Is starting a business during a pandemic, good or bad?

It has been a challenging time for many. We have remained cooped up in our homes and businesses have turned to digital means to survive the pandemic. Some have opted to shut down because they have exhausted their options to stay afloat. However, others have seen that it is also an excellent opportunity to start their own businesses. So, if you have been considering starting your own business, this maybe an opportune time.

Do not be afraid of the new normal

You might be hesitant given the difficulties that most businesses are facing. Yet there are those aspiring entrepreneurs who have understood the potential of companies to thrive despite the global pandemic. It has led to many people to rethink their business strategy, which has created a flurry of brands and services that are new and exciting.

There is no better time than today

If you can establish a business in this type of environment, you would be in a better position to face the challenges your business might come across in the future. The focus is on survival and maximizing all of your strengths to take advantage. If you can play your cards well, then despite being a start-up business, you would be in a better position to attain success.

A rise in Job Seekers

A notable consequence of the pandemic is that many people have been laid off. This is an opportunity for you to hire talented people in your team. Since many would be looking for employment opportunities, you can potentially snag candidates that you know will help your start up survive and thrive.

Contact our team at Glance Consultants for assistance with the establishment of your business. Call us at 03 9885 9793 or fill out our contact form.

Budget 2020-2021 Overview

This Budget certainly featured many announcements aimed at encouraging hiring, investment and spending. The Government’s task now is to encourage businesses and households to take advantage of the new programs to deliver stronger economic growth and more jobs. 

The three pillars of the Budget, that will underpin jobs, investment and household spending are:

  • Significant personal income tax cuts (paid early)
  • JobMaker Hiring Credit for businesses employing new staff under 35
  • Immediate write off for any business assets purchased from 6 October 2020 7:30PM

Please check the following link for our report on the Budget:

Federal Budget 2020-2021

How to help your business cope after the Coronavirus outbreak

The coronavirus outbreak is ravaging the world economy. From air travel, sporting competitions, and to extensive activities; almost everything was postponed and even cancelled. In times of crisis, it can be not easy to keep calm and constructive. For business owners, however, remaining calm under the hammering pressure is key to business survival.

By taking constructive action today, you will be able to place your company in a more stable position and recover quicker when the recession subsides. China, the country where the virus first originated, is now showing signs of economic growth.

What Coping Strategies Can You Develop?

Based on your industry, location, size, and other important considerations, the risk reduction practices that your business can pursue can be enormous. These strategies may involve actions such as changing the budget from fixed costs to flexible expenses to achieve stability.

Here are some of the key considerations:

● The first thing you can do is handle your cash inflows and outflows effectively. During these challenging times, a lot of businesses struggle to manage their cash flow. Thus, you may consider cutting costs or boosting sales by coming up with more innovative ways to market your products or services.

● The COVID-19 pandemic is expected to affect not just on consumer behaviour but also on how work will be performed in organizations worldwide. In other words, social distancing and self-quarantine are expected to improve e-commerce revenues during this period. For safety purposes, most customers will prefer digital solutions rather than traditional retail, which is a behavioural shift that is expected to have a long-term effect.

● Businesses of all types in Australia should strive to support attempts to prevent the dissemination of the virus as much as possible. Demonstrating this sense of mission will have a positive influence on your employees, customers, and the broader business community once the pandemic had ceased.

Are you in need of cash flow management advice? Glance Consultants will be able to provide you with assistance when it comes to handling your finances effectively.

Get in touch – call us today on 03 9885 9793 or fill out our contact form.

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