It feels a bit like deja vu, right? With city centres across Australia going back into lockdown, many businesses are feeling wary about what this means for them – especially considering that much of those companies and organisations have just started to get back on track after the earlier rounds of lockdown. It’s not all doom and gloom, though. The fact that we’ve all done this before gives us one clear advantage: experience. At Accumulus, we’ve taken our learnings from the previous lockowns and helped our clients prepare for not only managing lockdown, but also ensured they have the best headstart possible once we come out of it and return to everyday business.
While the sudden nature of snap lockdowns and rule changes may have thrown you for a loop, it’s no reason to heave the rulebook out of the window. Setting goals and KPIs don’t only help you during the good times, they can also help you keep track of progress and set a clear roadmap through difficult periods too – like lockdown.
With the help of the virtual CFO support from Accumulus, a few of our clients have been able to revisit their agendas and realign their goals with the current context. For example, rather than aiming for 25% growth on a service that has been hindered by lockdown measures, we have helped them isolate areas of their business that can remain consistent performers – whether they’re on-site in person or working remotely. Maintaining goals and KPIs not only ensures your team and progress stays on track, it also acts as a strong motivator. While there might be chaos everywhere else right now, keeping a clear headspace on where you want your business to be post-lockdown can be as fundamental as a lighthouse in a storm.
Unless you’re in the mask-making business, it’s can be likely that your turnover isn’t what you hoped it would be this year. So how do you keep your business running healthily in the face of less incoming cash? Making sure your spending is efficient is the first step. No, streamlining a budget isn’t as grim as cutting all expenses and running on the bare minimum. Instead, at Accumulus, we have taken a clinical look at our clients’ books and assessed where budgets can be reduced or even redirected during lockdown.
While streamlining budgets can be a solution for the long term, it’s also one of the quickest ways you can curtail increasing losses in the short-term too. But wouldn’t spending money on financial planning and budget assistance cost money too? Of course, but it’s worth it in the long run. There’s a common misconception that when your business is struggling or could be performing better, it’s time to batten down the hatches and go into extreme survival mode. In fact, it’s the opposite that makes the most sense. While you’re in the position to do it, why not invest in expert guidance and, in turn, your own success?
Have you heard about the latest round of federal or state grants and thought, “Wow, I wish I were eligible for those!” You might be! The rollout of grants and financial support to small and medium businesses, as well as sole traders, has been so complicated that many people have been left without knowing what they are actually eligible for.
Since the start of the lockdown period, Accumulus has helped clients find and apply for grants from both federal and state sources. The application process can be complicated or even confusing, so if you need help finding any money that should have come your way, then give us a call.
It might sound obvious, but a lot of people were caught by surprise when sudden restrictions on movement meant they couldn’t swing by the office to pick up that important document. Moving to cloud software makes sense beyond the lockdown too. Not only will you have all of your vital files and records at your fingertips – no matter whether you’re working from home or at the office – but it also ensures everyone in your team has access to the latest and most up-to-date versions too. Ensuring everyone is on the same page is key to creating a clear overview of how your business is doing.
Through platforms like Xero, Accumulus has helped clients shift the way they do everyday business to a faster, more efficient and transparent system. If you don’t have access to everything you need to know about the financial side of your business, how can you make informed and smart choices?