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![]() Dealing with uncertainty – tips for business owners
Whether you’re in full lockdown, restricted trading conditions or back to ‘business as usual’, there’s still real uncertainty for business owners. We’re trading in challenging times at present. And knowing what step to take next is a key worry. We know that you invest more than simply time and money into your business. It is more than a job but part of your identity.
So, how do you get more clarity around your future plans? And how do you work on the short-term future of the business, when sales, income and cash are in short supply?
Focusing your efforts in the right places
Planning the next business move is difficult at the best of times, but it’s doubly problematic when we have so little clear idea of what a post-COVID19 business world will look like.
It's difficult to plan when we don't know what will be possible. What regulations will be in place once you can begin trading? Will the market have changed dramatically? Will you be able to trade over borders and continue to be an international operation? Will you have enough cash to actually operate?
As a business owner, you’ll be continually thinking of new business-critical issues to add to this list – but the reality is that you CAN’T control all these elements. This sense of mounting uncertainty is likely to raise your stress levels and make you more anxious.
So, how do you overcome these worries and find a practical solution?
Try to focus on the things you can control:
It's too overwhelming to try and work on everything at the same time. Instead, try to focus on the one thing you can achieve each day.
Talk to us about other strategies for dealing with uncertainty.
If you’re uncertain about the impact of COVID-19 on your business, please do come and talk to us. We’ll help you get in control of your finances, prioritise the right elements of your business and find a strategy that prepares you for trading in the post-coronavirus market.
COVID-19 Wage Subsidy Extension
A Wage Subsidy Extension payment will be available to support employers, including sole traders, who are still significantly impacted by COVID-19 after the Wage Subsidy ends.
The Wage Subsidy Extension will be available from 10 June 2020 until 1 September 2020 so employers can keep paying their employees. Below are some key points. More information about this payment and how to apply will be available before 10 June.
https://workandincome.govt.nz/covid-19/wage-subsidy-extension/index.html
XERO - Behind Small Business resources
Business continuity is more important than ever. We’re here to help you understand what government support you can get, teach you new skills, tips to take your business online or manage working remotely. We’re also sharing inspirational stories from the world of small business. This is just the beginning, so keep checking back on what more we can do.
https://www.xero.com/nz/behindsmallbusiness/
Some dates to remember
PAYE for April is due for payment 20 May.
GST for March & April due for filing and payment by 7 May 2020
Provisional Tax payment 3 is due for payment 7 May 2020 - standard method
P O Box 49080, Himatangi Beach
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