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Leading change

Posted on August 23, 2017 by admin

All businesses, at one stage or another, will have to go through significant change. Change is necessary for growth but accepting the need for change can be difficult for some.

Change can arise in various ways, i.e., struggling to find quality employees, a demand to change direction, targeting a new target market and so on. Whether it is an internal or external force driving the change; it is important to lead change confidently.

Here are three ways to lead change with ease:

Articulate a clear vision
A strong strategic vision acts as a blueprint for leading change and can provide employees with more clarity about the positive impacts change will have for them and the overall business. A vision statement helps to align your team around the business’ goals and prompts them to work towards making the change happen. A clear vision also helps to overcome cultural resistance to change as employees can link the change to positive transformation.

Engage with staff
Staff will either accelerate or hinder the change process, so it is crucial to get them onboard and constantly keep them informed. Frequent communication is ideal during times of change. Set aside time for questions and have an open door policy for staff to ask questions. Make a plan, communicate it to staff and constantly check in to assess whether tactics are successful or require adjustment.

Celebrate wins
Wins are proof that change is generating results. Celebrating wins reinforces the notion that change is essential for business growth. Celebrating both small and large wins hones in on the collective contribution of the team’s efforts and motivates employees to work towards goals which will promote change throughout the business.

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Government increases cash flow support for businesses

Posted on March 27, 2020 by admin

The Australian Government has increased support for businesses to manage cash flow challenges under the ongoing COVID-19 circumstances.

The Boosting Cash Flow for Employers measure announced on 12 March 2020 will be increased to provide up to $100,000 for eligible small and medium-sized businesses. To be eligible employers must have been established prior to 12 March 2020 and have an aggregated annual turnover of less than $50 million and employ workers.

The measure will provide employers with a payment equal to 100% of the tax withheld from wages and salaries. This is a rise from the original 50%, with maximum payments being increased from $25,000 to $50,000 and minimum payments being increased from $2,000 to $10,000.

Employers will receive payments from 28 April 2020 from the ATO as automatic credit in the activity statement system upon lodging eligible upcoming activity statements.

Eligible businesses will be provided with an additional payment during July – October 2020. The payment will be equal to the total amount received under the Boosting Cash Flow for Businesses scheme. For monthly and quarterly activity statement lodgers, these payments will be provided as automatic credit in the activity statement system for each lodgement up until October 2020.

The Government has also introduced the Coronavirus SME Guarantee Scheme to support the flow of credit for small and medium enterprises (SME) by providing a guarantee of 50% to participating SME lenders for new unsecured loans that will be used for working capital. To be eligible, SMEs will have a turnover of up to $50 million and the loans must comply with the following terms:

The SME Guarantee Scheme will still require businesses to repay these loans and approval is subject to regular lending requirements. The Scheme will commence by early April 2020 and be available until 30 September 2020.

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