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5 tips to prepare your business post-Jobkeeper

The Australian Government’s JobKeeper scheme ended 28th 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 has ended, 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 – use it 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.

Our team can help you create and monitor these forecasts so you’re well prepared for what might happen.

In the meantime, you can get started by downloading your own cashflow forecasting tool here.

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 instalments, especially for your regular customers. You might also want to consider requesting 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.

If you need any assistance with marketing your business, get in touch with our marketing team at The CloudSitters.

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 look into. You can check them out here.

Get Expert Help With Cash Flow Forecasting

Whether your business is growing, fighting for survival, or you simply want to run your business better following JobKeeper, a cash flow forecast can help you make business-critical decisions that impact the financial health of your business.

To get expert assistance with your cash flow, please feel free to reach out to our team! Our friendly bookkeepers are personally invested in the success of small businesses in Australia and would love to be part of your journey.

Book a one-on-one consultation with our advisors and we’ll work out a plan to help you keep more money in your pocket.

Small Business Bookkeeping Services

Justine Day: Southern Highlands / Bowral Bookkeeper
Petra Austing: Southern Highlands / Bowral Bookkeeper
Amanda Graham: Gold Coast Bookkeeper
Karin Evans: Gold Coast Bookkeeper
Pru Hall: Wollongong Bookkeeper
Jackie Short: Canberra Bookkeeper