Opportunities and How We do Business will be Different
Is there new opportunities for small businesses as we reopen for business as restrictions ease and getting prepared for reopening?
When you will be able to reopen, of course, depends on a variety of factors: your local and regional rules and the impact of the coronavirus in your local area.
The willingness of your customers to head out and to the local retail stores to do business again.
As we know life and the way we do business for maybe a very long time will be different.
Opportunities of Offering New Services
We can look at ways of offering our services in many different forms that we are used to delivering.
Opportunities of offering new services and products that have come about during the pandemic.
For a business, laying the groundwork to reopen begins by monitoring how close to easing restrictions are in our local region.
Opportunities for offering new ways of serving our clients to be safe and may become the new normal and can be a blessing not a curse especially financially viable.
Staying in touch with your customers even when a business is closed or not fully available to serve them is a critical strategy.
Opportunities and Challenges come in two forms:
We can face 2 opportunities of too many or too few.
Most managers don’t think of too many customers as a challenge but imagine what will happen when dentists, hairdressers and other similar services reopen.
Feeling overwhelmed by a rush in the door and coping with the demands.
Businesses that reopen successfully as economic restrictions ease, or expand successfully, and monitor changes as they evolve.
Even if a company has been open, expansion opportunities may increase as the quarantines wind down.
The general path for reopening the economy, the best strategies to get ready to reopen.
Challenges that businesses will face as they re-open, and how procedures will need to be adjusted as the economy progresses—or possibly regresses.
Opportunities for Boosting Cash Flow for Businesses.
Government legislation has passed to provide temporary cash flow support.
Small and medium businesses and non-profit organisations that employ staff and have been affected by the coronavirus pandemic.
Eligible businesses and non-profit organisations can receive between $20,000 to $100,000 in cash flow boost amounts.
By lodging their activity statements up to the month September 2020.
Delivery of Cash Flow Boosts
The cash flow boosts will be delivered as credits in the activity statement system.
They will be the equivalent to the amount withheld from wages paid to employees for each monthly and quarterly period from March to June 2020.
An additional cash flow boost will be applied when activity statements for each monthly and quarterly period from June to September 2020 are lodged.
You must lodge your activity statement to receive the cash flow boosts.
They will be applied in either two or four instalments depending on your reporting cycle. To know more detail
Job Keeper Payment Opportunity
The Employer Opportunity Cash Flow Boost
Employers can choose to participate in the scheme and then nominate all the employees that are entitled to claim for.
An employer can choose not to participate in the Job Keeper payment.
How You Can Enrol
- Check your Business is eligible
- Check your employee’s eligibility
- Complete the nomination process
- Set up systems to enrol
- Get advice if you need it
The Sole Trader Opportunity Cash Flow Boost
Sole traders can be eligible for the Job keeper payment if their business has experienced a downturn according to the eligibility criteria.
Sole traders and some other entities such as partnerships, trusts or companies may be entitled to the scheme under the business.
A limit of one $1500 payment a fortnight applies for the eligible business participant.
The sole trader who is both the business entity and the business participant receive the Job keeper payment themselves.
You may be eligible if:
Have a non-employee who is actively engaged in the operation of the business
Meet the other eligibility requirement click the link for details.
Support For Local Business and Opportunities They can Take
Every year the Australian government sets aside billions of dollars for the advancement of our commercial, business and non-profit sector.
The key to successfully obtaining these grants are knowing when funding is going to be allocated and promptly submitting your applications thereafter.
One of the schemes through which the government has extended support for small businesses is through the $20, 000 Asset Write Off.
Tax cuts for businesses generating turnovers of under $50 million.
Opportunities for Small Business Grants
The government has also allocated up to $190 million over the next five years to support mature age Australians.
This is to help mature age Australians to adapt to the transitioning economy and develop the skills needed to remain in work.
These are just examples of the types of programs and incentive the government has made available to encourage growth of the start-up, small and medium business enterprises.
Funding Opportunities for Small Businesses to Grow
These grants and funding opportunities are made available to assist businesses to start grow and expand their activities.
Grants are not always restricted to any particular industry or sector as they are designed to help those in need of assistance.
Small Business Grants
Philippa Hunt is a Woman on a Mission.
WiseGirls Money Academy was created after working as a qualified Financial Adviser for many years and deciding it was time to assist women who desired to learn and develop the self-empowerment to understand their emotional relationship with money, the skills and knowledge to save and invest. They wanted to learn how to create their own financial future and become financially capable.
The WiseGirls Money Mission is to provide the opportunity and place for growth and development of women of all ages in personal and financial skills in a supported female environment so that they take control of their future to reach their own financial independence.
