I bet you have so many questions about how to get your business through Covid-19 right now

WE have put together some information that may help you

WE know there have already been huge effects on small business due to Covid19 and with so much uncertainty ahead, we wanted to offer some advice and support for you, our WE Whānau, on how to get your business through Covid-19. At this time, some of you may wish to bury your head in the sand and hope the world doesn’t fall apart around you. This is not the best time to do this! This is the time where you need to have your eyes wide open and be alert to all that is going on in your business.

They say with pain, comes growth and WE really believe that if you are able to weather the storm, you’ll be able to get through Covid-19 and come out the other side better off. So… this is the time where you will need to really understand your business and put aside time to work ON the business!

 

Let’s get you through this! Our people, our communities and our economy needs you to.

Regional Business Partners Support

The Regional Business Partner (RBP) Network provides support to small and medium-sized enterprises throughout New Zealand. As part of the nation’s COVID-19 response, there are additional resources available through the network to help your business.

 

These include:

 

  • On-the-ground Business Advisors in your region who can help you find the right support;

  • Free workshops tailored to specific business needs;

  • Access to Business Mentors NZ’s mentoring service.

     

WE Accounting are an approved provider under the RBP network. Our Covid-19 program is delivered across all parts of Aotearoa and eligible businesses may be able to gain a RBP grant to pay for our program. WE can help you with the application process to see if you are eligible.

 

For more information on the RBP Network, you can visit the Regional business partners website.

WE COVID-19 BUSINESS SUPPORT PROGRAM

Categories: COVID-19 Support
 
Service available in: Auckland, Wellington, Northland, Manawatu Wanganui
 
Description

WE are all in this together!

WE know that small businesses are the backbone of the NZ economy. That is why it is so important that our SMEs are supported through this time. COVID-19 is already having a serious impact on our businesses and communities. There is a huge amount of uncertainty that requires thoughtful, people-first responses. WE have put together a Covid-19 specific package to support our businesses through this time.

 

Course Content:

 

Budgeting and Forecasting 

Tips for improving cash flow/debt management and implementing satisfactory controls to safeguard your business.
Learn the importance and tips for managing Working Capital.
Improve profitability through costing and pricing.
Reviewing accounts to confirm changes in revenue expectations / outcomes
Education on weekly cash flow reporting
Strategies to maintain cash flow
Scenario planning including employee retention on at least 80% of their income

Business Continuity Plan 

Confirming eligibility of the Govt Support package.
Identify potential risks to these critical pieces in your business and prepare to recover as quick and easy as possible.
Learn Contingency planning, a backup if your original plan no longer works.
Produce an action plan that is easy to execute, has measures in place and is based on high impact actions that will leverage your business forward.

Duration – One-on-one workshop for 10 hours. Zoom online meetings is the mode of delivery.

Cost – $225 + GST per hour

Tips and articles to help you get your business through Covid-19

Protect yourself

Wash your hands, take care of your health, build your immune system. Meditate, exercise, eat well. Why am I starting with this?? Because YOU are your biggest asset and without you, your business will struggle.

So, if you want to get your business through Covid-19, it’s important that you maintain good health, keep a clear head and make rational decisions for your business, based on your business vision, purpose and values, not out of fear for what is happening in the world.

You will need to plan and you will need to be prepared. Pull out your business plans / 90 day plan / strategic plan, whatever plan you have and reassess! Also, if you don’t have one already, create a business continuity plan!

A business continuity plan highlights the most important parts of your business and outline the things you need to do to minimise the impact on your business. Contingency planning is a crucial part of having a sustainable business — it is your backup plan, your plan B.

To book in for a Business Continuity Planning Session contact us here

These are challenging times for businesses trying to stay afloat and keep things running smoothly in the face of nation-wide lock downs due to the spread of Covid-19. With many businesses now having to work remotely, there can be some anxiety over staff productivity.

Our team at WE Accounting have been working towards remote workplaces for some time now and have a number of processes and systems in place to stay connected. This article will share some of what WE are doing, in the hopes that it will also help you!

Here are a few tips we are implementing ourselves to help you be more productive.

