What to do with your website during a crisis

With face to face trading either not possible or more difficult, your business website needs to step up. Many businesses have been thinking about adding an online shop for a while and the current crisis has created the impetus to launch into e-commerce. But even if you are not selling online, your website should still provide good information to visitors about how you are operating throughout Covid-19 and how you can help them. In the busy day-to-day operations, a business website can be left unchanged, but if your competitors are improving their sites, you may be left behind. Your website is usually the first place a new customer will go when they are looking for your products and services.

Your monthly activity statement (BAS) is due on the 21st

Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do you have tax invoices and receipts for all business-related transactions? Have you checked the GST tax codes for all transactions? Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy? Have you got paperwork for asset purchases or new finance arrangements? If you have to report PAYG withholding for employ

What to do before re-opening your store

As lock down measures ease, you can finally get back to face-to-face trading. But what do you need to put in place before opening your doors? Preparing for your store’s re-opening should be done sooner rather than later. Work on your plan now so you are ready to open your doors and welcome your customers back. Prepare your employees - you'll need to prep your team and ensure that your shop is staffed for your re-opening. Make sure everyone understands the new working arrangements and safety measures required. Get your inventory ready - physical goods are the bread and butter of any retail business, so you want your shop to be stocked with the right merchandise. Start with a stock take of cur

Inspirational podcasts for lockdown

Podcasts are often on our list of things to do, but for many business owners, there are often not enough hours in the day. The current crisis has prevented most from normal business activity. It is a stressful time. But it may provide an opportunity to think about where you want your business to head. Are there opportunities you can grab when the restrictions are lifted? These podcasts might provide the inspiration for your business planning or just something interesting to listen to for your walk around the block. Find them on the author’s website, Spotify or iTunes. TED Talks - super popular and there are thousands to choose from. Top picks include Simon Sinek and Brene Brown. Lewis Howes

How to safeguard your team’s mental health

The coronavirus pandemic has forced a significant amount of change and upheaval onto you and your team – in a very short amount of time. We’ve gone from ‘business as usual’ to closed offices, working from home and the full reality of isolation during an emergency lockdown. To combat this change, it’s important to take steps to care for your employees. Key ways to take care your teams wellbeing There’s no single solution when it comes to taking care of your employees’ wellbeing. For your people to cope with their new enforced remote working life, they’ll need to consider everything from work/life balance, to fitness, exercise or their own mental wellbeing. As a leader, your advice, tips and s

Managing cashflow and accessing emergency funding

Working capital is a vital component of any successful trading business – providing the liquid cash needed for everyday operations. Suddenly finding your business without this cash can be a shock, but there are ways to fill these cashflow holes and get the company back on track. In short, it comes down to careful cashflow management, and ensuring you have the best possible routes to additional finance and funding provision. Key ways we can help include Helping you understand your cash requirements – the starting point of any funding search will always be to understand what your current cash requirements are. This means sitting down to review your whole financial position. Then, armed with th

Your PAYG withholding statement (IAS) is due on the 21st

Some employers need to pay PAYG withholding liabilities to the ATO monthly, even if the BAS is lodged quarterly. The monthly instalment activity statement (IAS) and payment is due on the 21st, whether you are lodging your own statement or using our lodgement service. Things to review before finalising the IAS: Have you allocated all payroll related bank transactions to the correct accounts? Have you checked your payroll detail reports for accuracy? Have you classified the different payroll items such as allowances, bonuses or director fees correctly? Have you included relevant payroll items or categories at W1 reporting field? Do you need to include amounts such as no ABN withholding? Have y

Using testimonials and case studies to transform your business

Good reviews are gold for your business. You can spend all day telling people how wonderful and great your product or service is, but what they really want is proof. Showcasing testimonials and written or video case studies is a great way to do that because prospective customers are less inclined to believe what you, as a business, have to say. People are more interested in hearing and believing what other customers have to say, rather than what your sales staff have to say. If this is an area of opportunity for you, start off with small steps Ask your most loyal customers to send you a short statement on why they chose you, or what they like about your product or service. Once you have a co

JobKeeper enrolment extends

The Australian Commissioner of Taxation has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight. Remember: Business must have paid workers the minimum $1,500 a fortnight throughout April. If you have missed payments, you will need to make these by May 8th in order to be eligible for the reimbursement subsidy. If you have questions on your eligibility as an employer, the ATO has more informati

Business sustainability in uncertain times

For business owners, it is hard to predict when things will return to normal. Even when lockdown measures ease, there is still a huge amount of uncertainty about when customers will come back and if the marketplace will still support your business. Many businesses are wondering if they’ll be able to recover. The anxiety driven by so much personal and professional uncertainty is still very real. There have been some unexpected positives. For many it is a renewed appreciation of our families, friends and colleagues, and a lot of creative baking, more exercise! But also, perhaps, a renewed confidence in their business and their people. They are deeply appreciative of how their teams and busines

What can you do to prepare now, for a return to business?

In the context of the Covid-19 outbreak, the duty to remove or minimise health and safety risks in your business has become harder. When lockdown measures ease, businesses will need to have a plan on how they will manage risks and protect workers and customers before they start operations. Many businesses are still unable to operate or are required to work from home. If you are one of the businesses that are able to return to work, you will need to think about the following safety measures: Keeping your workplace, and the people you work with safe Strict hygiene measures - disinfecting surfaces and allowing people to have easy access to soap and water and/or sanitiser so they can maintain hi

Providing Disaster Relief for Australian Bushfires

Australia is in the midst of an unprecedented fire season that has affected millions of acres, destroyed thousands of structures, and claimed dozens of human lives. The so unique Australian wildlife is affected even worse with a preliminary estimate suggesting that almost a billion wild animals are affected.

At Grand Financial solutions we are supporting all those affected by the bushfires through our Making An Impact program. When you choose to do business with us we will make a donation on your behalf. You will plant one tree to restore the unique Australian flora and the rest will be split equally between helping restore affected communities through BlazeAid and treating injured wildlife with the help of the Australia Zoo Wildlife Warriors.

Together we can make a difference. 

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Jo Grandovec, Credit Representative Number 487529
My Local Broker Pty Ltd, ABN 16 616 420 378 Australian Credit License 481743