3 Tips for Navigating Current Business Uncertainty

Here are 3 tips that will help your business get through these challenging times with COVID-19:

Managing the cashflow advantages that you’ll get out of the government stimulus packages

There are two major cashflow advantages from this – the first one is looking how much W2, or wages tax credit, is your business going to get back as part of the government’s up to $100,000 cash flow boost for businesses. If you would like to know more about that cashflow boost, talk to your accountant.

The second advantage that can boost your cashflow is the ‘’jobkeeper allowance’. Look at how many employees you have got on, how many you need, and what the federal government’s assistance is going to be for your business in particular. The jobkeeper allowance could mean almost $20,000 per employee.

Looking at loan assistance through the banks backed by the federal government

You should be, if you’re not already, talking to your bank manager about the implications for you, in your business, and how the bank can help you with your cashflow servicing at the moment.

Keeping your team together and connected

One great idea is having daily team video meetings at 8:30 am every morning where all of your team members say how they are feeling, what they’ve got on for that day, and can bring up any issues. It only takes about 10 minutes each morning and it’s a great way for your team to still feel connected despite working from home.

Llew Eynon

Partner - Western Australia | Succession Plus

Llew is a Partner as well as Director at his Perth-based accounting firm LG Accounting Solutions, which he has been running for 20 years. He serves mostly medium-sized businesses by working with them to implement effective systems as well as solutions to cash flow problems. Llew values relationships because he has found that if you want to support a business and inspire it towards its next level of success, you have to build strong relationships with key people in that business.