content. If you have something to say that’s relevant to your clients, write articles and contribute them to those sites. Once the article is posted, share it across your social media platforms and emails, to encourage people to read.

    3. Encourage testimonials

    Social proof shows prospective clients that there are people who love your company, and your products or services. People want to work with companies they like and trust, and they rely on the word of other people to help them determine whether they can trust your company.

    When you have enthusiastic clients or customers, encourage them to share their thoughts through testimonials and reviews on social media. Ask for ratings and reviews on your social media sites, encourage clients to share information about your business to their networks, and ask your really happy clients to write a testimonial or be the subject of a case study for your website.

    4. Focus on a niche

    It’s a lot more difficult to be a leader in anything if you’re trying to help everyone in any area possible. Helping everyone with everything is also a recipe for burn-out. You become a specialist by knowing one or two areas really well. Focus on one or two industries or niches that you can become known in based on what your ideal customers need from you. When people have an issue related to your specialty they’re likely to come to you, but if they only think of you as a generalist, you might wind up far down their list.

    Final thoughts

    With a little work and time spent getting to know your ideal clients, you can effectively position yourself as a market leader.

  • Business Update – 2 March 2022

    Business Update – 2 March 2022

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    WA Border Reopening

    After 697 days, Western Australia has finally reopened its borders. From 12: 01am Thursday, a long list of new restrictions is expected to stay in place for four weeks.

    Strong Economic Growth at the End of 2021

    The economy has reported its equal-best quarter of growth in 46 years, according to ABS National Accounts which showed a 3.4% increase in the December 2021 quarter. The National Accounts provide further evidence of rising inflation that may bring forward interest rate hikes.

    Business Investment Rebounds in Q4

    Australian business investment rebounded modestly last quarter, as demand recovered from lockdowns. The latest data from the Australian Bureau of Statistics showed capital expenditure rose a real 1.1% in the December quarter to $33.3 billion. Spending plans for the year to end-June 2022 were upgraded to $144.8 billion.

    Business Assistance Package for WA Businesses

    The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.

    Financial Assistance for Flood Victims in QLD and NSW

    Residents in 26 flood-affected local government areas across Queensland and New South Wales can apply for Commonwealth financial support through Services Australia. Australian Government Disaster Recovery Payment (AGDRP) of $1,000 per eligible adult and $400 per eligible child is available.

    Safe Transition Industry Support Package

    The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.

  • Secrets to Keeping Your Employees Happy

    Secrets to Keeping Your Employees Happy

    Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes to increasing salaries and wages.

    Business

    Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to find, hire and train new staff. Beyond that, employees that are satisfied and feel valued are more motivated and productive.

    Here are some ways to keep your employees happy that don’t rely on higher salaries.

    Offer flexible work arrangements

    Not everyone wants or is able, to work a regular Monday to Friday from 9 to 5. Some people have family priorities or other commitments that keep them busy during regular business hours. If it makes sense for your business, consider flexible work arrangements, such as compressed workweeks (longer days in exchange for more days off), varied start and end times, or job-sharing arrangements. Remote work is another option that employees may want to take advantage of.

    Not only will your employees appreciate flexible work arrangements, your customers and clients may also benefit from your business having increased availability.

    Pay for professional development

    Good employees want to improve their skills and grow professionally. Often, other priorities get in the way of upgrading skills. Paying for professional development, for example by having a fund people can access or by bringing in experts to run workshops, shows your staff you care enough to invest in them. Meanwhile, your business benefits by having staff trained on the newest procedures and technologies.

    Encourage work-life balance

    Employees want a life that’s fulfilling, but it’s difficult to find a balance between work life and home life. Having an employer that encourages a work-life balance makes it easier. Avoid messaging (texting, phoning or emailing) employees after work hours and make it clear that people should enjoy their personal time. Encourage employees to take their sick leave and use their vacation days. Be a role model by striving for work-life balance yourself.

    Be transparent

    Being open and honest with your workers fosters a sense of trust and belonging among your staff. Have regular meetings where you discuss your organization’s goals, strengths, and challenges and receive input and feedback from your team. This encourages engagement and shows your workers their perspective is valuable.

    Having a set of values that applies to your staff

    Sometimes organizations create noble values that they apply to their customers, but they don’t apply them to their workers. Employees see clients and customers being treated well but then wonder why those same values aren’t applicable to them. Create a set of values that applies to your staff. Set out how you want your staff to feel. Do you want them to feel valued? Supported? What does that look like in your organization?

