S & H Tax Accountants

Author: Bizink

  • 4 Tips for Encouraging Repeat Customers

    4 Tips for Encouraging Repeat Customers

    There’s a lot of data supporting the idea that it’s less costly, easier and more efficient to encourage repeat customers than bring in new ones. Among the stats Hubspot lists are that a 5% increase in customer retention is responsible for more than 25% increase in profit; repeat customers are 9 times more likely to convert than first-time visitors; and a 2% increase in customer retention has a similar impact to your bottom line as reducing costs by 10%. Link:

    That’s a lot of motivation to encourage repeat customers. Here are 4 tips to encourage your customers to keep coming back.

    1. Build relationships with customers

    Take time to learn more about your customers.

    Do they mention family members? Ask about their loved-ones. Do they frequently buy the same products? Keep track of when that customer comes in and have some items set aside for them. Do they always order the same meal? Mention similar dishes to try. Go the extra mile to show your customers they’re important to you.

    Ask for their input, as well. They’ll get to know your products and services, and can offer insights into what’s working and what could be improved. If you engage them–and make changes based on their feedback–you’ll develop a loyal customer base.
    The more special your customers feel, the more likely they are to come back. They’ll appreciate that you remember them and value their input.

    2. Make it personal

    Your loyal customers deserve communications that are more personal and less formal. It’s fine to use impersonal emails for your larger email list, but use more personal communications with your best customers.

    If you want to let them know about an important business-related matter, phone them or suggest an in-person meeting. Keep track of important dates, as well. You can send gifts or cards to mark important occasions, or just to reach out.

    Make your best customers feel as though they stand out from the rest by being more personal with them.

    3. Share relevant information

    Newsletters are a great way to stay in touch with your customers and let them know what you’re up to, but if you get to know your customers really well, you can pass along articles, books, or other information that might interest them, even if it isn’t related to your business. It shows them you understand and you care.

    4. Remember your loyal customers

    Businesses sometimes focus their attention exclusively on new customers, forgetting about loyal and repeat customers. You need new customers to keep your business thriving; however, excluding long-term customers results in customer churn.

    It’s great to offer new customers rewards and incentives, but that leaves existing customers feeling ignored. Offer your long-term customers bonuses for their loyalty.

    Final thoughts

    Encouraging repeat customers makes solid business sense. To be successful, you need a balance of new and long-term clients. This means building relationships with people, personalizing your attention, sharing relevant information and remembering your loyal customers.

     

    Beautiful Young Woman Home Office Working From Home Teleworking Concept 144627 46780

    A great product or service at a reasonable price might bring your customers in, but outstanding customer service that gives them a positive, memorable experience will keep them coming back.

  • Business Update – 10 November 2021

    Business Update – 10 November 2021

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

    $44 Million Recovery Package for Melbourne

    The Melbourne Money scheme is returning to the CBD, with the state government and City of Melbourne launching a $200m “revitalisation fund”.

    From 15 November, those dining in the CBD between Monday and Thursday can claim a 30% discount – of up to $150 – off their restaurant bill. Previously, the Melbourne Money scheme launched over the winter had a cap of $100.

    Last Sunday, funding was also announced to include a $15.7 million boost to Christmas events and pop-up attractions. An expanded Christmas Festival will also start on 12 November, two weeks earlier than usual.

    Greater Darwin Lockout Ended

    The Greater Darwin lockout ended at midnight on Tuesday, despite the Northern Territory recording one new case of COVID-19. A mask mandate will remain in place in Greater Darwin until 5pm on Friday.

    Sydney Further Eased COVID-19 Restrictions

    Sydney further eased social distancing curbs on Monday, as close to 90% of the population have been fully vaccinated.

    Although limited to people who got both doses of vaccine, the relaxation in New South Wales lifts limits on house guests or outdoor gatherings, among other measures.

    The state would transit to its booster programme phase, focusing first on the state’s most vulnerable population.

    Business Confidence at 6-month High

    Business conditions rebounded in October, after most of the COVID-19 restrictions were lifted. According to the National Australia Bank’s survey of business conditions, which measures profits, sales, and employment, figures jumped to 11 last month from 5 in September, mostly driven by the reopening of New South Wales (NSW) on 11 October.

    Meanwhile, business confidence surged to 21 in October, the highest since April. Victoria showed the biggest improvement, followed by Queensland and South Australia.

    COVID-19 Disaster Payment Changes in Victoria

    Now that 80% of the population in Victoria have been fully vaccinated, changes to the COVID-19 Disaster Payment will come into effect.

    Aside from the decrease in payment rate over a two-week period before it stops, people would need to apply each week to ensure they remain eligible.

    In the first week after a state or territory reaches the 80% milestone, people can apply for:

    • $450 if they’ve lost 8 hours or a full day’s work or more
    • $100 if they’re getting a Centrelink or Department of Veterans’ Affairs (DVA) income support payment and have lost work.

    In the second and final week after reaching 80% the payment:

    • rate decreases to $320 for those who have lost 8 hours or a full day’s work or more
    • stops for people getting a Centrelink or DVA income support payment.

    JobMaker Hiring Credit Payments for 3rd Period

    JobMaker Hiring Credit payments can be claimed by 31 October 2021 for additional eligible employees hired between 7 April 2021 and 6 July 2021. Eligible businesses can claim for up to a year for each additional eligible employee hired between 7 October 2020 and 6 October 2021. Get in touch with us for assistance in your claim.

    Single Touch Payroll (STP) Quarterly Reporting Due Dates

    From 1 July 2021, small employers must report any closely held payees through STP. Reports can be done every pay day or quarterly. Also, STP quarterly reporting concessions for micro employers are only available to those who meet certain eligibility requirements, including the need for exceptional circumstances to exist.

    We can help you apply for this concession on your behalf. Those who haven’t started reporting through STP and don’t have a deferral or exemption must start reporting now.

    Upcoming Key Dates for November 2021

    Here are the upcoming key dates for the month of November:

    22 Nov 2021

    • October monthly BAS due

    29 Nov 2021

    • September quarter SG charge statement due

    Change in Super Rules from 1 November for Your New Employees

    There’s a change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

    Starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

    You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

    Changes for Directors starting in November: Identification Number Needed

    All directors of a company will need a director identification number (director ID) from November.

    The director identification number is a unique identifier that allows shareholders, creditors, employees, and consumers to know certain details about the directors of a company. All directors are required by law to verify their identity with the Australian Business Registry Services before receiving a director ID.

    All directors need to apply for their own ID so while we can’t apply for this on your behalf, we can help you if you have any questions.

    You can also follow the steps for application here.

    Support for Apprentices to be Expanded

    The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

    From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here, you’ll find the latest government financial assistance available for particular industries.

    Get in touch

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

  • Business Update – 3 November 2021

    Business Update – 3 November 2021

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

    Borders are reopening!

    After closing its international borders for nearly 600 days, Australia is now open to foreign visitors starting on Monday, as restrictions gradually lift.

    Fully vaccinated travelers from New Zealand who test negative in pre-departure tests can now enter and avoid quarantine in NSW.

    The next set of foreign travelers who can visit Australia will be those from Singapore. From 21 November, fully vaccinated travelers can enter NSW and Victoria without quarantine, but would have to test negative in pre-departure COVID-19 tests.

    Sydney to Ease COVID-19 Restrictions Ahead of Schedule

    Sydney will lift more COVID-19 restrictions for vaccinated residents ahead of schedule next week.

    From 8 November, vaccinated individuals will be allowed unlimited numbers of guests in their homes. Pubs and clubs will also be able to accommodate more guests– earlier than the initial plan of 1 December.

