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Seven steps for business growth

Posted on March 31, 2016 by admin

Once your business is up and running, you need to identify and understand what works and what doesn’t. Owners need to take a step back and be strategic about how and when they should grow their business.

Opportunities for business growth can be exciting, but turning an idea into a practical reality takes careful research, planning and investment. Here is a short checklist owners can use:

Review your cash flow
Growing a business starts with reviewing your cash flow. Work out how much money comes in and goes out, and use this information to plan the year ahead. Identify how much money is needed to invest in the business’s growth and what it will be used for e.g. hiring employees or buying equipment.

Review your daily processes
Could your staff be more efficient in the way they do things? Check your business practices and policies and review day-to-day processes to identify what can be improved.

Prepare your team
Having a team of skilled and committed employees is key to business, particularly to those who plan on expanding. Consider how your team can be prepared for change and business growth.

Know your market competition
Businesses must be clear about their place in the market. Look at your market share and your main competition.

Update your website content
Before you start encouraging new audiences to visit your website or blog, check that your site’s content is up-to-date and that the website can be easily found online.

Update your communications plan
A well-thought-out communications plan identifies the key messages you want to get across to your customers.

Prepare for an economic crisis
No one likes a downturn, but since they do happen, it is important to make sure you’re ready. Review your cash flow and identify the liquid assets you have. Setting up an emergency fund may be a good idea for when times are lean.

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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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