Weekly Business Update – 11 November 2020
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s updates and some ideas that will help us all overcome this crisis.
Australian Business Confidence Highest Since 2019
Australian business confidence in October rose to its highest level since mid-2019 as the economy showed more encouraging signs following the steep decline brought by the pandemic.
According to NAB’s monthly business survey, business conditions edged one point higher in October from September to 1 index point, while confidence rose nine points to 5 index points.
This recovery comes as Victoria, which accounts for about 25% of the economy, eased stringent COVID-19 restrictions after containing the second wave of the virus.
Employees May Need to Give Employees More Super Choices
A change to the law means that you may need to offer employees more choice in relation to the super fund that you pay their compulsory superannuation contributions to.
All workplace determinations and enterprise agreements made on or after 1 January 2021 must give employees the right to choose their super fund.
Once a new determination or agreement is in place, you’ll need to give a Superannuation standard choice form to:
- existing employees who request to choose their super fund
- all new employees.
You must then pay employees’ compulsory super to their nominated fund. We will keep you informed of the updates but please feel free to chat to us if you have any questions.
Upcoming Key Dates and Deadlines
Please keep in mind these key dates:
- 23 November 2020 – October monthly BAS due
- 30 November 2020 – September quarter SG charge statement due
Business Growth Fund Launches
The government-backed Australian Business Growth Fund has launched to ensure small- and medium-sized businesses have access to equity finance, as the country recovers from the COVID-19 crisis.
Initially, the Australian Business Growth Fund will have an initial investment capacity of $540 million, with a goal to grow the fund to $1 billion.
The government is making a $100-million investment, while major banks including ANZ, Commonwealth Bank, NAB, and Westpac have also committed $100 million each.
The fund will allow Australian businesses to apply for long-term equity capital investments between $5 million and $15 million, where they have generated annual revenue between $2 million and $100 million and can demonstrate three years of revenue growth and profitability.
If you need help in assessing your eligibility or to consider other financing options, don’t hesitate to contact us for guidance.
Adapting Your Leadership Style in the Post-Pandemic World
COVID-19 has changed the business landscape now and for the foreseeable future. As a business leader, you need to adapt your leadership style and strategies accordingly to fit the new work environment in the post-pandemic world.
Below are four key things you can do to adapt your approach:
- Improve your emotional intelligence
These are difficult times for everyone. As your employees face new challenges, it is important for you to recognise these struggles and exercise empathy and flexibility.
- Foster trust and communication
Now, more than ever, business leaders must communicate to ensure staff are on board and they trust their leaders’ guidance. Keep your communication lines open, as well take time for one-on-one sessions and team discussions.
- Get your team members involved
Make your employees feel that they have a voice in the company. Involve them on company decisions, especially on matters that will concern them such as work arrangements.
- Keep an eye on the future
As we navigate the post-pandemic world, there will surely be more uncertainties ahead. Your role as a business leader is to be ready to quickly adapt to those future changes by staying on top of what’s gonna happen next.
Do you want to run your business better? Drop us a message so we can schedule a one-on-one consultation.
Remembrance Day Poppy Appeal
This year many Remembrance Day services were virtual so traditional poppy sales had to be cut back. RSLs around the country are urging Australians to consider donating to the online Poppy Appeal this year.
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Contact us if you have any questions.