    However, unvaccinated people will remain under tough restrictions until 15 December or when NSW’s double vaccination rates hit 95%. Currently, around 88% of the state’s population has been fully vaccinated.

    Spending Increases as Lockdowns are Lifted

    As COVID-19 restrictions ease across the country, spending tracked 20% higher than the corresponding week of 2019, according to the weekly credit and debit card spending data from the Commonwealth Bank.

    National spending is on track to hit the growth levels seen earlier in 2021, which averaged at 22% above pre-pandemic figures in late April and early May 2019.

    Job ads increase 6.2% in October

    Job advertisements increased sharply in October as Sydney and Melbourne started to lift lockdowns. The latest figures from Australia and New Zealand Banking Group showed total job ads climbed 6.2% in October from September, when they fell 2.8%.

    The official jobless rate has declined by more than expected this year to hit 4.6% in September.

    COVID-19 Disaster Payment Changes in Victoria

    Now that 80% of the population in Victoria have been fully vaccinated, changes to the COVID-19 Disaster Payment will come into effect.

    Aside from the decrease in payment rate over a two-week period before it stops, people would need to apply each week to ensure they remain eligible.

    In the first week after a state or territory reaches the 80% milestone, people can apply for:

    • $450 if they’ve lost 8 hours or a full day’s work or more
    • $100 if they’re getting a Centrelink or Department of Veterans’ Affairs (DVA) income support payment and have lost work.

    In the second and final week after reaching 80% the payment:

    • rate decreases to $320 for those who have lost 8 hours or a full day’s work or more
    • stops for people getting a Centrelink or DVA income support payment.

    Australia Ratifies Asia Free Trade Deal

    Australia has ratified a massive free trade deal with Asia Pacific countries. The Regional Comprehensive Economic Partnership that involves Australia, New Zealand and 13 other countries will be the world’s biggest trade agreement, covering 2.2 billion people and 29 per cent of global economic output.

    Australia’s businesses will have access to the deal, which will bring nine of the nation’s top 15 trading partners into a single economic framework, from 1 January 2022.

    Federal Budget Set for a Post-Lockdown Bounce

    Australia’s federal budget is set for a post-lockdown increase before settling into deficits of $60 billion a year because of higher spending in social services and defence.

    According to Deloitte Access Economics’ budget monitor, cumulative deficits are projected to be $45 billion lower than expected over the next four years. However, in 2024-25 the deficit will be at least $36 billion on announced policies and it’s tipped to reach $60 billion including $25bn of new spending not yet announced.

    The report also says ongoing shortfall in future budgets could only be wiped out by raising GST to 17% or increasing marginal income tax by 5.5%.

    Exports to China Increasing Despite Trade War

    Australia’s exports to China have increased by 24% from the previous year to hit over $180 billion as of the latest August data, according to research firm Oxford Economics.

    Relations between the two countries have been affected since last year after Australia supported a call for a global inquiry into China’s handling of its initial COVID-19 outbreak. Tensions have then filtered into Chinese sanctions on Australian goods.

    Despite this, exports to China have held up remarkably well. Australia is one of the few developed countries that enjoys a trade surplus with China, its largest trading partner.

    JobMaker Hiring Credit Payments for 3rd Period

    JobMaker Hiring Credit payments can be claimed by 31 October 2021 for additional eligible employees hired between 7 April 2021 and 6 July 2021. Eligible businesses can claim for up to a year for each additional eligible employee hired between 7 October 2020 and 6 October 2021. Get in touch with us for assistance in your claim.

    Single Touch Payroll (STP) Quarterly Reporting Due Dates

    From 1 July 2021, small employers must report any closely held payees through STP. Reports can be done every pay day or quarterly. Also, STP quarterly reporting concessions for micro employers are only available to those who meet certain eligibility requirements, including the need for exceptional circumstances to exist.

    We can help you apply for this concession on your behalf. Those who haven’t started reporting through STP and don’t have a deferral or exemption must start reporting now.

    Upcoming Key Dates for November 2021

    Here are the upcoming key dates for the month of November:

    22 Nov 2021

    • October monthly BAS due

    29 Nov 2021

    • September quarter SG charge statement due

    Change in Super Rules from 1 November for Your New Employees

    There’s a change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

    Starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

    You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

    Changes for Directors starting in November: Identification Number Needed

    All directors of a company will need a director identification number (director ID) from November.

    The director identification number is a unique identifier that allows shareholders, creditors, employees, and consumers to know certain details about the directors of a company. All directors are required by law to verify their identity with the Australian Business Registry Services before receiving a director ID.

    All directors need to apply for their own ID so while we can’t apply for this on your behalf, we can help you if you have any questions.

    You can also follow the steps for application here.

    Support for Apprentices to be Expanded

    The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

    From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here, you’ll find the latest government financial assistance available for particular industries.

    Get in touch

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

  • Questions to Prepare for When Pitching to Investors

    Questions to Prepare for When Pitching to Investors

    If you’re looking for people to invest in your business, be prepared to answer some important questions. Investors look for smart investment opportunities—that means they want to find out as much as they can about you and your business before they make a decision about whether or not to invest with you.

    It’s vital to have well thought-out answers to investors’ questions. Give them evidence you’ve thoroughly examined your business to make them feel comfortable investing with you.

    Group Diverse People Having Business Meeting

    Here are four questions to be prepared for when you pitch your idea to investors.

    1. Why does your business need to exist?

    Businesses exist to solve a problem. Show investors there is an issue people need solved, and you have the solution.

    You’ll have to prove there’s a big enough need for your business to warrant an investment. Identify your target market and why you’re helping them. If it’s not a large group, maybe it’s an exclusive one that you can sell your product or service to at a higher price point.

    Show investors the pain point you’ve identified, how your solution addresses that pain point, and how your solution ultimately helps customers, by saving them time or money, for example. Data helps you. Find hard facts and examples to back up why your business is necessary.

    2. Why are you uniquely qualified to run this business?

    It’s not enough that you’ve identified a problem and a solution, you need to show why you are the person to run this business. Investors want to see how your knowledge or experience gives you an advantage over the competition.

    Most investors wouldn’t put their money behind a restaurant that wasn’t owned or managed by someone with restaurant experience, for example. When you pitch to investors, show them what gives you the qualifications to run the business and beat the competition. Maybe you have education that enables you to manage a business, or maybe you have in-depth experience with the issue you’re solving.

    Whatever case you make, investors should come away knowing you are the exact right person to run the business.

    3. How will you use the funds?

    Highlight for investors your plan for using their money, otherwise they won’t want to give it to you. They also won’t want to hear that their money will go to pay for your big salary or a fancy car. It has to go to costs directly linked to making your business successful.

    Have a solid and strategic plan for how their investment will be used. The money can be used for customer acquisition, to fund research and development, or to pay suppliers for start-up costs, for example.

    Don’t just say that the money will be used for marketing—show a marketing plan with goals and milestones in place so they know you have a strategy.

    4. Who are your competitors?

    Contrary to what you may think, it’s not good to tell investors there are no competitors, because this suggests there’s no market for your business. Even if there aren’t direct competitors, show investors other businesses that are similar to yours, then focus on what makes you different.

    Final thoughts

    If you want to pitch successfully to investors, you’ll need to be prepared to answer hard questions. By doing some research, setting out strategies and anticipating the investors’ concerns, you can give them the answers they need to feel comfortable investing in your business.

  • Understanding Australia’s Director Identification Number

    Understanding Australia’s Director Identification Number

    In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services (ABRS), and enhance how businesses register and manage their information with the government.

