Business as (Un)usual

By Brendan Taylor

During September we ran a series of webinars called the Business Recovery Project.

At that time we were quite sure most of our clients were operating in a false economy.

What was supposed to be a recession was actually starting to show, dare I say it… boom-type signs.

Whichever side of the fence you sit on, and whatever your reservations about how it will be paid back, you have to admit that the government stimulus of Cash boost, JobKeeper, JobSeeker, JobMaker and then asset write offs had that exact effect… stimulation. Business spending and consumer spending, including travelling within our own borders, has exceeded all wildest dreams.

Our Business Recovery Project was designed to give business operators the tools to handle a recession and gradually recover and then thrive in the long term.

Two months on that seems surprisingly ridiculous. It seems there was no recession (for now at least). For many businesses the activity and sales has been strong and the cashflow has never been better.

So while the webinars were aimed at a downturn, it’s clear that the tools, lessons and ideas are actually relevant to anytime and any economic situation.

Whether we are headed for a post-JobKeeper fall or continue this surprising rise, take this opportunity to review your business at every level.

I know everyone is busy and wants a quick read, so here is a recap in bullet point format, of the best of the tools covered in our 4 webinars. Please look for anything that resonates with you, consider which tools, highlighted bold, might work for you. We have many tools available to you just give us a call if you want to know more.

Webinar 1 – The Power of Capital and Cashflow

• Plan for the best, prepare for the worst

• Budget budget budget – Prepare regular Cashflow Budgets

• Know your breakeven point sales – Do a Breakeven Point Analysis

• Make sure you have spare working capital funds available

• Watch your costs – Waste Audit Exercise

• Collect your debtors – Create a Debtor Collection System

• Use long term funding for long term projects and assets

• Keep your records clean and up to date and ready for the bank

• Negotiate your interest rates and fees – Meet your bank manager

• Ensure availability of capital or borrowing power for expansion

 Webinar 2 – Your Workforce Resource

• Are the right people in the right seats

• Invest in your people and yourself

• Train train train

• Learn to be a good leader

• Understand the value of healthy work environment and conditions

• Promote your values you require your employees to work under

• Communicate and check in on your employees

• Is working from home possible, and productive

• Tighten your systems and policies

• Put more effort into your Engagement and Termination processes

• Get your HR paperwork in order – implement a Human Resources Pack

• Innovative thinking – Is there a better way to do the tasks

 Webinar 3 – Out of Date Business Concepts

• 9 to 5 opening hours are disappearing

• Don’t wait and hope for customers to walk in the door

• Take yourself to your customer, physically or digitally

• The borders may be closed but the market is broader than ever before

• Education and training of yourself and your team is no longer in the classroom, it’s in front of you

• Does mail still work, Is there a quicker way – IT Review

• Market market market – Get a Marketing Plan in place

• Reconsider the effectiveness of your advertising spend, does TV, radio and print still work?

• Reconsider your product mix and the contribution of each to your business profit – Profit Matrix Assessment and Market Options Matrix

• Understand your competitor and where you sit in the market – Competitor Analysis

• Don’t wait until after end of the year to measure your performance – build Performance Measurement Dashboards to snapshot your business every day

 Webinar 4 – Future Focus and Strategy

• Spend time working on your business

• Set goals and write them down – Brainstorm or Mindmap your goals and plans

• Question everything, regularly ask Why?

• Create a business plan but not as a book – Create a One Page Plan 

• Take time out and away from your business to strategize, including getting consultants or your accountant involved – Killer Coffee

We learn lessons from reflecting on each year, but surely 2020 has to be the one to open our minds to opportunities, lessons, risk, balance and innovative thinking.

If you wish to see any of this in more detail watch the webinar recap videos linked or call to discuss further.

---

Your ATO correspondence is going electronic

Our commitment to finding innovative ways to improve the way we do business with you continues with the introduction of electronic delivery of your ATO assessment notices and other ATO correspondence.

This follows the recent commencement of the electronic delivery of tax returns and financials and, prior to that, the electronic delivery of our invoices.

Our gradual implementation of electronic delivery ensures that:

• our systems and the way we work stay up-to-date

• we can get documents to and from you much faster, no more waiting for the post

• we can continue to provide a seamless service in the future should there be any restrictions placed on our office in light of COVID-19

 Struggling to keep your data and electronic documents organised? Keep your eye out for a future Lincolns newsletter on how to effectively manage your electronic files.