5 Tips To Prepare Your Business for the End of JobKeeper
The Australian Government’s JobKeeper scheme was set to end on the 28th of March 2021. Since this program was introduced in March last year, it has provided a lifeline to many businesses, protected jobs, and helped protect Australia’s economy. Now that it’s come to end, you may be worried about your business.
We’ve compiled our top tips to help you prepare your business for what’s next.
Create a cashflow forecast.
Cashflow forecasts are essential for business survival– you can use them to scan the horizon and manage your cash effectively.
Factor in your overhead costs, account for all incomings and create a cashflow forecast at least three months ahead. Trust us, it’s easier to manage a shortfall if you know about it a few months in advance.
Get in touch with your suppliers and clients.
Ask your clients and suppliers how they’re doing. If their business is in trouble, create a Plan B to prevent your business from being disrupted.
Even better, ask them how you can help ease their challenges. If you can help others out in times like these you will reap the rewards in the long run.
Fast track your accounts receivables.
We know everyone hates chasing overdue invoices. However, it needs to be done, as these outstanding payments will put pressure on your cash flow.
There are various strategies to get paid faster. One is to consider a payment gateway system that allows credit card or direct debit payments right from your invoices. Another is to offer flexible payment options or installments, especially for your regular customers. You might also want to consider requesting for upfront deposits.
Remember! If you make it easier for people to pay you, you will likely get paid quicker.
Tweak your marketing strategy.
With everyone affected by the COVID-19 pandemic, there also comes changes in consumer behaviour. So it could be time to review your marketing strategy and adapt.
This may include changing how you use social media to engage with customers. Partnering with relevant small businesses and joining community initiatives are effective ways to expand your reach and stay on top of mind in your local community.
Tap into other government funding and support programs.
JobKeeper may be ending but there are other ongoing government grants, subsidies, funding, and support initiatives that you can still take advantage of. You can check them out here.
Talk to an advisor
Get in touch with a reliable advisor and gain access to expert advice on cashflow and how to cushion the impact of the end of JobKeeper.