We have developed some simple accounting tips to help businesses in Melbourne’s Bayside and Mornington Peninsula regions navigate the uncertain times of 2020.
Put simply, you need to get organised, strategise and prepare for your business to rebound and drive growth in 2021 following the impact of Covid-19.
No one knows what life will look like.
History tells us during times of challenge, preparing and managing your accounts and cashflow effectively will see clever businesses well positioned for growth in the future.
Businesses need the right people and importantly, the right accounting tips, tools and strategy.
Big and Small Businesses in Bayside and Mornington Peninsula are facing great challenges. Already we have seen significant change and adaption.
We reflect on the impact of the 2008 GFC and for some the road to recovery was tough. Some businesses gained advice and accounting tips from professionals and responded quickly to the GFC. They mobilised and worked to minimise the negative impact through informed decision making. Other business were unable to meet their financial demands.
How businesses in Melbourne’s Bayside and Mornington Peninsula prepare for rebound after the impact of Covid-19.
You get clever and you utilise resources available to you.
Thankfully, government support initiatives, including JobKeeper, cash flow boosts and state-based support packages have also provided some reprieve.
These functions have helped to assist many businesses in staying afloat at a time when their revenue has either been dramatically reduced or cut altogether.
Which category does your business sit in?
During this time, businesses will generally fall into three categories:
Businesses that are able to tread water during closure periods and/or times whilst the economy is stagnant.
Businesses that are forced to close their doors permanently due to rising overheads and commitments.
Businesses that are ready utilise new opportunities and prepared to adapt to changing market conditions to be well placed for rebound.
“The question of whether you survive or thrive during this time will be based on the decisions you make as an owner or leader that come from an informed and prepared mode or thinking. It is about creativity and inventive strategies, underpinned with knowing your real numbers and having your house in order,” – Danielle, Chartered Accountant, Tier Accounting.
Many businesses have been forced to create new product and business lines.
In 2020/2021, Businesses in Bayside and Mornington Peninsula will need Accounting, Booking Keeping and Business Partnering services that guide them towards considering new ideas and functions.
Examples of how your business can prepare for changing market conditions following the impact of Covid-19:
KNOW YOUR TARGET: Find your new and changed consumers and prepare to target them based on their post-Covid behaviours and attitudes.
AHEAD OF THE CHANGE: Prepare a new approach to organisational norms.
NEW OPPORTUNITIES: Embrace the advantages of a flexible workforce.
MANAGE YOUR CASHFLOW: Hold onto cash and manage your cashflow. Identify where cash cuts can be made and plan your cash ins and outs for the next 12 months.
For more information on how to manage your cashflow for Bayside and Mornington Peninsula business prepared by Tier Accounting’s team, visit “Steps to prepare your own cashflow forecast”
Moving from crisis phase to transformation phase can be difficult.
Now more than ever businesses need the right professionals by their side.
Whether it be through planning for the future or helping navigate the many relief measures available, your local and informed accountant or bookkeeper in Bayside and Mornington Peninsula should have the right commercial knowledge and skills to provide the right guidance and advise.
Book time to discuss your unique business problem.
A solution is closer than you think.
Book an appointment today to talk through the steps you can take to prepare your business for 2021.
Tier Accounting is a Chartered Accounting firm servicing Bayside, Mornington Peninsula and greater Melbourne across accounting, bookkeeping, business partnering, cloud set up and support and marketing.