Are you feeling the strain after the Job Keeper payments ended?

The JobKeeper Payment support ended on the 31st March, so it might be expected that small businesses are starting to feel the pressure after a few months without this innovative response by the Australian government to the Covid-19 pandemic effects on this country and its economy.

This support package has been brilliant in halting the potential 200,000 lost jobs that might have been the reality. It allowed small businesses to adjust and pivot their plans so that they could work on surviving throughout this unique situation that we all found ourselves in.

Without the JobKeeper payments and without the additional support packages that the government progressively provided as a direct response to needs presented, it wouldn’t have been surprising that many more small Australian businesses, which are essentially the backbone of the economy, collapse under the strain of the immediate lockdowns and subsequent massive loss of cash intake. 

Pivoting has been essential and remains the fundamental way in which business owners can secure a future for themselves and their staff. For advice and support on how you can successfully change the way your business operates as a response to the ongoing global changes that we have all experienced, we warmly invite you to get in touch to receive financial advice from one of our knowledgeable and experienced accountants.

As the JobKeeper payments have ended and you may now be feeling the pinch, regardless of the severe and proactive budgeting methods you have adopted, might we suggest looking at some of the following options to ensure that your business remains afloat and ready to embrace growth again when possible. 

 1. Reduce staff and upskill your existing staff. 

If you haven’t already reduced your staff throughout your pivotal process, now might be the time that you consider this unpleasant option. By training your core team into handling more of the tasks rather than spreading it out over several employees, you can protect your business and ensure that you can manage. 

2. Retake a look at your pricing. 

Make sure your pricing is proper. This may involve increasing prices as shipping times, costs, availability of suppliers and so forth may have adjusted as well. 

3. Keep your marketing strategy going.

When we get into survival mode, we tend to cut costs everywhere. Still, without a strong marketing strategy, we can only rely on loyal customers to continue keeping cash flow coming in. By working on your marketing strategy and seeking to bring more traffic to your site, you can potentially bring through more revenue.

4. Forecast.

Please speak with your accountant here at Accounting Tax Solutions to gain valuable insight through forecasting models alongside accurate advice on best deciphering them