Superannuation underpayments amnesty deadline is approaching

Posted on Wednesday, September 2, 2020
We’ve spoken a lot this year about business stimulus programs, JobKeeper, support for employers and ways of adapting your business for the future. But I’d like to talk about superannuation this week, and specifically an important deadline that is fast approaching for small business: the government amnesty on superannuation underpayments. The government has clearly recognised that business owners have a lot on their plate and things can slip through the cracks, one of which could be neglected superannuation responsibilities, and they have opened up this amnesty for businesses to go over their books and make things right without any punishment from the tax office. That means if you haven’t already, it is time to ensure that you are up to date with your super payments to your employees by September 7, 2020. If you are found to be in breach of your super responsibilities after this date the punishment will be significant fines as well as an audit, which will clearly affect the productivity of ... Read the rest of entry »

Digital transformation is the key to post-COVID recovery

Posted on Friday, August 28, 2020
It might be a cliche, but it is also very true: small business is the backbone of Australia’s economy.   Australia is home to nearly 2.5 million small businesses, which means one in two workers are working in a small business, which is a third of the country's GDP.   So it’s probably no surprise that the post-Covid recovery will be driven by small business. The success of that recovery will be based on how well businesses adapt to the new normal and how they innovate for the future.   This week I spoke with the chief executive at MYOB, Greg Ellis, who said digital innovation for small business was the most crucial factor that would separate those businesses destined to succeed in the recovery phase.   “Everyone agrees that the federal and state governments are doing a great job with JobKeeper and JobSeeker,” Mr Ellis said.   “But we can’t keep main-lining cash into the economy and we have to start looking at what things will look like ... Read the rest of entry »

Have you shifted your business online yet? Why not?

Posted on Friday, August 21, 2020
There has been plenty of uncertainty in business this year.   From the impacts of the pandemic on employees, how and when a business can operate, various stages of lockdown and increased hygiene measures, it feels like each week has brought a new challenge.   One thing we can be certain of as we sit here right now is that online has become the key pillar on which businesses will have to build to ensure their survival beyond this pandemic.   Whether you have already made steps to expand your online presence, or you’re still getting your head around ways to best utilise the internet for your business, it is clear that how you adapt your business to the new normal is crucial.   The Coles Group recently announced they were increasing their digital spend by up to 50 per cent to reflect changes in shopping habits and to better reach their customers, and it’s pretty clear that small businesses should be following suit.   This could mean looking at Google advertising, or ... Read the rest of entry »

Is now a good time to invest in a business?

Posted on Thursday, August 13, 2020
I have spoken a lot in recent weeks about the struggles facing small businesses and the challenges that the current economic climate is presenting for business owners. But could now actually turn out to be the perfect time to look at buying or investing in a business? There is no doubt that it would be difficult to start up a new business right now, especially if you are unable to physically meet customers or investors. What we also know is that roughly 20% of new businesses fail in the first year, and 45% in the second year. That is one of the main reasons that people buy or invest in established businesses, rather than starting one, is that they have existing infrastructure and ongoing cashflow. You might actually find that an approach to a small business in your area that might be looking for investors, or is happy to have a conversation, could turn out to be a worthwhile exercise. You can ask your questions about employees, or the lease, or the state of the business and whether they are thinking abo ... Read the rest of entry »

When the going gets tough, the tough get agile

Posted on Wednesday, August 5, 2020
We have spoken many times here about the importance of being flexible and adaptable as this pandemic continues to hit small business hard. That has never been more important than it is right now.   Once again we are facing another set of changed circumstances to try and fight this deadly virus, and many small businesses are set to take a big hit when the new changes begin at midnight tonight.   There’s no doubt that it is going to be a tough time.   I spoke to a real estate agent that is no longer going to be putting up boards or printing flyers and is operating by video appointment only.    There are the lawn and garden maintenance guys who can no longer go out and do their job and are trying to negotiate deals with local councils, and mechanics who will now have to go and pick up a car themselves, sanitise it, drive it back to the workshops, fix it, santise it again, and drive it back to the client.    It is a crazy time indeed, but it’s important for ... Read the rest of entry »