Hmmm, would you believe that it is less than 100 days until Christmas!! That’s right, we are heading into the final quarter of what can only be summarised as a year like no other!
It’s with mixed emotions I put pen to paper this month, as on the surface we have started the first steps back to the new normal, with restrictions easing in Regional Vic quicker than we thought, school’s back in a couple of weeks and it would also appear restrictions in Metro Vic are only days away from beginning to be relaxed.
Don’t get me wrong, I am as excited as the next person about being able to visit friends and family, returning to work from our office, visiting some cool places in Victoria with the family and going for a run with more than one other person. These things are all important and on so many levels – especially for our physical & mental health and wellbeing.
However, it also means we are a step closer to seeing and living with the real financial impact the past 6 months is going to have on the next 12 months and beyond. In October, we are going to see around 80% of the businesses currently on the JobKeeper Scheme come off it, Centrelink wind back their benefits and banks have already started to request repayments from customers who chose to pause their monthly commitments back in March/April.
If you haven’t already done it, now is the time to take stock of your current personal financial situation. Assess where you are at, by evaluating your known contributions and deductions.Treat your personal finances like you would your business, by making sure you have more coming in than coming out. The sooner you do this the better, as support is available and changes can be made.
On top of all this, the majority of us are tired, either physically or mentally and in many cases both. I look at (and are one of) those fortunate enough to be able to keep working or running their businesses. These businesses have been running hard for best part of 6 months now, not only without a break, but with so much more red tape and issues to consider (whether it be masks, hand sanitizer, customer limits, online/delivery, working remotely etc) and juggling all these extra balls is no doubt having its toll.
Then we have the flip side, with those that have been stood down from jobs, or their business closed or heavily restricted – with so much uncertainty and pressure and not knowing what is next around the corner. The burden on these people is enormous.
Add to this the pressure of so many other moving parts, such as remote learning, isolation, missed birthdays, cancelled holidays and celebrations, no sport- the list could go on. We have had an interesting ride thus far, and this is only the beginning.
In saying all that, what I’d like to add is – We as humans are given a gift when we are born like no one else, and that’s the gift of CHOICE.
Yes, the last 6 months have not been ideal and nor will the coming months be any easier, but we all have the choice to deal with what’s on the table right now and can focus on controlling what we can. So instead of looking at the mountain staring you in the face and saying this is all too hard, commit to taking the daily steps and actions to make your way through this and remember you are not alone – we are all in this together.
Furthermore, don’t forget where we live – be grateful for those simple things we have that so many other people and countries do not. Continue to do what you can to support each other and local businesses and take care of number one.
If you ever want a chat or a listening ear, please send me an email or give me a call.
Stay tuned for some BIG announcements from our Pursuit team very soon..
Pursuit Workflow Update
I would like to share an update on where we are at with our current workflow. As a business, we have been impacted by the coronavirus, but not in the way you might expect.
While our team have responded well to the shift to working from home, the impact for us has been on the additional work we have taken on these past 6 months.
The additional work we have been doing is as follows:
- Keeping up to date with constant legislation changes, both at State and Federal level,
- JobKeeper applications and lodgements,
- State Government Grants,
- One-off and ongoing support to clients who have been impacted due to the closures and restrictions placed on their business, whether it be:
- Working through the rules and what it means to them,
- Helping pivot their business,
- Discussions and negotiations with banks,
- Employee and Bookkeeping support
- Business Breakeven Analysis,
- Budgeting and Cashflow Forecasts,
- Business Planning,
- Ongoing Coaching and Accountability,
- Providing visibility on both the personal and business front by ensuring our team members, whenever possible, are available to chat to via phone or in a Zoom session.
We are doing what we can to continually improve our internal systems and are on the lookout for two new team members (if you know someone who is looking for an employer change, please let them know we are hiring 😉) to help out our existing team that are all doing an extremely good job, even under the current circumstances.
We do expect that this constraint will continue through to Christmas, however, if you do have an urgent need to get your returns done, let us know as we will make this a priority.
Over the next week or two (if you are impacted), your adviser will be in touch with you to discuss a revised deadline.
Thanks in advance for your understanding and continued support of our business.
Business Survival and Adaptation Package
The Andrews Government has announced a $3 billion package to assist Victorian businesses through this second lockdown which will include:
- $1.1 billion in cash grants for small to medium businesses to companies “most affected” by coronavirus restrictions;
- The establishment of a $251 million Licensed Venue Fund with grants of $10,000 to $30,000;
- Payroll tax – deferred for businesses with payrolls up to $10 million for the full 2020-21 financial year;
- A further $137 million in tax relief on top of an existing $1.5 billion tax relief program ;
- $20 million for small businesses to help them access digital programs such as Shopify, training and workshops to adapt their businesses to online operations;
- $15.7 million for an export recovery package to address logistics and supply chain issues caused by the pandemic, and establish new export channels; and
- Grants of up to $20,000 to businesses in alpine resorts.
- The relief measures include $27 million of savings from waiving of liquor license fees, $41 million savings from a 50 per cent cut in stamp duty for commercial and industrial properties in regional Victoria.
- A planned increase in the landfill levy to be deferred for six months.
- As well as a newly announced package for sole traders where those eligible will receive a grant of $3,000.
If you are a business owner in Victoria, watch this space. Early advice is key. For more information feel free to contact the team or alternatively click here Business Survival and Adaptation Package to read further.
Xero have announced a refreshed Starter plan designed to work better for small businesses. They have removed the limit on bank reconciliations and increased the invoice limit to 20 per month.
Starter customers will still have access to all the other powerful features in the existing plan, including Hubdoc as well as Xero’s cash flow tools like business snapshot and short-term cash flow.
To find out more click here or to see how this will benefit you, get in contact with our Xero experts Rachel and Danielle today.
Don’t miss this opportunity to explore growth and sustain a purpose-driven business even in these times of disruption and register now for our upcoming webinar, Business Planning: Unlock Your Potential, hosted by Director Mark Dunsmuir and Senior Adviser, Stuart Kendall.
Wednesday, 30th September 2020, 11:15 AM
To register simply click the button below. (Please note, even if you are unable to attend the webinar, it’s still worthwhile registering as you will then be sent the recording to watch in your own time.)
Book On My Desk
Roughy the Autobiography
Roughy is a story of perspective and is much more than a footballers tale. Cancer doesn’t discriminate. When things were at their worst for Jarryd Roughead his four premierships two All-Australian gongs and a Coleman Medal counted for nothing. Being that rare footballer who was as loved by opposition fans as his own was no help either. This book shows he’s depth and life story as well as he’s unwavering will to carry on his dignity through a final chapter of his career that was dignity personified with a fairytale ending that was celebrated by all.
We Want Your Input
If you have any questions you need answered or can offer us feedback, please let us know as an integral part of our core values is kaizen – the state of constant, never-ending improvement.
To get in touch, you can contact us by phone on 03 5623 3778, or send us an email at firstname.lastname@example.org.
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As information is announced from the Federal and State Governments, we will provide updates, advice and support as best as we can during these times. Keep up to date by subscribing to our YouTube channel, and/or like us on Facebook and LinkedIn, simply click the icons below.
If you or anyone you know is struggling due to the current circumstances and needs help, call 1300 22 4636 or visit the Beyond Blue website to seek professional support and guidance.