What awaits small business in 2021?
I want to start by saying ... if you're serious about 2021 and turning things around, don't sit around and wait for things to fo back to how they were ... regardless of how seemingly regular things appear to be looking, especially here in Australia as restrictions lift. Because the reality is ... it's not going back to the way things were EVER!. But instead we should be using this time to look for ways to hone in on the changes we have made that have transformed the way we do things, and hopefully our profit figures.
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I know I was certainly impressed ...
If you’re living in Melbourne at the moment, stage 4 restrictions are like groundhog day and very rarely present interesting moments. But one presented itself to me one Friday morning, whilst I was sitting with my son and he was regaling me with a list of things he wanted to purchase as he often does. That certainly wasn’t the interesting moment, that happens all the time. What followed was.
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Coronavirus Stimulus Package 2020 ... and what you may be eligible for.
As such, our Government has activated the Coronavirus stimulus package for 2020, and whilst no move by the Government comes without controversy, it needs to be noted that often such packages aim to combat difficult times like the ones we find ourselves in now. So, lets park judgement for now, and trust that given the circumstances, our Government are committed to getting this right. Even if it takes a few stages.
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Afterpay ... dangerous or a great budgeting tool?
So why does it go so wrong for so many people? The lack of managing the responsibility that comes with the power of using it as a financial resource. You see, just because something is available to you, doesn’t mean it’s right for you.
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Data is only good to you if it comes to you clean
Whether we are relying on someone else to prepare our financial information, or whether we are doing it ourselves, getting our data accurate in the system in a timely manner to make business decisions is imperative. And should be top of your list when working with your numbers.
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How often should you be reviewing your financial information?
I say this often as it is such a key component to understanding financial information, and that is that the information you are reviewing is past information. Your money has been spent, obligations committed, sales made … its been done. So reviewing your information after a period that exceeds a month (at least) limits your ability to do anything about what the information is telling you.
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