Business Update – January 2022
Welcome back we hope you and your family have all had a great time during the festivities! Read on for the latest updates and some ideas to help you have a great start into the new year.
COVID-19 Vaccination Info Kiosks
COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.
Australia to Push Ahead with Reopening
The government said the milder impact of the Omicron variant of COVID-19 meant Australia could push ahead with plans to reopen the economy even as new cases hit a record of over 37,000. According to Prime Minister Scott Morrison, it’s important to manage our own health, ensure that symptoms are monitored, live with the virus, and keep the economy going.
Business Adoption of eInvoicing
More than 1.2 billion invoices are exchanged in Australia every year, with around 90% of invoice processing still partly or fully manual. Replacing a paper or email invoice with an eInvoice will lead to up to around $20 in cost savings.
The government has taken a series of actions to support the business adoption of eInvoicing.
- In the 2020-21 Budget, as part of the JobMaker Digital Business Plan, the government invested $3.6 million to facilitate eInvoicing adoption across the public sector.
- In the 2021-22 Budget, as part of the Digital Economy Strategy, the Government invested a further $15.3 million to improve business awareness and accelerate eInvoicing adoption.
The government is now seeking stakeholder views on further ways to support business adoption of eInvoicing, including by consulting on the idea of a Business eInvoicing Right (BER). You can submit responses to this consultation up until 25 February 2022. You can view the submission guidelines here.
5 Ways to Beat Inflation
Business owners will encounter a lot of opportunities and face hurdles in 2022. One of the greatest challenges is likely to be inflation due to the increase in national debt, among other factors. This Forbes article shares some tips on how entrepreneurs can fight back.
- Do more with less. Many have improved their financial discipline due to the pandemic. Continue to cut waste and find more ways to do more with less. After cutting waste, focus on building high-margin products and services.
- Seek more low-cost financing and cut financing costs. Government financing can be a great source of cheap financing for business.
- Raise more internal financing. Improve your cash flow.
- Use smart driver-focused sales. One of the biggest problems in business is getting sales and spending too much to get it. Learn how to sell more with less.
- Make your strategy finance-smart. Evaluate the financial impact of your business strategy and adjust if necessary.
Need more personalised business advice? Get in touch with us today so we can discuss your specific concerns.
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Contact us if you have any questions or want to discuss the next steps for your business.