Dealing with the economic downturn & preparing your business for recovery.
It is fair to say that times have been about as tough as they get for Australian businesses. But take heart, general consensus is that the worst may be over. So is now one of the best times ever to take advantage of improving conditions.
What you can do
Surviving the economic downturn has taught businesses one thing – look closely at your bottom line to increase your profitability.
There are several ways you can improve your financial situation including seeking professional advice, however there are also a number of small, low cost changes that you can make to your business that will make an immediate impact.
Evaluate your expenditure.
Start by examining your day to day costs such as rent, telephones, electricity and transport costs and make any necessary cuts. You can utilise cheaper methods of communication such as videoconferencing instead of attending meetings in person.
Look at ways you can reduce the amount of energy and waste levels your business uses. This will save you money and help the environment by reducing greenhouse gas emissions.
And now could be the time to talk to your bank manager or other financier about refinancing or ramping up your business loan while interest rates are low. The Business Loan Finder on business.gov.au can help you find and compare business loan options.
Revisit your business and marketing plans.
The continued success of your business is determined by effective planning. By updating your business and marketing plans you can increase awareness of your business and generate more revenue. You could include new business prospects and new services or discounts and look at ways you can promote your business for free. For hints and tips on writing business or marketing plans, see business.gov.au for business planning tools.
Utilise online opportunities.
Using the internet to communicate and do business can help you reach a much wider market both locally and overseas, as well as saving you time and money. Taking advantage of new and less expensive technologies during an economic crisis or not, is just good business
business.gov.au provides a comprehensive list of the information and resources you can use to plan and run an online business.
Provide excellent customer service to everybody.
Marketing your business to gain new customers is crucial in obtaining growth but it is also important to look after your regular customers. Chances are they are doing it tough too. Offer incentive schemes and discounts on certain products and services for repeat customers. Let your loyal customers know that their business is important to you.
Check out business.gov.au's new Grant Finder. Many businesses are seeking financial assistance from external sources to further develop their businesses in the current global financial crisis. business.gov.au's Grant Finder helps you to find funding programs from the federal, state and territory governments, and from local councils. Visit business.gov.au for more information.
Stay informed about new Government assistance and initiatives.business.gov.au has new information on Government assistance and funding for business that is regularly updated as new initiatives are announced. It includes information on tax breaks, support services and training schemes intended to help guide businesses through the challenging global financial climate.
Where to go for advice.
Recent funding has been awarded to successful Business Enterprise Centres (BECs) to increase their capacity to provide business advisory services to small businesses affected by the current financial crisis.
business.gov.au is the Australian Government's award winning business website that offers free information about starting, running, growing or exiting your business.
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Username - first seven letters of your Trading Name including any spaces or commas as a character i.e. M & T MOTORS entered as M & T M (7 characters including spaces)
Password - is your MTA seven digit membership number as it appears on your membership renewal subscription form or certificate including commas.
i.e. 8,000,001
Every business in the Motor
Industry Benefits from Membership
The MTA provides its members with a large variety of benefits that can reduce business expenses as well as assisting businesses in operating more profitably.
The benefits of membership are many and varied and membership fees are 100% tax deductible. www.mtansw.com.au
