It is budget season, with all levels of government delivering their budget outlines for the next financial year.
It is a touch point for businesses to help plan their own business budgets and planning.
The tax incentives, measures to increase skills training for industries deemed essential, measures to decrease cost of living pressures, and more have been widely published and discussed.
The federal budget influences small business through tax policies, funding programs, economic stability measures, and regulatory reforms.
There are opportunities for growth and development, however businesses must stay informed and be adaptable to leverage the benefits and mitigate any potential adverse impacts effectively.
What does that mean?
Will your business benefit from an instant asset write off, or be able to take on another apprentice?
Perhaps you will be able to take advantage of a digital business grant to upgrade your online business capabilities.
What is likely to happen is most small or sole trader businesses will carry on as usual, happily receive the energy bill payment, maybe take advantage of the asset write down, or even take on an apprentice.
How many businesses look at the provided government business websites and see what resources are available?
We talk about doing better business, or doing business better, so let’s look at using the available and funded online resources that will help your business improve, provides additional skills training, and also mental wellbeing support.
One in five businesses are statistically expected to close within their first year of trading.
How does this statistic change?
It changes with knowledge.
I encourage all businesses owners to take a bit of time out of your day and look up the resources and information freely available on the federal, state, and local government website.
One small piece of information or a conversation may be the difference between your business staying open, thriving, and growing, or not.