Streamline your business processes

Running a leaner, more streamlined business isn’t a bad business decision, regardless of the economic climate. Where can you better streamline your processes? Are you double handling? Can you use technology to reduce time wastage? Perhaps technology can also offer better customer service. Streamlined processes make for more efficient, scalable and ultimately saleable businesses. I recommend ALL businesses to document your processes. This will be so useful to you, in so many ways! It will cut training times and all sorts of things. It will also show you your inefficiencies! Make your business more efficient, ensure you are running a well oiled machine.

Know your numbers

This is the time to be all over and across your numbers. Know them intimately!! It is hard to make the right decisions about your business, without knowing the state of your affairs. And at this time, you need to be making good sound business decisions that will make a positive impact, not a negative one. You do not want to wake up one morning and be smacked in the face with the reality that you can’t pay your bills.

If you can project your numbers and know your break even point, you can better plan for the future and put some means into place. If you have a budget and cashflow forecast, GREAT! Re-visit it if you haven’t already. If you do not have one, you need one and WE can help with that!

To book a Cashflow Forecasting Session contact us here

Have a growth mindset

This is a prime time to look for opportunities and take advantage of where the needs are. Hand sanitisers, toilet paper, face masks, all opportunities at the moment! Take a look at your industry and think what do my customers need right now? How can you add value to them?  Remember what Einstein said – the definition of insanity is doing the same thing and expecting a different result. Start to innovate, think about how you can become the leader in your industry or profession and start doing it. Again… don’t hide under the rock, tackle this head on and absorb all of the learnings along the way. Millionaires have been made during these times.

Rebuilding together NZ Budget update

​The government recently released their 2020 Budget, Rebuilding Together.

We’ve put together a webinar summarising the key benefits to small business owners to ensure our clients know what support they can access. Plus, we update you on how we can continue to support you through these most challenging of times.

Need help applying for the Covid-19 Wages Subsidy?

The Wage Subsidy is designed to help businesses across New Zealand to keep staff employed and get through Covid-19, therefore, if you meet the eligibility criteria and agree to the declaration, we strongly suggest that you apply.

Covid-19 Wage Subsidy (information as of 30 March 2020)

All New Zealand employers who have been adversely affected by COVID-19 are eligible to apply. This includes:

  • registered charities
  • Non-government organisations (NGOs)
  • the self-employed and sole traders
  • contractors
  • incorporated societies, and
  • post-settlement governance entities.

If you’re an employer, contractor, sole trader or self-employed, you may qualify to get the COVID-19 wage subsidy.

To qualify:

  • your business is registered and operating in New Zealand
  • your employees are legally working in New Zealand
  • the business has experienced a minimum 30% decline in actual or predicted revenue over the period of a month, when compared with the same month last year, and that decline is related to COVID-19
  • your business has taken active steps to mitigate the impact of COVID-19
  • you must retain the employees named in your application for the period of the subsidy.

There is lots of information about the wage subsidy on the Work and Income website. Make sure you have a read of what you are entitled to and if you qualify. If you are still unsure, please do not hesitate to contact WE!

Here is a step by step guide on how to apply for the wage subsidy

Links to key support websites

Covid-19 website

This website has everything you need to know about COVID-19 in one place.

Learn the simple steps you can take to unite against the virus and slow its spread. Find out what help is available and get the latest updates.

Wage Subsidy for employers

The Government has put together a COVID-19 Wage Subsidy for employers in all regions.

If you want to know more information, if you are eligible and how and where to apply. Go through to this website.

Common questions on the Covid-19 Wage Subsidy

There are some common questions business owners have about the Covid-19 wages subsidy. Remember that it is based on a high trust model. There have been some changes from its original guidelines, but if you have questions, you can get some answers here.

Covid-19 Small Business Cash Flow Loan (SBCS)

Organisations and small to medium businesses, including sole traders and the self-employed, may be eligible for a one-off loan with a term of 5 years if they have been adversely affected by COVID-19. 
Make sure you read the fine print on the T’s and C’s before applying for the loan. You can find more information on the IRD website.

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www.weaccounting.co.nz

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