TMM 112 Aus Federal Gov Economic Stimulus Package with Greg Valles.

What you need to know to get ready and how the importance of knowing your numbers is vital to ride through the storm of an international crisis.

THE FIRST LOOK AT HOW THIS CAN SUPPORT YOU AND YOUR BUSINESS MARCH 2020 WITH GREG VALLES

As the new economic stimulus package comes into play in Australia, here are some basic tips to ensure you can review your numbers and understand where the package can help you, your staff and your business during uncertain times.

An economic stimulus package is not just a handout. It’s there to create sustainable success for our economy for the long term. And that means stepping up as a leader to make any plan around this robust, well thought out and with good intent.

Check your accountant/ financial advisor is across this

Ensure who ever is giving you tax advice is also well across the ins and outs of the stimulus package. Or, at least affiliated with and can collaborate with a firm and expert who is.

Get your numbers together – Make a plan around these 7 points:

* Cash Flow Scenarios to Mitigate a Crisis* Starting out with Budgets and Cash Flow Forecasts* Forecasting Unpredictable Cash Flow* Scenario Planning for your Business* KPIs to Monitor your Cash Position* Automate your Reports* How to do a Cash Flow Analysis

Get Advise on Preparing The Submissions

Ensure you stay true to your business and understand the cashflow yourself. What core areas of your business are vital and non-negotiable. How can you leverage these to carry you through and what areas of the business can perhaps be a plan B.

Look at your “line items” for revenue and costs.

Consider a round table discussions with your senior team, advisors or core staff as to the now, then and next. Be proactive.

Lean in to your trusted partners, friends and those in your industry. Don’t be afraid to be the pioneer in this area too and ask questions to your local government even if no one else has as yet.

Acknowledge and Respect Relationships

Throughout all of this it is imperative we acknowledge and respect relationships, our interactions with our staff, families and trusted clients and suppliers.

This is not simply about transactions – but ensuring a deep and calm centred approach to business and supporting each other for the long term. Not taking short cuts.

STIMULUS PACKAGE DETAILS

For basis of summarising the Economic Stimulus Package Valles Accountants have provided the following top line points and links.

The government has announced certain measures to combat the economic headwinds resulting from the coronavirus outbreak. The measures that have been announced are as follows:

Cash flow assistance for businesses

* The Boosting Cash Flow for Employers measure will provide up to $25,000 back to small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses. Provided to businesses with a turnover of less than $50 million that employ staff.