Your Post JobKeeper Survival Guide

With the federal JobKeeper scheme set to wind back in March, it's only natural that many small businesses are concerned about what their future may resemble.
Prime Minister Scott Morrison and Treasurer Josh Frydenburg have always maintained that the federal support scheme was always designed to be temporary. Almost one year on, and there’s no doubt that it worked in keeping thousands of Australian businesses from going under, and in turn many more Aussies at work - because let’s face it, the alternative would have been catastrophic. 

However, with the JobKeeper end date looming in the not so distant future, Mr Frydenburg has been actively reminding small businesses around the nation that nothing lasts forever. 

“Some businesses will not get through - but what we are focused on is getting every business and every job the best chance to get through to the other side,” he said. “The Morrison government sees government as the catalyst for economic recovery, not the solution. The solution lies at every kitchen table, on every factory floor, on every farm and every shop front.” 

Seven Techniques To Prepare For The End Of JobKeeper

If the thought of surviving as a small business post JobKeeper fills you with dread, then the good news is that you still have a few weeks to put your thinking cap on and get creative when it comes to adapting to the new normal - and there’s plenty of methods to get you started today. 

Plan Ahead - While it may seem like the obvious solution, it’s important for businesses to factor in every possible scenario moving forward - even the bad ones. Ensure you have a strategy in place in the event that your supply chain or shipping methods are interrupted. 

Tackle Cash Flow - Once the government issues stimulus packages dry up, will your business have enough cash flow to trade without it? Take into account all of your operational costs - even the deferred ones - such as rent and tax obligations - and work out what you’re left with. 

Address Staffing - One of the major benefits of the JobKeeper scheme was covering employee wages. However, without this “prop up” many businesses are going to need to take a good hard look at their current workforce, and issue cuts in hours or redundancies if required.

Cut Costs - If your costs vs your income aren’t sitting where you need them to be, then it’s time to take a look as to where you can trim the outgoings - and make sure that you get creative. If you can successfully run a remote team, the rent you’ll save on office space is often a big one. 

Go Digital - The notable difference between brands that thrived vs those that barely survived the pandemic has been their ability to adapt, and this includes being able to trade online throughout lockdowns. Don’t get left behind, and ensure your business has an online presence. 

Research Grants - Just because JobKeeper is winding up, doesn’t mean that there are no other financial packages or grants available for small businesses in Australia. Depending on your sector and location, you may be eligible for other assistance. 

Seek Help - Navigating the many realms of business in the era of Covid-19 is not easy, but do yourself a favour and make proactive choices instead of reactive ones. An example of this is to seek guidance from an accountant or financial adviser to get insights from the professionals. 

Sourcing Financial Guidance From The Professionals 

Innovation is not just about new ideas, but also about new ways of applying old ideas. A fresh perspective can prove to be a game changer if you’re looking for ways to transform your business, which is why it’s crucial to foster a workplace culture that both fosters and supports this practice. Not only will it help your business stay relevant, meet challenges, stay competitive and increase profits - but it also goes a long way in regards to staff retention and employee satisfaction. After all, happy staff create happy customers.

If understanding your finances or the in’s and outs of doing business isn’t your strong point, then it may be reassuring to know that you’re not alone. In fact, many brands (big and small) enlist the services of an accountant and business coach in order to free up their time, while knowing that their financial obligations are already taken care of by the professionals. 
At Muro, we are more than just accountants - we offer our clients strategic business advice and ongoing support to help them reach their business and financial goals. Get in touch with us at Muro today to ensure that you’re on the right path for success post JobKeeper.