Are you prepared for life after JobKeeper?
Recent speculation of late about the Federal Government bringing forward the end date for JobKeeper to as early as July is gaining a lot of momentum.
With the economy seemingly bouncing back sooner than predicted, an earlier wind back in specific sectors is likely and, in fact, has already happened in some sectors such as Child Care.
Initially, the JobKeeper program was supposed to run for 13 fortnights until the end of September. However, Treasury is expected to review the program in June, and we could well see payments scaled back in line with Prime Minister Scott Morrison’s target to get Australians back working by July.
So, with COVID-19 restrictions easing on what seems like a daily basis, it’s time to start thinking about how best to prepare when the wind back of these extraordinary support measures is unleashed.
There’s no doubt that the workplace and employer/employee relationships as we know it will be forever changed. Businesses have seen how their employees have been able to make a smooth transition from working in the office to working from home with little, if any, loss in production.
As a business owner, it’s a perfect time to take a good long look at your business and assess how it will look going forward post COVID-19.
There are all sorts of questions that need to be asked and actions that will need to be taken and while we can only ask, speculate, and suggest, these points listed below are designed to get you thinking.
- What will your customers look like? Will they be visiting your premises or is an online scenario more likely?
- What will it take to get them in the door? Have you thought about promotional offers? Have you updated your premises or stock lines, or increased your range of services?
- How do we increase sales when customer numbers are limited? Although that is likely to change quite soon, it’s certainly relevant right now.
- What are you/have you done to adjust your marketing? Have you updated your online presence? How about your database? Have you sent notification to clients advising them of what’s happening in your business and keeping them abreast of any changes or plans?
- What about your employees? Have you been able to devote time to see how they’re coping? Are they/do they feel safe? Are they happy with the working arrangements at the moment? Are they productive from home?
- Cashflow is, as ever, king. So what are you doing to manage it, and how can you do it better?
- Have you thought about updating or using software that can give you real-time figures?
- With the right software and add-ons, did you know that you can:
- Link with payment options to help speed up payments
- Get inventory stocks right (stock on the shelves for too long can cost you dearly)
- Reduce overheads
- Did you know that you can use software that automates job processes and links with accounting software to save you both time and money?
- What does your office of the future look like? Will it be semi or fully remote? Will it be reduced by working smarter using automation? If you have an office or stuck in a lease, is sub-letting an option or sharing with other businesses who employ remote staff?
Watch any of the news programs at the moment and you know that nothing is set in concrete. Along with health restrictions around the country being relaxed on a weekly basis, the economy and where it’s headed is certainly sharing the headlines.
That’s why it’s so important to put stock in someone who knows the JobKeeper program backwards and is well and truly across any changes as they happen. That said, your professional bookkeeper should be worth their weight in gold right now, and certainly your first port of call.
At Being Accountable, we know JobKeeper. More importantly though, we can help you weather the post-COVID-19 storm by offering automation, software, add-ons, cashflow, and management skills that will not only serve you well as the wind back process begins, but also set you up for whatever the future holds.
We are a bookkeeping service and registered BAS agent based in Adelaide. If you have questions about moving your business forward, we can help.
About the author
Jo Williss is the owner of Being Accountable. She is an experienced bookkeeper, licensed BAS Agent and a previous SMSF SA Bookkeeper of the Year.