PLANNING WITH THE END IN MIND
With 2020 now in the rear vision mirror many will feel that the rule book has been thrown out the window or perhaps changed forever. Certainly we have applied different meanings to words like ‘pivot’ and ‘Corona’ (no longer just a Mexican beer or an old Toyota), seen adoption of new technologies from online meetings to fast tracking vaccine development and marvelled at how business owners have adapted, thought laterally and not only survived but in some cases flourished.
But we can’t help but be reminded of the old adage ‘if you fail to plan, you are planning to fail’ and feel it remains true today regardless of recent events. Traditionally at New Year business owners will take pause, plan strategies for the next 12 months, prepare tenders for new work contracts and look for new opportunities and plan capital expenditure needs.
Australia has been less impacted by the COVID-19 pandemic than some other countries and as we start to see border restrictions relaxed so too is the stimulus being offered by Government changing.
Initially in March stimulus was offered widely and (rightly so) was all about survival, maintaining jobs and cashflow. As we move into Phase 2 stimulus the support has become more about a long-term view, providing support to businesses to assist with job creation.
So what does this look like, how can your business benefit, who can help you? This year more than any is a time to plan!
In an economic recession a key necessity to ensure recovery is the availability of credit, and the Phase 2 stimulus is targeted to assist business get the funding they need. This support is being offered through lending institutions to business in a variety of ways, some offer cheaper rates or fee discounts, others have expanded their policies to require less security or to finance more specialised assets.
As part of your planning this year engage your finance broker to explore the options available to you in the market and let’s work together to make 2021 a much better year for all.