    Although the ABRS rolls out progressively between 2021 and 2024, one of the immediate changes is that business directors must obtain a director identification number.

    Here is what you need to know.

    1. Director identification number definition

    The director identification number is a unique number you as a director apply for once and keep forever. It’s designed to prevent the false or fraudulent use of your identity.

    The number is 15 digits long and is allocated to any director—or someone who plans to become a director—who has verified their identity with the ABRS. All Australian director identification numbers start with the digits 036 (Australia’s country code under International Standard ISO 3166), and end with an 11-digit number plus one digit designed for error detection.

    This ID number is yours forever, even if you change companies, stop being a director, change your name or move overseas.

    2. Why you need a director ID

    Verifying your identity with the ABRS helps prevent fraudulent or false IDs being used, which makes it easier for regulators to trace directors’ relationships with companies over time and identify and eliminate unlawful director activity. It safeguards your identity and reduces the chance of identity fraud.

    Additionally, various groups including employees, creditors and shareholders are entitled to know the names of a company’s directors.

    3. Who must obtain a director ID

    Any eligible officer of a company, including people who are appointed as a director or an alternate director of a company must obtain a director ID. This includes people who are a director of a company, registered Australian body, registered foreign company, Aboriginal and Torres Strait Islander corporation, or corporate trustee.

    Under the Corporations Act, a director must be at least 18 years old and cannot be disqualified from managing corporations, unless ASIC or the Court has given permission. Under the CATSI Act, a director must be at least 18 years old, a member of the Aboriginal and Torres Strait Islander corporation and an Aboriginal and Torres Strait Islander person, and not disqualified from managing a corporation, unless given permission from the Registrar.

    Finally, there are some people who do not need an ID, such as are those who are a company secretary but not a director; a company’s external administrator; running a business as a sole trader or partnership; or have “director” in the job title, but were not appointed officially as a director under the Corporations Act or the CATSI Act.

    Find out more on who needs to apply and when, at the Australian Business Registry Services site.

    4. Applying for a director ID

    Starting in November 2021 you must apply for a director ID if you meet the director criteria outlined above. Your deadline depends on the date you became a director. If you became a director under the Corporations Act, then:

    • On or before 31 October 2021, you must apply by 30 November 2022
    • Between 1 November 2021 and 4 April 2022, you must apply within 28 days of appointment
    • From 5 April 2022 on, you must apply before appointment.

    If you became a director under the CATSI Act, then:

    • On or before 31 Oct 2022, you must apply by 30 November 2023
    • From 1 November 2022, you must apply before appointment.

    To apply:

    1. Set up your myGovID
    2. Gather your documents, including your tax file number (TFN), your residential address and ID verification
    3. Login to ABRS and apply

    It is free to apply for your director identification number, but you must apply for your own number and verify your identity. No one else can apply for the ID on your behalf.

    Final thoughts

    For more information on the director identification number, visit the Australian Government Australian Taxation Office on Modernising Business Registers or the Australian Business Registry Services site with a full overview of the Director Identification Number process.

  • Business Update – 20 October 2021

    Business Update – 20 October 2021

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

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time.

    Melbourne to Ease Lockdown

    Melbourne is set to lift its stay-at-home orders by Friday. This comes as Victoria’s vaccination rate is set to reach 70% this week.

    Melbourne has been in lockdown for a total of 262 days– the longest in the world. More easing of restrictions, including the reopening of retail stores, may be expected when 80% of Victorians are fully vaccinated. The government estimated Victoria will reach this target by 5 November 2021 at the latest.

    ACT Opens Travel to Regional NSW

    ACT relaxed travel restrictions from midday last Saturday, opening up a range of locations in NSW. The expanded travel bubble allows people living in Canberra and other approved NSW border postcodes to move more freely.

    You can find a complete list of the areas included in the expanded travel bubble here.

    Quarantine-Free Travel From NZ’s South Island to Australia

    Months after the travel bubble was temporarily paused due to the growing number of COVID-19 cases in Australia, quarantine-free travel from New Zealand’s South Island to Australia will reopen from midnight Tuesday next week.

    However, travel from the North Island will remain off limits until the end of the month. Those travelling from NZ will need to take a pre-departure PCR test within 72 hours of their flight and show evidence they are fully vaccinated. They should also declare they haven’t been to the North Island in the last 14 days.

    International Vaccine Certificates Are Here

    You can now access proof of vaccination to help you with international travel.

    From Tuesday, those eligible can download a certificate from the MyGov website or the Medicare Express app. You need to have an Australian passport or visa, and your immunisation needs to be recorded in the Australian Immunisation Register.

    When some international travel resumes, you’ll be able to present it either on your phone or as a printout when your passport is checked as you enter a country that requires full vaccination.

    More Jobs Lost to Lockdowns

    Australian employment fell sharply for the second consecutive month in September, as lockdowns forced businesses to lay off workers, while the jobless rate was held down by the huge decline in the number of people looking for work.

    However, policymakers are expecting recovery in the coming months due to rapid progress in vaccinations that has allowed easing of restrictions in Sydney, with Melbourne and Canberra soon to follow.

    The jobless rate climbed up to 4.6%, from 4.5%, but has been artificially held down by the restrictions which prevent people looking for work and being counted as unemployed.

    JobMaker Hiring Credit Payments for 3rd Period

    JobMaker Hiring Credit payments can be claimed by 31 October 2021 for additional eligible employees hired between 7 April 2021 and 6 July 2021. Eligible businesses can claim for up to a year for each additional eligible employee hired between 7 October 2020 and 6 October 2021. Get in touch with us for assistance in your claim.

    Single Touch Payroll (STP) Quarterly Reporting Due Dates

    From 1 July 2021, small employers must report any closely held payees through STP. Reports can be done every pay day or quarterly. Also, STP quarterly reporting concessions for micro employers are only available to those who meet certain eligibility requirements, including the need for exceptional circumstances to exist.

    We can help you apply for this concession on your behalf. Those who haven’t started reporting through STP and don’t have a deferral or exemption must start reporting now.

    Upcoming Key Dates for October 2021

    Here are the upcoming key dates for the month of October:

    21 Oct 2021

    • September monthly BAS due

    28 Oct 2021

    • September quarter Super Guarantee due
    • September quarterly BAS due
    • September quarter PAYG instalment due

    Change in Super Rules from 1 November for Your New Employees

    There’s an upcoming change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

    Starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

    You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

    Changes for Directors starting in November: Identification Number Needed

    All directors of a company will need a director identification number (director ID) from November.

    The director identification number is a unique identifier that allows shareholders, creditors, employees, and consumers to know certain details about the directors of a company. All directors are required by law to verify their identity with the Australian Business Registry Services before receiving a director ID.

    All directors need to apply for their own ID so while we can’t apply for this on your behalf, we can help you if you have any questions.

    You can also follow the steps for application here when it’s available in November.

    Business Conditions Decline, But Sentiment Improves

    NAB’s index of business conditions fell 9 points in September to 5, while its measure of business confidence rebounded by 19 points to 13. Firms in NSW looked forward to easing of stay-at-home rules beginning this week. Victoria and Canberra should start opening up later in October.

    Disaster Payments to Be Scaled Back

    The COVID-19 Disaster Payment which gives $750 a week to people who have lost at least 20 hours of work, and $450 a week to those who have lost between eight and 20 hours, will be wound back as each state and territory hits the 70% and 80% target vaccination rates for those aged 16 years old and above.

