Give your business a health check up
Check out the following tips, resources and training to give your business a spring clean in preparation for an easing of restrictions and a return to business as ‘normal’.
Don’t hesitate to reach out to the business team at Yarra Ranges, we are here to support and assist through these difficult times.
- Review expenditure and look for ways to cut or reduce outgoings, including your personal expenses. If your income has been reduced, can you look at other ways to source income? Consider how things may look when restrictions ease – are there any untapped income opportunities there? The Australian Tax Office (ATO) runs daily free webinars (cash flow, bookkeeping, payroll and superannuation) click here. Business Victoria is running free webinars on Finance fundamentals, click here.
- Evaluate your insurances – are you adequately insured? Are you over insured eg: are you paying insurance for stock when you are not trading? Business Victoria has information and checklists on which insurances may apply to your business.
- Are you set-up to access your business data through the Australian Securities and Investment Commission (ASIC) or through the ATO Business Portal? Have you created your My Gov ID? Check all your contact and financial details are correct with these organisations. Check your ABN details are up to date with the Australian Business Register (ABR).
- Internal documents, policies and processes – Are any out of date, don’t exist? Can you give your data storage a clean out?
- Accounting systems - Consider making that change to an online accounting system. Research what is available and check in with your accountant for more advice.
- Marketing and business plans are fundamental to the success of your business – spend time developing these now so you can be ready when business resumes. This downtime could be a great opportunity for a logo and brand identity revamp!
- Closing your business – You don’t have to go it alone, this free webinar from the ATO will give the steps and guidance you need. Beyond Blue also has support services to help you through these difficult times. You can also contact our business office for more assistance.
PH: 1300 368 333 (request to be connected with the Small Business Office)