There's no doubt it has been a tough year for businesses across the country. From extended small business grants to increasing cash flow, there are a number of ways your business can get off to a great start next year.
2020 taught us that difficult economic conditions are bound to arise throughout the year, resulting in challenges for your business. Below are some steps that your business can incorporate to assist with growth and success in the new year.
Increase Cash flow
After a review of your financial results from the year, you will need to determine if you need to increase your cash flow or have the ability to do so. If the answer is yes, putting together a plan to achieve this is essential. This could mean increasing the cost of products or services, decreasing staff, investing in marketing or putting forth a new service. There are many ways that businesses can increase their overall cash flow, once you have figured out what is right for you and your business, implement your desired plan.
Government Grants still available
It’s important to keep up to date with grants and information to ensure your business is taking full advantage of what's on offer this new financial year to help drive your growth and long-term strategy. Below are some grants and incentives that are still available.
The instant asset write-off threshold has been increased from $30,000 to $150,000. This applies from 12 March 2020 until 30 June 2021, for new or second‑hand assets first used or installed ready for use in this timeframe. The eligibility criteria have also been expanded.
Grant support for non-employing sole traders operating out of commercial premises or locations to help their transition to COVID Normal.
The Small Business COVID-19 Adaption Grant Program provides small and micro businesses with funding to help them adapt and sustain their operations.
Keep on top of invoices
To maintain a healthy business cashflow in the year ahead, it is vital that invoices are issued in a timely and consistent manner. SMEs are experiencing delays compared to a year ago, therefore invoices that are issued early and are diligently followed up will allow your debtors plenty of notice to pay their receivables, which in turn will improve your cashflow.
Relax and review
It’s no secret that running a small business can be stressful, and there are many challenges faced across the way. Be sure to take time out of your busy schedule in the year ahead to enjoy and reflect on your successes, as surviving in the current economy is a sign of success in itself. Take a well-earned break to renew your energy and focus for the year ahead.
Taking the time to review some of your existing processes, implement some new best practices and throw out some old bad habits is a great way to start the new year.
Looking to kick off your new year by increasing cash flow or upgrading existing equipment? Contact our expert team on (03) 5223 3453 to find out how we can help you.
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