    At 70% fully vaccinated, people will have to reapply each week for the payment, instead of it being automatically renewed. Meanwhile, at 80%, the payment will be phased out entirely within two weeks.

    Support for Apprentices to be Expanded

    The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

    From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here, you’ll find the latest government financial assistance available for particular industries.

    NSW Grants

    The NSW Government is offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders. You can view the NSW Government COVID-19 Support Packages here. Get in touch with us if you have any questions.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    Modernise your Financial Department

    It is not uncommon for startups and small businesses to operate with limited resources. But smart technology tools can enable small teams to operate at a larger level, giving them a competitive edge despite their size.

    This Forbes article discusses how you can take a modern approach to finance and adopt a strategy that encourages business growth.

    • Employ more strategic cash flow management. Improving simple practices such as sending invoices as soon as possible, using online invoicing tools, evaluating where you can reduce expenses, and adjusting inventory.
    • Schedule regular financial forecasts to gauge profitability. Financial forecasting is critical for both short- and long-term scenario planning, and an effective tool to estimate profitability.
    • Invest in the right technology. Automation can make manual processes much more efficient, increasing the importance of an organisation’s finance tech stack.

    Modernising financial management is not as difficult as it seems. However, it takes dedication to ensure your team is on the right track. If you need some guidance with your business finances, get in touch with us today.

    Get in touch

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

  • 4 Ideas to Manage Customer Wait Times Without Hiring More People

    4 Ideas to Manage Customer Wait Times Without Hiring More People

    Balancing customer experience against your budget is a difficult task. You need the right amount of staff working to keep customers happy, but not so many people that workers are standing around looking for things to do.

    If your customers have long wait times, that’s good news for you initially—it means your business is popular. The bad news is customers won’t wait around forever for you to fix your time management issues. If they like your goods or services, they’ll be a bit forgiving, but too many long waits will send them to your competition.

    Business Brainstorming Graph Chart Report Data Concept

    If you need to manage customer wait times without hiring more people, here are some ideas that can help you.

    1. Encourage customers to come in at quiet times

    Every business has busy times and slow times. One way to lessen wait times is to shift customers from the busy periods to the slower ones. Offer incentives for coming in during quiet hours. For example, you could offer 10% off for customers who come in between 11 and 1, if that’s your quiet time.
    Some retail establishments even encourage customers to schedule an appointment to come in, rather than just walking in. This can also help you manage customer flow and shift people to less busy times.

    2. Have a separate stand for complicated transactions

    Complicated transactions take more time, and they force your other customers to wait longer for service. Have a special station where returns are taken, online purchases are picked up or loyalty program sign-ups are processed, for example. These transactions are not only more complex, they happen less frequently so moving them out of the regular line doesn’t add significant work to your staff, but decreases customer wait times overall.

    3. Streamline the queue

    See if there are ways to streamline your queue, so customers aren’t waiting a long time to be helped by one person. For example, you could have one employee greeting people, another asking if they need help, and someone else ringing up the purchase. Or you could have mobile point of sale software that allows your staff to help customers anywhere they are—inside or outside the store. Point of sale (POS) software enables staff to search information, find items, close transactions, accept payments and even print receipts, saving your customers from long waits in line.

    You can even invest in technology, so customers can check-in with you online before coming to your business. Their wait time overall may still be the same, but they’ll spend part of it at home, so it won’t feel as long to them.

    4. Under promise and over deliver

    At some point, your business will be so busy that customers will be stuck waiting for service. In those cases, under promise and over deliver. If you know something will take 3 hours, tell the customer it will take 4 hours. Customers are happier if something takes less time than expected than if it takes more.
    This tactic also buys you time in case of unexpected delays. The worst thing in this situation is that you have to repeatedly tell customers their wait will be longer. That frustrates them and makes them less likely to come back.

    Final Thoughts

    Line-ups and wait times are inevitable, but they don’t necessarily mean you need more employees. There are solutions available to you that enhance the customer experience without you hiring more people.

  • Business Update – 13 October 2021

    Business Update – 13 October 2021

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

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time.

    Coworkers Having Work Meeting

    Sydney Reopens After Months of Lockdown

    Cafes, gyms, and restaurants in Sydney opened for fully vaccinated customers on Monday after months in lockdown.

    Under the relaxed rules for New South Wales, retail stores and restaurants reopened with reduced capacity, and more vaccinated people were allowed to gather in homes and attend weddings and funerals. NSW aims to hit an 80% vaccination rate in late October when more restrictions will be relaxed.

    Changes for Directors starting in November: Identification Number Needed

    All directors of a company will need a director identification number (director ID) from November.

    The director identification number is a unique identifier that allows shareholders, creditors, employees, and consumers to know certain details about the directors of a company. All directors are required by law to verify their identity with the Australian Business Registry Services before receiving a director ID.

    All directors need to apply for their own ID so while we can’t apply for this on your behalf, we can help you if you have any questions.

    You can also follow the steps for application here when it’s available in November.

    Single Touch Payroll Phase 2

    The expansion of Single Touch Payroll, also called STP Phase 2, will minimise the reporting burden for employers who are required to report information about their employees to multiple government agencies.

    The ATO will share payroll information with Services Australia in near real-time. This will help Services Australia’s customers, who may be your employees, get the right payment at the right time.

    Also, you may no longer need to provide separation certificates when your employees leave. The mandatory start date for Phase 2 reporting is 1 January 2022.

    Get in touch with us if you have questions about the changes.

    Change in Super Rules from 1 November for Your New Employees

    There’s an upcoming change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

    However, starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

    You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

    Business Conditions Decline, But Sentiment Improves

    NAB’s index of business conditions fell 9 points in September to 5, while its measure of business confidence rebounded by 19 points to 13. Firms in NSW looked forward to easing of stay-at-home rules beginning this week. Victoria and Canberra should start opening up later in October.

    Toll Rebates and Discounted Licensing Fees for Small Businesses in Sydney

    Small businesses in Sydney could claim $2000 as a support package that can now be used for tolls, licensing fees, and council rates has been expanded by the NSW government to boost economic recovery.

    The rebate, which was originally worth $1500, will target tradies and other small businesses with a payroll of less than $1.2 million, who do not qualify for payroll tax.

    NSW Premier Dominic Perrottet also announced a “stock guarantee” for businesses with an annual turnover between $75,000 and $50 million to apply for up to $20,000 for loss of perishable stock if affected by local lockdowns. Businesses can also claim $10,000 for reduced capacity to sell non-perishable items.

    Disaster Payments to Be Scaled Back

    The COVID-19 Disaster Payment which gives $750 a week to people who have lost at least 20 hours of work, and $450 a week to those who have lost between eight and 20 hours, will be wound back as each state and territory hits the 70% and 80% target vaccination rates for those aged 16 years old and above.

    At 70% fully vaccinated, people will have to reapply each week for the payment, instead of it being automatically renewed. Meanwhile, at 80%, the payment will be phased out entirely within two weeks.

    Support for Apprentices to be Expanded

    The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

    From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here you’ll find the latest government financial assistance available for particular industries.

    Cash Grants for Tourism and Hospitality Businesses in SA

    Hundreds of local tourism and hospitality businesses in South Australia have already started receiving new $3,000 and $1,000 cash grants, as part of a joint Federal-State Government small business support package. You can find more information about support grants in South Australia here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    JobSaver payment

    JobSaver is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. To check your eligibility and apply, visit the Service NSW website.

    Small business fees and charges rebate

    If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.

    You can view more NSW Government COVID-19 Support Packages here, including Jobs Plus, Sydney CBD Friday vouchers, Payroll tax support and support for the tourism industry. Get in touch with us if you have any questions.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit

    Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register before the due date of the first JobMaker period you’re claiming for.

