Weekly Business Update – 29 October 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.

Australia Starts Fourth Quarter on Stronger Economic Footing

Flash Australia PMI signals faster output growth in October as COVID-19 restrictions loosen.

The IHS Markit Flash Australia Composite PMI, covering both manufacturing and service sectors, increased from 51.1 in September to 53.6 in October. This marked the fastest increase in private sector output for nearly a year, and coincided with further easing of social restrictions, particularly in Victoria.

Also, business sentiment was at its strongest for just over two years due to expectations of the economy opening up further in the months ahead.

If your business is still struggling amid the COVID-19 crisis, don’t hesitate to get in touch with us for personalised business advice.

Which COVID-19 Restrictions Are Easing

Melbourne is getting a taste of well-earned freedoms this week, as there were no new COVID-19 cases found over the weekend. Here’s what the Third Step means and the restrictions that were eased:

  • Cafes, restaurants and pubs can reopen. Outdoors with a limit of up to 50, indoors up to 20.
  • Weddings can be attended by up to ten people, and funerals up to 20.
  • Beauty and personal care services can resume, and remaining retail are open.
  • Outdoor contact sport for those aged 18 and under can begin again.
  • PT, fitness and dance classes can also be held outdoors with up to ten people, and the number of people at outdoor pools can increase to 50.
  • Workplaces will no longer need to be on the permitted work list to open.
  • While the boundary is in place between regional Victoria and Melbourne, work permits will be required for those travelling between these areas.

Although restrictions are easing, each person’s responsibility remains. If you need help on how to operate your business safely, get in touch with us so we can provide you with expert business advice.

Westpac Helps AU Small- and Medium-Sized Businesses

Westpac will be accepting applications for new and existing eligible customers for equipment finance goods loans, as part of phase two of the Federal Government’s Coronavirus SME Guarantee Loan Scheme.

Those with up to $50m in annual turnover will be offered new equipment loans with interest rates starting at 2.99% fixed for 5 years on loans up to $1 million. This comes as new research from the Westpac SME COVID-19 Response Report revealed 80% of SMEs have either reduced their spending, held off making huge purchases, or held off borrowing due to economic uncertainty.

Westpac will also waive the Equipment Finance establishment fee (usually from $450) on Equipment Finance Goods Loan applications submitted under Westpac’s SMEG offer and settled between 1 November 2020 and close of business 31 December 2020.

If you need professional assistance for your loan application, feel free to flick us a message. We can also help you consider other funding assistance you may be eligible for.

JobKeeper Key Date: 31 October 2020

For the JobKeeper fortnights starting 28 September and 12 October only, the ATO is allowing employers until 31 October to meet the wage condition for all employees included in the JobKeeper scheme.

New entities enrolling for the JobKeeper will also need to enrol and submit their ‘Check decline in turnover’ form to the ATO online on 31 October. You can find more details on the actual decline in turnover test here.

Tips on How to Write a Business Proposal

So you’ve found a great opportunity to sell and you need to submit an impressive business proposal to convince your potential client to grant you the contract. It may seem overwhelming at first, but you can craft this document with a bit of a know-how and a good understanding of your business and what you can offer.

Below are the basic points to be included in your business proposal:

  • Title page
    This keeps your document tidy and gives a nice first impression of how you do business.
  • Cover letter
    Your cover letter should introduce your business and your proposal. It is recommended to keep it concise, friendly, and with a positive tone.
  • Table of contents
    It will let your potential client know right away what are the points included in the document.
  • Executive summary
    Present a high level overview of the problem you’re meaning to solve, overview of the solutions you will provide, the expected result, and a call-to-action.
  • Proposal
    Identify the gap and how you intend to fill this gap.
  • Services and methodology
    Go into the finer details of what products or services can get from you to address their needs. Provide a timeline to transform your proposal to reality and share a realistic delivery plan.
  • Why hire us
    Lay out what sets you apart from other players in the industry. Let your potential client know about your experience, expertise, relevant projects you’ve worked on, and case studies or testimonials from previous clients.
  • Costs
    It is good to let the client know right on how much it will cost to execute what you proposed and what you expect the return to be.
  • Terms and conditions
    Outline what the client can expect from you and your business by agreeing to your proposal. Through the terms and conditions, you will also be able to set expectations regarding delivery dates and payments.
  • Agreement and call to action
    This section is where the client can formally agree to your business proposal. Add a gentle call to action to encourage them to sign.

In some cases, it is the client which provides the outline or template for the proposal. Regardless, when writing a business proposal, it is important to ensure that it shows your potential clients the value that you can add to their business. Be as detailed as possible regarding your plan and make it visually appealing for a positive first impression.

Get in touch

Contact us if you have any questions.

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