BBF249 Some ideas and Coronavirus Stimulus explained
In this special edition of BBF, our leader Ben Fewtrell outlines the potential opportunities for small business in these chaotic times. He calls it “Business as unusual”. Nobody has said that you can’t work, so if you have been frozen by this crisis it’s time to listen up and start doing some business!
See some of Ben’s top tips below:
** You haven’t lost your brain - you can still innovate.
** You are allowed to go to work so if you still want to, go for it!
** Look at how the collision repair industry has adapted. They’re making hand sanitiser and using their spray paint to paint coffins.
** Make sure you adapt your cashflow forecasting to take in the government help that is currently available.
** Some of the money available from the government isn’t simply “free money” and may end up costing you more if you don’t actually need it. Make sure you seek financial advice before you make big decisions.
** Although there is plenty of money available to borrow at the moment, make sure you don’t borrow just to delay the inevitable. Be sure that what you’re borrowing is going to empower your business to succeed.
In this episode of Business Brain Food you will learn:
** The stimulus packages available
** The importance of a customer database
** How to deal with the anxiety of low cashflow
** Are you entitled to tax relief from your usual PAYG activity?
** When the relief money will actually hit your account
** How JobKeeper can allow you to keep your employees
** What help is out there for sole traders
Resources mentioned in this episode:
** Get a free cashflow forecast tool from Max My Profit. Go to our contact page and send us a message saying that Ben sent you! https://maxmyprofit.com.au/contact.html
** All fact sheets for government crisis funding can be found here: https://treasury.gov.au/
** All previous BBF episodes & show notes can be found at http://www.businessbrainfood.com.au
** Join the Business Brain Food Facebook Group: https://www.facebook.com/groups/BusinessBrainFood/
** Twitter: https://twitter.com/bfewtrell
Call to action:
Remember: it’s up to you whether you are completely disempowered because of uncertainty. Look as hard as you can for opportunity!
Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that!
Until next time, have a profitable day!
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