    Get in touch

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

  • Business Update – 6 October 2021

    Business Update – 6 October 2021

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

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time.

    Photo 1585776245991 Cf89dd7fc73a

    80% vaccination targets approaching

    The Delta outbreak may have reached a turning point, with more than half the country in extended lockdowns and vaccination rates starting to approach national targets.

    According to Health Minister Greg Hunt, 80% of Australians will have had their first COVID-19 jabs this week. The government wants all restrictions and travel bans to be lifted when 80% of the population older than 16 years is fully vaccinated.

    Change in Super Rules from 1 November for Your New Employees

    There’s an upcoming change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

    However, starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

    You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

    APRA tightens lending criteria

    The Australian Prudential Regulation Authority (APRA) tightened lending criteria this week. Mortgage applicants must now prove they can make repayments if interest rates spike by 3%, boosting the “buffer” by half a percent. APRA hopes this will ensure borrowers can afford the level of debt they take on, given growing concerns around soaring house prices and slow wage growth.

    Borders to Reopen in November

    After 18 months of international border closure, Australia will gradually reopen its borders. Australians will be able to return home and travel overseas within weeks as soon as 80% of vaccination targets are met.

    At present, the border restriction is until 17 December, but this new announcement means the travel ban could be lifted a month earlier.

    Trade Surplus Jumps to $15.08 Billion in August

    Australia Trade Balance for August came in as $15.08 billion versus the $10.65 billion forecast. Exports eased to 4% while imports dropped to -1.0% in August, compared to +5.0% and +3.0% in the previous month, respectively.

    Government to Buy Experimental COVID-19 Drug

    The government will purchase 300,000 courses of Merck & Co’s experimental antiviral pill molnupiravir, which would be the first oral antiviral medication for COVID-19 if it gets regulatory approval. The drug could reduce the chances of dying or being hospitalised due to COVID-19 by 50%.

    Molnupiravir is expected to be available in the country by early next year if it gets approval by Australia’s drug regulator.

    Disaster Payments to Be Scaled Back

    The COVID-19 Disaster Payment which gives $750 a week to people who have lost at least 20 hours of work, and $450 a week to those who have lost between eight and 20 hours, will be wound back as each state and territory hits the 70% and 80% target vaccination rates for those aged 16 years old and above.

    At 70% fully vaccinated, people will have to reapply each week for the payment, instead of it being automatically renewed. Meanwhile, at 80%, the payment will be phased out entirely within two weeks.

    Support for Apprentices to be Expanded

    The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

    From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here you’ll find the latest government financial assistance available for particular industries.

    Cash Grants for Tourism and Hospitality Businesses in SA

    Hundreds of local tourism and hospitality businesses in South Australia have already started receiving new $3,000 and $1,000 cash grants, as part of a joint Federal-State Government small business support package. You can find more information about support grants in South Australia here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    JobSaver payment

    JobSaver is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. To check your eligibility and apply, visit the Service NSW website.

    Small business fees and charges rebate

    If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.

    You can view more NSW Government COVID-19 Support Packages here, including Jobs Plus, Sydney CBD Friday vouchers, Payroll tax support and support for the tourism industry. Get in touch with us if you have any questions.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit

    Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register before the due date of the first JobMaker period you’re claiming for.

    Get in touch

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

  • 3 Tips for Working Smarter and Gaining Personal Time

    3 Tips for Working Smarter and Gaining Personal Time

    You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time.

    Too many business owners think they must keep working harder—taking on more responsibilities and working longer hours—to be successful. It makes sense, because you’re responsible for your business, but that route leads to work overload and burn out. Ultimately, your business will be unsustainable if you keep pushing yourself to work harder.

    Here are 3 tips to working smarter.

    1. Commit to deep work

    How often do you get five minutes into a project just to be distracted by your email notifications or text messages? It’s difficult to cognitively focus on a task while being so distracted. Your mind has to bounce back and forth between different activities, and it takes time to transition every time a new email comes in.

    Set aside time each day where your cell phone is on silent, your email notifications are off and you can’t check your social media. Use that time to focus on your most cognitively demanding tasks. Eliminating distractions frees up your brain to focus on the activity at hand, which in turn enables you to get your work done more quickly.

    Deep work was developed by Cal Newport, who has written a book on the subject.

    2. Find the right business management tools

    There are many fantastic platforms and software-as-a-service tools to help you run your business, but not all of them are right for you. It’s easy to get tempted by the latest app that claims to make your life easier. Before you sign up for another subscription service, make sure it actually benefits you.

    Don’t sign up for something because it’s marketed as saving stime, make sure it actually will save you time. Otherwise, it just becomes one more tool that you have to log into and use to justify the expense. Productivity apps aren’t productive if you’ve already got your team logged into three other apps. Get rid of platforms that are redundant or don’t meet your needs. Don’t use any platforms because you can—investigate them to make sure they solve a problem for you or make a process more efficient.

    That said, when you do find a tool that makes your life easier and more efficient, buy it and use it. You can purchase software to make invoicing easier, simplify project management, and even manage your time.

    3. Increase your rates

    If you haven’t increased your rates in a while it’s a great time to consider doing so. Increasing your rates means you can focus on higher paying clients, earning you more money in less time. You don’t have to raise your rates a huge amount, either. Increase them enough that if you lose a few clients, your business won’t suffer financially. Then focus on finding new clients who will pay you at your higher rate.

    Final thoughts

    Being a successful business owner means working hard—but it doesn’t mean you have to keep working harder. Finding ways to work smarter—by increasing your rates, investigating management tools and committing to deep work—will help you in the long run.

  • 4 Things to Consider Before Expanding Your Service Offerings

    If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams.

    Here are 4 important things to keep in mind when you consider adding to your services.

    1. Does the expansion complement your business?

    The best way to expand your service offerings is to add value that complements the work you’re already doing and is attractive to your current client base. While it takes more effort to bring new customers in, adding something that your current clients need and that you already have the capacity for is an efficient way to increase your profits.

    If you already offer lawn maintenance, find out what other yard work your clients need done, for example. It might be fairly simple for you to offer those services to your clients, and they’d probably be happy for you to do it rather than hiring someone new.

    2. Is your profitability consistently high?

    Spending money to hire new people and buy more equipment if your business isn’t consistently profitable is risky. It might be tempting if you make a lot of money in one year to jump into offering a new service, but hold back until you’ve got a couple years of high profits behind you. That allows you to save money to cover the increased expenses and ensure that the one year wasn’t an anomaly.

    Invest in your business, but expand your services when your profits are consistently up, not when you’ve had one really good period.

    3. Is there a potential partnership or merger that makes sense?

    There are times when forming a partnership or otherwise merging businesses makes sense. Is there someone out there who works in a similar capacity that you could work well with? Maybe they are great in their field but need help running a business. Explore a partnership or a buy-out.

    For example, if you offer immigration consulting and you know someone who offers relocation services, you might form a partnership so the new company can offer both immigration help and relocation services. That can lead to new clients for both you and your new partner.

    4. Are you doing it for the right reasons?

    There are many good reasons to add new services, but there are also reasons that can increase your risks. Competition, for example. While competition can drive innovation, it’s not the only reason to add a new service—and doing so just to beat your competitors can lead to mistakes being made and money being lost. Rushing to expand is when companies find themselves in trouble for adding services there’s no market for or without a fully-formed plan.