    Business

    Ask your staff what they need

    It’s difficult to come up with solutions that everyone will find meaningful. Ask your staff what would be valuable to them–and what would make them happy enough to stay. They may be happy with additional vacation days or more banked sick time, for example. Listen to their suggestions and consider whether any of the options they mention could work for your organization.

    While increasing salary is one thing you can do to keep your employees happy, there are other things they may value that you can offer.

  • How to Win Your Customers Back in 2022

    How to Win Your Customers Back in 2022

    Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons.

    Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success rate than converting a prospect into a customer. After all, they’ve already bought your product or service once, so you don’t have to convince them of the need. And you don’t need to build brand awareness, they already know you exist.

    Happy customer

    Even if you can’t win everyone back, those you can bring back to your business will affect your bottom line–and will do so at less expensive overall.

    Here are some strategies to win back customers who have left

    Ask why they left

    You can learn a lot from customers simply by asking the right questions. The information you get may enable you to make some adjustments or start a conversation to win them back. For example, you may learn that your product or service is missing a vital feature that your competitors are offering. Based on that, you may want to adjust your product or service.

    Consider sending a survey to your customers to find out not only why they left, but why they chose you in the first place, and what you could do to win them back. These surveys can be sent when someone cancels their membership or goes a long time without ordering from your company.

    Ask questions like:

    • Why did you decide to become our customer?
    • What did you like most about our product/service?
    • What circumstances caused you to leave our company?
    • If you switched to a competitor, what made you choose them?
    • What could we do to earn back your business?

    Identify people who are more likely to come back to you

    You won’t win over every lapsed customer, but there are some who are more likely to return to you. Those include people who left because of pricing issues rather than service issues, those who left without voicing any complaints, and those who referred you to others. Additionally, the clients who purchased the most from you were also likely highly satisfied with you at some point and probably easier to sell to again.

    This step is easier to do if you have customer relationship management (CRM) software and can follow your clients through their lifecycle.

    Offer the right solutions

    Determine what you’re willing to do to win them back and come up with solutions that could address their reasons for leaving. For example, if you’re willing to lower your price slightly or offer a special discount for returning customers, you can offer that to lapsed clients. If you don’t want to drop the price but can offer a premium service at no additional cost, consider that solution.

    If customers said your product didn’t have enough features, let them know you’re upgrading your product and invite their feedback on the changes you make. This lets them know you heard their concerns and gets them invested in the final product.

    Know your churn rate

    Your churn rate is the percentage of people who stop using your product or service in a time period. You determine the time period (say, a week, a month, a quarter, or a year). Take the number of customers you lost in a time period and divide it by the number of customers you had at the start of that same period. Then, multiply that number by 100 to get the percentage.

    If you have 500 customers at the start of the month and lost 10, then you have a churn rate of 2%.

    A lower churn rate indicates you have happy customers who love your brand and your product.

    Final thoughts

    You can learn a lot from the customers who have left your business, both in terms of how you can win them back and how you can win over new customers. Take the time to survey them to find out why they left and what you could have done differently and make adjustments you feel are necessary.

  • Business Update – 23 February 2022

    Business Update – 23 February 2022

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    Australia Welcomes Back International Tourists

    After almost two years, vaccinated international tourists and business travelers began arriving in Australia with few restrictions. Prime Minister Scott Morrison said 1.2 million people had visas to enter Australia with 56 international flights due to touch down in the first 24 hours of the border reopening.

    $22 Million Health and Medical Research Support

    Six Australian health and medical researchers are set to receive a share of $22.9 million through the National Health and Medical Research Council (NHMRC) Partnership Project scheme to further ground-breaking research that will improve health and treatment outcomes for Australians.

    Research: Businesses Turn to International Talent

    More than 70% of Australian business leaders plan to hire international talent on a permanent basis in 2022 ad 61% plan to hire international talent on a contract basis to sustain their talent pipeline, according to research from Robert Half Australia.

    Booster Shots Now Required To Be Fully Vaccinated

    Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.

    Safe Transition Industry Support Package

    The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    Rapid Antigen Tests Now Free for Some Australians

    Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:

    • Pensioner concession card
    • Commonwealth seniors health care card
    • DVA gold, white or orange card
    • Health care card
    • Low-income card

    If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.