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MyBusiness Week Day 1 wrap-up: Accessing government support and forecasting cash flow

Maja Garaca Djurdjevic
Maja Garaca Djurdjevic
29 September 2020 2 minute readShare
MyBusiness Week

Day 1 of MyBusiness Week was all about how small businesses Australia-wide can access the support they need, and was filled with expert tips about cash flow planning and applying resilience to pull through challenging times.  

MyBusiness Week kicked off with a special address from the Minister for Employment, Skills, Small and Family Business, Michaelia Cash.

Ms Cash gave an overview of the government’s stimulus measures, the changes in JobKeeper eligibility requirements, the issues the Morrison government will prioritise in the last quarter of 2020 and the government’s plans as we head towards the big budget reveal.

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Following the minister, businesses heard from MyBusiness Week’s gold partner, Reckon, with CEO Sam Allert sharing his practical tips to help small-business owners apply resilience to pull through this COVID crisis, as well as his top strategies to maintain business focus through periods of change.

Next up, our audience heard from Stuart Donaldson, the founder of Banyan Co, who talked about cash flow forecasting in uncertain times and how to plan your post-stimulus future.

 

“What a world we find ourselves in now. You only have to cast your mind back, say, eight months ago, we were all in business, going along merrily and then the pandemic hit, no one saw it coming and it has been breathtaking in terms of the sheer scale of destruction at all levels,” Mr Donaldson began.

His presentation was followed by mental health advocate and AFL legend Wayne Schwass, who emphasised the importance of looking after one’s mental health, especially in times of crisis.

“Your mental health and your emotional wellbeing impacts every area of your life, including your physical health,” Mr Schwass stressed, sharing the tools and strategies he uses to keep pace with his own wellbeing.

MyBusiness Week’s other gold partner, BMW Group Australia, also played a big part in Day 1.

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CEO Vikram Pawah provided an insight into what smaller companies can learn from this automotive giant, especially when it comes to adapting their business strategies to limit the impacts of COVID-19. Mr Pawah also spoke about the innovative methods BMW has employed to keep their customers engaged. 

On a digital front, business specialist Lielette Calleja shared her secrets to business success and suggested ways to make the most of the COVID-induced digital transformation.

“If we think about COVID, what that did to business, it pretty much turned that upside down where we had to become digitally transformed,” Ms Calleja said, providing some useful tips for businesses looking to embark on this digital journey.

Finally, on a government front, Damien Tudhope, NSW Minister for Finance Small Business, outlined the state’s business support and how NSW plans to get its economy back on track.

Mr Tudehope also revealed when businesses in this state can expect a little more leniency in terms of the current COVID restrictions. 

“If you can have 40,000 people go to a rugby league game, I can understand the push by the hospitality industry to say, ‘Well, come on, give us a break’,” he said.

“In many respects, the business community have been outstanding, they have understood where we are coming from. They want people to come back, they want a COVID-safe environment. But we need to do our part and say to them that, yes, we are a little ahead of the curve and we need to be potentially acknowledging the fact that we can stimulate those businesses by removing some of the restrictions.”

Last but not least, the winner of the first $300 MyBusiness Week prize is Aruna Kumar, Ar Taxation Solutions Pty Ltd.

More than 3,000 small-business owners are now registered for MyBusiness Week. Please join us for Day 2, which will kick off with a keynote session from the ATO’s Kirsten Fish.

The virtual MyBusiness Week 2020 continues on 30 September and 1 October.

MyBusiness Week Day 1 wrap-up: Accessing government support and forecasting cash flow
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Maja Garaca Djurdjevic
Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of My Business. 

Maja has a decade-long career in journalism across finance, business and politics. Now a well-versed reporter in the SME and accounting arena, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies and enabling citizens to influence decision-making.

You can email Maja on [email protected] 

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