    Final thoughts

    Expanding your business is exciting, but it’s important to consider some issues before you commit your time, energy and financial resources. If you’re adding new services, do so because it makes sense, you’re in a financial position to do so, your clients want it and you have the capacity for it.

  • Business Update – 29 September 2021

    Business Update – 29 September 2021

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

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

    Australia Post Pauses Melbourne Parcels

    Australia Post announced that parcel pickups, collections, and business lodgements would be paused in Melbourne for five days from Friday because of COVID-19 backlogs. Australia Post had already paused collections from retailers in NSW, the ACT and Victoria for three days earlier this month, to clear a record backlog of parcels.

    Supply chains are facing challenges as the Maritime Union of Australia escalated industrial action across Sydney and Melbourne ports, and the Fair Work Commission allowed StarTrack drivers to strike for 24 hours amid a stand-off with owner Australia Post.

    Sydney’s Lockdown to End Sooner for Vaccinated People

    Authorities announced plans to gradually reopen locked-down Sydney, unveiling a two-tiered system that will give vaccinated citizens more freedoms for several weeks. Movement restrictions across New South Wales will be lifted gradually between 11 October and 1 December as vaccination rates push through 70%, 80%, and 90%.

    Meanwhile, those who are not fully vaccinated will not be permitted to resume community sports, dining out, shopping, and other activities until the final date.

    Rapid Antigen Test Kits Available from 1 November

    From 1 November, you can start testing yourself for COVID-19 at home with a rapid antigen test kit. The rapid antigen tests are now finally set to secure approval and could be on sale soon at pharmacies and convenience stores in the country.

    Disaster Payments to Be Scaled Back

    The COVID-19 Disaster Payment which gives $750 a week to people who have lost at least 20 hours of work, and $450 a week to those who have lost between eight and 20 hours, will be wound back as each state and territory hits the 70% and 80% target vaccination rates for those aged 16 years old and above.

    At 70% fully vaccinated, people will have to reapply each week for the payment, instead of it being automatically renewed. Meanwhile, at 80%, the payment will be phased out entirely within two weeks.

    Support for Apprentices to be Expanded

    The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

    From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here you’ll find the latest government financial assistance available for particular industries.

    Cash Grants for Tourism and Hospitality Businesses in SA

    Hundreds of local tourism and hospitality businesses in South Australia have already started receiving new $3,000 and $1,000 cash grants, as part of a joint Federal-State Government small business support package. You can find more information about support grants in South Australia here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit

    Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register before the due date of the first JobMaker period you’re claiming for.

    Five Strategies to Gain Market Share

    New businesses may find it extremely challenging to increase their market share. The success of your efforts depends on your decisions and other factors that vary from one industry to another. However, this Forbes article shares five strategies that will help you gain a bigger market share no matter what sector you’re in:

    • Define your brand. Create a recognizable brand identity to distinguish your company from others.
    • Study the competition. Dissect the market you’re about to enter and own up to determining what your direct competitors do better that you currently do.
    • Target your market. Dive deeper into defining your existing and ideal customers so you can market your business more effectively.
    • Be innovative, yet flexible. Find the right balance between sticking with what makes your services unique, while still being willing to adapt to necessary changes.
    • Connect with your customers. Directly engage with your customers to acquire feedback and assess their needs.

    Need more focused business advice? Get in touch with our advisors today and let’s chat about your specific situation.

    Get in touch

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

  • How to Scale Your Business with Minimal Effort

    If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue in a linear fashion. You double your number of offices to double your number of customers, for example. Scaling means increasing your revenue without a substantial increase in the resources used.

    For example, email marketing is a great way to scale. You write one marketing email and it can be seen by 100 people or 100,000 people, without any extra effort from you. Scaling is a way of efficiently using your resources to increase revenue, without incurring additional costs—or only incremental costs.

    Here are some tips to effectively scale your business with minimal effort.

    1. Keep it simple

    Processes that are overly complex take more time and energy. They also come with a higher risk of errors. Scaling your business doesn’t have to be complex—in fact, complexity can often slow progress and waste your time.

    Keep your processes simple. That will help you not only maintain control of your business, but enable your employees and your customers to understand what you do and to buy in.
    If it seems too complicated, avoid it.

    2. Use scalable administrative processes

    Scalable processes allow you to operate efficiently because they enable you to take action quickly, with less effort and input. Technology makes it easier for companies to access software that increases productivity and revenues while decreasing time spent on administrative tasks.

    For example, having an online invoicing tool helps you scale because you can quickly create invoices, follow up with clients and track project management, without having to do so manually. That saves you time and energy that can be better spent in other areas. Meanwhile, marketing automation tools can bring in an additional $50,000 a year but only cost around $5,000 a year.

    Examine the activities you perform regularly and explore whether there’s a tool that could automate them.

    3. Focus on data

    Don’t speculate about what is and isn’t working in your business, use data to determine where you should spend money, and where you should stop. Business owners have access to a wealth of data-driving metrics, everything from how customers interact with your website to which marketing initiatives are working, to how long it takes to convert customers.
    Use that information to make effective spending and operational decisions, rather than guessing at what is and isn’t working.

    4. Scale your offerings

    Chances are, you can scale your offerings to encourage repeat customers. Automatic renewals or subscriptions can increase customer retention rates without you putting in the effort of chasing people down. Rewards programs nurture customer loyalty.

    Explore whether you can offer repeatable pricing packages as well. Even if you offer professional services, selling packages saves you from manually quoting on every individual project. There is likely a way that you can implement subscriptions or service packages to save you time and hassle.

    Final thoughts

    Scaling your business is an important way to increase revenue without significantly increasing your expenses. If you automate your processes, scale your offerings, focus on data and keep your systems simple, you can scale your business effectively and efficiently.

  • How Much Cash Does My Business Need?

    How Much Cash Does My Business Need?

    Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case.

    There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is a good baseline to start from, but there’s more to it than that.

    Here are some factors that determine how much cash your business needs.

    1. Your income:

    The source of your income helps determine if you need more or less cash. If your income isn’t highly diversified—that is, if the majority of your income comes from one or two main clients—you’ll need to have more cash on hand. That’s because if your main client leaves you, you’ll suddenly find yourself with significantly less money coming in.

    If your income is diversified, you’ll be better able to withstand losing a client, so you’ll need less cash available. But if the majority of your income comes from one source, you need to be prepared to have little income if they leave.

    Likewise if your business has investors, they could request their money back at any point. You’ll need to cover that.

    2. Your expenses:

    Businesses typically have fixed overhead expenses and variable expenses related to the cost of goods sold. You need to know how each of these affect you over a few months so you can prepare to cover them.

    Look at your financial statements for a period of at least six months, and make sure you account for busy seasons and slow seasons. See where your money is spent and how much you need on average to cover those expenditures.

    3. Your assets:

    Liquidity refers to how easily your assets can be turned into cash. Stocks and bonds can easily be converted to cash, whereas property and equipment often take time to sell and are therefore less liquid.

    The more liquid your assets are, the less cash you’ll need. If you don’t have a lot of liquid assets, you’ll want more cash accessible.

    4. Your spending situation:

    Your spending situation is based on how much of your expenditures are mandatory and how much are discretionary—that is, you can operate without those expenses. If you have a high proportion of mandatory expenses, you’ll need cash to cover them if times get tough.

    Discretionary expenses can be cut without significantly affecting business, saving you money or freeing it up for mandatory expenses. If you spend $5,000 a month on employee meals, you can easily save that money by not going out for a few months.

    The more rigid your spending situation is, the more cash you’ll need on hand.

