Weekly Business Update – 20 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.
6-Day Lockdown Ordered in South Australia
The state of South Australia began a 6-day lockdown at midnight on Wednesday, with schools, universities, bars and cafes closed.
Only one person from each household will be allowed to leave home each day, and only for specific reasons. Under this latest lockdown, wearing masks is mandatory, outdoor exercise is banned, aged-care facilities will go into lockdown, and most factories will close. Weddings and funerals shall also be put on hold.
This comes after a cluster of new COVID-19 cases grew to 22.
Financial Help and Free Mentorship For Online Businesses
Micro and small business operators can get financial assistance and free mentoring through a government-funded programme called New Enterprise Incentive Scheme (NEIS).
New entrepreneurs can access free mentoring for the first 12 months of participation in the program and receive financial assistance for up to the first 39 weeks of business operation.
Existing micro-businesses impacted by COVID-19 can access NEIS if they need help to keep their businesses running.
Also, people with part-time contracts, who are working up to 25 hours per week, can access NEIS if they are looking to start their own business.
You can learn more about this government assistance here. Alternatively, you can contact us so we can also help you evaluate other funding and business support options you may be eligible for.
Australian Shares at 9-Month High
Australian shares edged higher on Wednesday to hit their highest in nearly nine months after the central bank governor said the country was “on the road back”.
The S&P/ASX 200 index rose 0.5 per cent to 6,532 points by 2353 GMT, hitting its highest level since Feb 28.
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
Customers Not Paying? Here are Tips to Prevent Non-Payments
At some point, businesses will face the inevitable non-paying customer problem. Whether it’s a regular customer who continuously misses due dates or a one-timer who completely ghosts you, dealing with non-paying clients can be stressful and frustrating.
Here are some tips to make sure they don’t miss a payment deadline:
- Always discuss payment terms upfront.
Detail all projected costs, including installment fees and payment deadlines right from the start of the engagement.
- Provide multiple payment options.
The more flexible your business is in terms of payment, the easier it will be for customers to send their payments across. Accept digital payments and credit cards to accommodate those who prefer paying with these options instead of cash.
- Send invoices immediately.
Give your customers enough time to pay you by sending invoices and billing them upfront.
- Set aside time to follow-up on payments.
Don’t hesitate to reach out to customers who haven’t paid you yet. Some people genuinely forget about due dates and simply need to be reminded.
- Take a look at the built in payment features of accounting products such as MYOB or XERO
The easier is is for people to pay you, the quicker you will get paid. These features are already in your product just waiting to be enabled. Be sure to investigate first as for some features (but not all) there may be some additional merchant fees applicable.
Do you need help chasing payments and keeping your invoices on track? Get in touch with us today and let’s discuss how we can help you.
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Contact us if you have any questions.