What you need to know as a
Small Business Owner
Unprecedented challenges for small businesses
The worldwide COVID-19 pandemic continues to be a quickly changing, uncertain situation. It presents an unprecedented challenge for you as a business owner to keep yourself and your staff healthy, and your business running as smoothly as possible.
We’re here to help. Keep reading for tips on how stay in touch with your customers, find out your business credit score, how to keep your business health in check, and more. Of course, financing for your business may be on your mind – in addition to your financing options with OnDeck, there are also emergency funding sources available from the Australian government. Learn more below.
The federal government has announced one of the most anticipated budgets in history, outlining its plans to help the country rebuild post-COVID. But what exactly does it mean for small business? From loss carry-back and an overhaul of the instant asset write-off, to tax incentives and the JobMaker hiring credit, here’s what you need to know.
The government has provided stimulus packages that are helpful for small businesses in a number of ways. Some state governments have also provided additional support. Read here to get all the information about all the stimulus packages that have been announced by central as well as state government.
Whilst there’s light at the end of the tunnel with restrictions beginning to ease, you’ll still need to manage cash flow losses suffered during the lockdown. Unsure what’s best for your business? Here are some ways to increase cash flow if your business is struggling during this time.
It’s been a tough few months for Australian businesses, and the SME community has had to come to terms with some very challenging COVID-19 lockdowns. But for most states there is light at the end of the tunnel. This is your guide to how restrictions are being eased or, in some cases, tightened at a Federal level – and how the rules apply to your state/territory. We’ll continue to update the details as the situation changes.
We’ve been blown away by the entrepreneurship we’ve seen from SMEs pivoting their expertise into new opportunities. Whether it’s an outdoor event staging firm reassigning its tradies to carve out wooden desks or a yoga company taking its downward dogs online, inventive SMEs are determined to thrive rather than survive COVID-19. Read some of their stories here.
Whether your business is thriving or you’ve had to shut shop, understanding the health of your business is equally important. During the current crisis, it’s become imperative for business owners to know their business credit score so that accurate measures can be taken. Read our guide to find out more.
In the current climate you may be required to negotiate on existing contracts with suppliers, partners or customers. The government has urged entities to work together towards an outcome where all parties in the supply chain survive the COVID-19 pandemic, but where exactly do you stand when it comes to negotiating contractual terms? Check out this article on contract relief and force majeure in this time of uncertainty.
With stores and offices closed around the country, many businesses have been left with no choice but to transition to remote working. Whether you’re self-employed, managing a team or somewhere in between, working from home comes with a range of challenges. But with proper tools and management strategies, you can hit the ground running in no time.
Every cloud has a silver lining. While the social distancing measures of COVID-19 mean many Australians are stuck inside, it also means you may be able to claim a tax break for home office expenses. Here are our top tips to maximise tax breaks during the lockdown.
Social distancing is changing the way your business can verify the identity of new customers. Here’s the latest advice on checking your customers’ identity during COVID-19.
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Additional resources to help navigate the COVID-19 Outbreak
While there’s no denying this period is likely going to be one of the most challenging any business owner will face in their career, the downtime comes with it an opportunity to stop, take stock and prepare for business in a new, post-pandemic world. Here’s how to make the most of your downtime and to keep your sales flowing.
The current environment means the timing and methods of communications you choose will be critical in helping you retain customers and keep your business solvent. Whether digital marketing, social media or public relations, the communications method you choose will be dependent on the business you operate.
Now is the time to tap in on the various business insurance policies that you might have taken out. Check out our guide to the different types of business insurance and the situations they may be helpful for.
The Coronavirus outbreak is an ongoing, evolving situation—and new information becomes available almost daily. We’ll keep this section updated with the most helpful resources for business owners.
Economic Response to the Coronavirus
Australian Government – The Treasury
Coronavirus Information and Support for Business
Australian Government – Business
Coronavirus (COVID-19) Current Situation and Case Numbers
Australian Government – Department of Health
Latest Updates on the Coronavirus Pandemic
States & Territories
Coronavirus Business Support
COVID-19 Business Information and Support
SBDC Blog – Coronavirus Stimulus Package
Community Advice – Business