    Cash

    Final thoughts

    A final important factor is opportunity cost. Money covers emergencies and downtimes, but keeping too much money in the bank means you’re missing out on investments that could build your wealth and quickly be converted into cash. Talking to a financial expert can help you understand your opportunity cost and whether you need more or less cash available to you.

  • Business Update – 22 September 2021

    Business Update – 22 September 2021

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

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

    End of Lockdown in Sight for Melbourne

    Melbourne will exit its coronavirus lockdown in late October if vaccine targets are met. The city has been under lockdown since August 5, but restrictions could be lifted when 70% of those over 16 years old are fully vaccinated. They projected that target would be reached around 26 October.

    Victoria’s construction sector shutdown due to non-compliance with COVID safety rules

    Most of the Victorian construction industry has been put under a two-week shutdown.

    The shutdown affects the sector in metropolitan Melbourne and other local government areas that are subject to lockdown restrictions, which are the City of Ballarat, City of Geelong, Mitchell Shire and the Surf Coast Shire.

    The construction sector will not simply restart in a fortnight’s time if ongoing COVID compliance issues continue.

    Victoria’s Health Minister Martin Foley said the vaccination rule would stay, with workers allowed two weeks to get their first dose.

    Financial Assistance

    The COVID-19 Disaster Payment, Pandemic Leave Disaster Payment may be available for impacted workers.

    Ballarat to Exit Lockdown on Wednesday

    At this stage Ballarat will exit its seven-day lockdown on Wednesday night. However, there will still be restrictions in place including the mandatory wearing of masks indoors and outdoors and no home visits.

    Moderna COVID-19 Vaccine Available at Selected WA Pharmacies

    Western Australians 12 years old and above can receive a Moderna COVID-19 vaccine from selected pharmacies. The first distribution of Moderna is expected to reach selected pharmacies between September 27 and October 2.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here you’ll find the latest government financial assistance available for particular industries.

    All Australian hotspots: COVID-19 Disaster Payment for recognised lockdowns

    This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

    Cash Grants for Tourism and Hospitality Businesses in SA

    Hundreds of local tourism and hospitality businesses in South Australia have already started receiving new $3,000 and $1,000 cash grants, as part of a joint Federal-State Government small business support package. You can find more information about support grants in South Australia here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit

    Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register before the due date of the first JobMaker period you’re claiming for.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government is continuing the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months.

    Tips for First-Time Business Owners

    First-time founders often waste time and resources during the early stages of building their business because of the knowledge gap on how to efficiently start a company. In this Forbes article, seven tips have been shared for the successful launching and running of a business.

    • Create an online presence. Build brand trust by having a beautifully designed website and polished online presence that potential customers, investors, and staff can visit.
    • Find an organisation system that works for you. Have one place to store all your information, manage to-do lists, stay aligned on big-picture ideas, manage data, plan out product and content calendars, among other things, so you can run your business more efficiently.
    • Stay on top of your finances. You’ll become a more strategic business owner when you keep your finances on track and understand your cash flow.
    • Learn to block your time. Scheduling your time is key– block out hours of your time on your calendar to focus on certain projects.
    • Don’t skimp on HR and payroll. Ensure your HR and payroll are taken care of so you can have peace of mind. It’s recommended to invest in a platform that can help keep these aspects of your business running smoothly.
    • Remember that you don’t have to start from scratch. Helpful templates and resources are available everywhere– you don’t have to start everything from scratch.
    • Keep confidential information confidential. Limit who has access to proprietary information.

    Your most precious resource is your time. So if you want to find more ways to save time and focus on building a thriving business, get in touch with our advisors today!

    Get in touch

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

  • Business Update – 15 September 2021

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

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

    Vaccine Passports for International Travel

    The government has taken a major step towards establishing a vaccine passport for international travel. Last week, it was announced that the system that will enable recognition of vaccine status should be ready in a number of weeks. According to the tourism minister, Dan Tehan, it will allow Australians to use MyGov to upload proof of vaccination to a QR code linked to their passport.

    Canberra Lockdown Extended Until 15 October

    Canberra will remain locked down for a second month until 15 October, after recording new COVID-19 infections.

    Part of Regional Victoria Back Into Lockdown

    The city of Greater Ballarat will be sent back into lockdown from 11.59pm on 15 September due to the increase in COVID-19 cases. The lockdown will remain in place for seven days. Meanwhile, those living in the 12 Sydney LGAs of concern have been rewarded with a slight easing of restrictions.

    Super Weekend for Vaccinations in Queensland

    The QLD government has announced a “super weekend” for vaccinations this coming weekend, wherein all community hubs will be open and walk-ins are welcome.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here you’ll find the latest government financial assistance available for particular industries.

    All Australian hotspots: COVID-19 Disaster Payment for recognised lockdowns

    This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit

    Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register before the due date of the first JobMaker period you’re claiming for.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government is continuing the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months.

    How Business Leaders Can Prevent the “Great Resignation”

    The pandemic has turned our lives upside down, and many of us are responding by making significant changes in our personal and professional lives. With people becoming increasingly confident that they can find better work, the “Great Resignation” has ensued.

    This Forbes article outlines some ways employers can stop the mass exodus:

    • Listen and learn. Gauge your employees’ well-being. Check how they’re doing on a regular basis and find out what they need for personal and professional growth.
    • Coach to mitigate burnout. Many people leave their jobs because of burnout. So review your wellness benefits or consider adding more. You might also want to identify at-risk staff and offer mental health hours to step away from work.
    • Invest in flexibility. It might not be easy for small businesses to provide extremely high pay, but you can at least offer work flexibility. If you can ease up on conventional standards of when and where your employees work, they are more likely to stay.

    In a nutshell, it boils down to one thing: put your people first. If you need more focused business advice, get in touch with us today and let’s work out a plan!

    Get in touch

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

  • Business Update – 9 September 2021

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

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

    COVID-19 Government Support By State and Industry

    Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

    The impacts of the COVID-19 restrictions vary from one industry to another. Here you’ll find the latest government financial assistance available for particular industries.

    Regional Victoria Leaves Lockdown

    Victorian Premier Daniel Andrews has announced restrictions will ease across regional Victoria, except for Greater Shepparton, from 11:59pm Thursday night.

    This means travel will be allowed around Victoria with no distance limit, but movement between Melbourne and the regions is restricted. A maximum of 10 people will be allowed for public outdoor gatherings, and outdoor tours will be capped at 20 people.

    Religious gatherings and ceremonies will be capped at 20 people and weddings will be limited to no more than 10 people. In-home visits are still not allowed in regional Victoria, and masks must still be worn indoors and outdoors.

    You can find a comprehensive list of the new rules here.

    Parts of NSW to Come Out of Lockdown

    The Mid and North Coast of NSW, as well as areas across the Riverina, and the Murrumbidgee regions, will all be free from lockdown restrictions on Friday at midnight. Regional travel is set to resume when 70% of the state’s adult population has been fully vaccinated.

    All Australian hotspots: COVID-19 Disaster Payment for recognised lockdowns

    This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit

    Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register before the due date of the first JobMaker period you’re claiming for.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government is continuing the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months.

    4 Easy Ways to Provide More Value for Your Customers

    Customers choose you over your competitors because you provide the most value. As competitors find ways to make their offerings more appealing than yours, you should also implement some strategies to provide even greater value than you already do and retain customers. This Forbes article shares some tips on how you can achieve this.

    • Become a niche authority. Establish yourself as an authority in your niche and provide solutions or insights to their pain points through blogs and social media posts.
    • Ask customers for feedback. Obtain honest feedback from customers to discover how you can add even greater value and improve customer experience.
    • Proactively customise your offerings. A one-size-fits-all approach doesn’t always work. Understand what each client needs and tailor your services accordingly.
    • Reward loyalty. If you want to gain repeat customers, find ways to reward their loyalty. Provide incentives and devise a rewards system.

    As you try to make your customers happier, your business becomes more memorable and valuable for them. Therefore, it’s a win-win situation!

    Need more focused business advice? Get in touch with us today and we can talk about your situation.

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business. We at S & H Tax Acountants help Small business in Accounting, Tax and Bookkeeping. we are Accountants located in southeast of Melbourne. We offer Tax agent services in Cranbourne, Clyde and surrounding areas.

  • Succession Planning: A will for your business

    The unfortunate reality is most business owners don’t take proper holidays. Usually this is because their business relies on them and they don’t have the support to keep the business running without them.

    As a business owner, have you ever considered what would happen to the business if you had to take a six months break because of a serious illness or injury?

    Would the business survive? How would the bills get paid? And while it might not be nice to think about, if you were to die, are you sure your business partners would give your loved ones a fair deal? For these reasons, and many more, it’s important for all business owners to have a detailed succession plan. A succession plan is like a will, but for a business. Although there are often a wider range of scenarios and options to consider.

    Just like your will, a good business succession plan can vary from one business to the next. But there are some key areas that should always be considered, which you can find below. Chat to us if you want advice on future-proofing your business.

    Business Structure

    In the event of death or retirement, the ownership and control of the business may need to be transferred to the owner’s family or to the surviving business partners. How easily this occurs will often depend on how the business operates, such as through a trust, or a company, or without a separate entity at all.

    Succession agreements

    If something happened to one of the business partners, would their spouse or children take over the control of that share of the business? If the answer is no, then a succession agreement can assist the other business partners to continue business operations whilst allowing for compensation for the former partner’s family.

    Managing risk

    Just like personal insurance, business insurance can provide a range of protection such as temporarily meeting the normal costs of running the business (business expenses cover) or paying for a short-term replacement manager (eg. trauma or disability cover). A life insurance policy linked to the succession agreement that provides the deceased partner’s family with suitable compensation for the transfer of business ownership to the surviving partners may also be a good idea.

    Powers of Attorney

    Most small businesses struggle to do much without the advice and authority of the figurehead or main key decision-maker. That’s why a Power of Attorney is integral to a good succession planning process. It helps the business to physically operate if the owner is incapacitated because of illness or injury.

    There is a range of people who may need to be involved in setting up a succession plan, including a financial adviser, lawyer and accountant. We can help you find the right team for you.
    Even if you have a plan in place already, it is important to review agreements and insurance policies so they’re up to date and reflect the current value of the business.

    Need a succession plan?

    Chat to us to get started. We’re here to help you run a successful business and protect your assets, now and in the future.

    We at S & H Tax Acountants help Small business in Accounting, Tax and Bookkeeping. we are Accountants located in southeast of Melbourne. We offer Tax agent services in Cranbourne, Clyde and surrounding areas.

  • 5 Funding Options for Start-ups

    5 Funding Options for Start-ups

    Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead.

    Start Up Business Goals Strategy

    If you’re wondering where to find business start-up funding, there are a variety of options available to you. Each of these options has its advantages and disadvantages, and it’s important to pick the funding that meets your needs and works for your business.

    Here are 5 funding options for start-up companies.

    1. Personal investment

    Also known as bootstrapping, personal investment means you put your own assets into your company. Banks and other funders want to see that you’ve invested financially in your business—this suggests to them that you’re committed to the venture.

    If you can fund your business personally without risking your financial future, it might be worthwhile. Funding your business means you don’t have to give up control or allow others a say in how you run things. Doing so, however, means your finances are on the line if things don’t go as well as expected.

    2. Friends and family

    If your friends and family have capital to invest, you can turn to them for funding. They loan you their capital that you repay when your business makes a profit. The interest rates are usually much better than you would get at a financial institution and the repayment terms are more flexible.

    The issues arise with borrowing money from loved ones. Friends and family rarely have capital to invest and they may want equity in your business. If you face financial problems down the road, they’ll be affected, which can strain your relationship.

    3. Investors

    Your business might be the right model to take on either venture capitalists or angel investors. Both inject much needed start-up capital into a business, but each requires some form of control.

    Venture capitalists invest in companies with high-growth potential, and they expect a healthy return on their investment. You’ll give up some ownership or equity in your company in exchange for their financial backing. If you go with venture capital, make sure the investors you bring in have relevant experience in your industry.
    Angel investors often invest in small start-ups and help people by contributing financially and with their expertise. They may not expect high returns for their investment but they may want a managerial role in your company.

    4. Business incubators

    Also known as accelerators, business incubators provide financial support and logistical resources to new companies—for example, they might offer a laboratory so your new business can develop its products before starting production. Once the business enters a production phase, it leaves the incubator.

    5. Grants, loans and subsidies

    Government agencies and financial institutions offer grants, loans and subsidies for start-ups. The competition for grants and subsidies is high, and the amount you receive varies. Many grants require you to invest your own money or prove you have funding from other sources.

    Bank loans require you to prove you have a solid business idea and are capable of repaying the loan. If you’re a new entrepreneur, you may have to provide a personal guarantee that the money will be repaid.

    Final thoughts

    There are numerous funding options for your start-up, each of which has advantages and disadvantages. Knowing how much money you need to cover your initial costs, how long it will take to turn a profit and how much control you’re willing to give up in exchange for funding will help you choose the option that’s best for you.

  • 4 Ways Small Start-ups Can Take On Established Competitors

    Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services.

    The key to benefitting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to get ahead of established companies and grow your business.

    1. Respond to customer needs

    Large businesses have weaknesses. The bigger they are, the less personalised and responsive their service is. They market themselves to a wider audience and, because their overhead is higher, they have to bring in more clients to cover their costs.

    In this respect, your size is an advantage. Fewer customers means more personal service. That opportunity for relationship building will entice customers who are looking for extra attention.

    Examine what people love about your competitors but also what frustrates them. Build your business to address those gaps. If you find early on that something isn’t working with your customers, don’t be afraid to shift. Be innovative in responding to market changes and customer demands. You’ll have an easier time making that change early than once you’re more fully established.

    2. Show what makes you different

    Your business offers something different from the established brands. If you didn’t have something unique, you wouldn’t be starting a business. You’re different from what’s already out there—and that’s what makes you attractive to your target market.

    Do you offer goods that are only locally produced? Products that are ethically sourced? Do you have special knowledge or expertise in your industry? Are you offering a service that has a new component, such as a technological advantage? Does your product fill an existing gap in the market? Whatever it is that makes you different, market that. Make sure people know why and how you’re unique.

    3. Take advantage of existing knowledge

    If there’s already established competition in your industry, that’s a good thing. It means someone has already done vital research on your customers’ needs and pain points.

    You can learn from the knowledge that already exists by studying your competition. Look at their website, social media and review sites. Take note of how they sell their goods or services. Are they using tactics relevant for you? Are their strategies effective? Are there weaknesses in their marketing or offerings that you can address?

    Rather than spending your money doing your own research, learn from the businesses that have gone before you.

    4. Focus on your audience

    There’s room enough in most industries for competition. While it’s a good idea to know who you’re up against, ultimately your customers are your priority. Focus your efforts on providing goods and services that are meaningful to them, that address their pain points and that make their lives better. Market yourself to make those aspects clear. Show them why you’re the ideal company for them to buy from.

    Final thoughts

    By using these 4 strategies you can effectively take on the competition and help your start-up business be successful.