Well, 2020, we did not expect that!

Toilet paper panic buying, elbow-bump greetings, work from home, takeaway cocktails, Zoom meetings and home schooling. This year has been a chaos of unimaginable lifestyle changes, pivoting businesses and economic shutdowns.

But it has also seen inspiring moments of genuine change, a rise in “buy local” campaigns and an upsurge in kindness and compassion to one another.

And within our own local businesses, it has been one we will never forget.

Working with our clients this year, we saw that doing business during a pandemic was challenging (to say the least), but we also saw you become more adaptable and resilient.

Here are four important lessons we learnt during the year that was, and what parts you should hold onto.

We saw businesses pivot

“Pivot” became the buzzword of 2020. Perhaps the biggest lesson of the year for businesses was how to be agile and respond super quickly to ever-changing events. The situation made small business realise how important it is to change with the times and to be willing to shift gears when necessary. We helped our clients respond quickly, creatively and with more flexibility than ever before.

For some businesses, the shift unveiled the gaps and weaknesses in their businesses, helping to pinpoint errors and improve them for future. We saw so many examples of businesses adapting and learning new lessons in order to survive and succeed.

We saw businesses really value relationships

The relationships your business has with customers and employees has always been key. As businesses shut down, confusion was high and morale was low, and it was communication that allayed fears or grew them. Many business owners found that empathising with their teams and customers, and focussing on unity was essential.

“We are all in this together” took on a whole new meaning, where we saw business competitors helping each other out, and unlikely partnerships forming.

As we are all returning to a somewhat “regular” workplace, plan to keep up the improvements in communication. And continue to nurture that feeling of community with customers, suppliers and employees. That goodwill may be the best advertising your business has ever had.

We saw businesses become more resilient

Resilience is all about preparing your business for the hard times. This year has certainly highlighted the importance of building strategies for handling this change. Crisis management and continuity plans were put in place and we saw time and again how local businesses quickly adapted to provide services outside their norm. Cafes became take-away outlets, gyms found Zoom classes and schools became distance education centres. As most businesses were impacted by the crisis, they had to quickly readjust and find what products or services were more profitable, which channels reached more customers and what campaigns were able to get more leads on.

Don’t have a crisis plan or strategy? Get one. Have a good, hard, honest look at how the pandemic affected your business, what steps you needed to take to notify and protect workers and what was needed to continue meeting customer expectations. As you review what worked and what didn’t, this should become the starting point for you to address any future issues.

We saw businesses embrace innovation and technology

This year, technology was relied on more than ever before. The disruption that COVID caused highlighted how critical it is to be online. As employees started working from home, clients communicated through Zoom and customers shopped online, the digital collaboration tools quickly became essential and will definitely remain a staple well after the pandemic ends. Email became the go-to for getting information out quickly and directly to customers and staff. Social media served as effective messaging channels to stay in contact and became powerful channels for marketing and advertising, as well as spreading messages of support and compassion. Keep riding the wave of technological communication because it isn’t going away.

These are just some of the lessons of 2020. No doubt, you have learnt about yourself and your business more than you ever thought possible. It’s been such a big, full year of challenges and uncertainty, and the speed and scope of the COVID crisis posed extraordinary tests for us all. But you did it. You made it through. Pat yourself on the back. And don’t forget we are always here for you -pandemic or not. We are your partners in business, and when you succeed, we succeed.

Thank you for trusting us. Bring on 2021.

Imagine yourself on December 31, 2020. Did you meet your financial goals for the year? Did you accomplish what you set out to do in your business? We hope so!

If you didn’t, don’t lose heart… because, let’s face it, it has been a pretty hectic year for everyone.

What we want you to start thinking about as we near the year’s end, is your financial goal setting for 2021. We know, we know… it’s not the most exciting thing to be thinking about as we gear up for Christmas, but it really is worth it.

But what exactly does financial goal setting mean? Is it weekly spending? Budgets? How and when to pay bills? Investments?

Well, it is a little bit of each of those and a bunch more.

Let’s put it this way: financial goals are savings, investments or spending targets you hope to achieve over a set period of time. Setting short-term, mid-term and long-term goals is an important step toward becoming financially secure – we all want that, right?

If you aren’t working toward anything specific, you are likely to spend more than you should. You will then come up short when you need money for unexpected bills, not to mention when you want to retire (even if that is a long time away).

Annual planning gives you an opportunity to formally review your goals, update them, and evaluate your progress since last year. If you’ve never set goals before, or it was a long time ago, this planning period gives you the opportunity to formulate them so you can get to, or stay on, firm financial footing.

And it all starts with a budget… your roadmap to ensure you are on the right track to meet your financial goals. Your budget doesn’t have to be fancy or complex to be effective. But it should include an estimate of monthly revenue and expenses, profit and loss expectations and statement of cash flow.

Here’s what you need to consider:

• Profit and loss is simply the numbers that tell you at a glance whether you’re making money or losing it. Subtract your expenses from your income, and voila, there are your profit and loss figures.
• Income is how much money you’re generating from sales of your products or services.
• Recurring income is reliable income from client retainers and contract work.
• Expected income is predictions of future income. This is a forecast of what your business is likely to earn.

Meanwhile, expenses are how much money you are spending on business costs such as staff, raw materials and marketing. Break your costs into recurring (monthly payments such as rent, utilities, payroll etc) and sundry (occasional payments, office supplies, etc).

Budgeting isn’t a one-off exercise (sorry to tell you that!). It really needs to be monitored and updated regularly. If you’re just starting out, monthly is a good idea to begin with. Then quarterly, and definitely yearly.

Use your budget to help you make business decisions in the short and long-term. If you are spending too much, look for ways to cut costs and avoid spending money on anything that isn’t essential to running your business. If you have extra funds, terrific! Maybe use that money to reduce debt, create financial security or grow your business. If you anticipate a large expenditure one or two years down the road (maybe for computer upgrades, or a larger premises), your budget is going to help you get there.

And that right there is why budgeting is the starting blocks for financial goal setting.

We know numbers aren’t everyone’s bag, but they are ours. So, if you need a hand fine-tuning your financial goals and setting budgets, you know where we are.

We want you to open up your 2021 calendar, to have all your loose ends tied up and to look ahead with anticipation and excitement in your business, because there really is nothing quite like the fresh start of a new year.

Have you taken a good honest look at your marketing lately to determine whether it’s doing its job in making your business money, or whether it’s wasting it?

Now is the time to check the performance of your marketing, so that you can start 2021 on the front foot, with a clear plan for what you want to achieve.

No matter how great your website looks, how good your social media presence is, or that your email marketing goes out every Thursday morning, there are five essential ingredients that can make your marketing a powerhouse, or if they’re missing make your marketing a waste of money.

Marketing problems

Do any of these problems exist in your business?

• Are 80% of your marketing efforts leading to income generation?
• Are you struggling to achieve consistent revenue?
• Are you trying to market your business to anyone and everyone who might be interested?
• Are you struggling to stand out from the crowd?
• Has your business growth stagnated?
• Are you attracting the wrong kind of clients?
• Are you struggling to convert followers into sales?
• Do you have lower-than-expected retention and referral rates?

If you answered YES to any of these, then you most likely have a strategy problem.

Synergy’s marketing partner Nicci O’Mara, Founder of Simply Standout Marketing, is one of the region’s most experienced marketers, bringing over 25 years of marketing communications expertise to your business and ours.

Nicci’s focus is on growing businesses by transforming their marketing, using a strategy-first approach.

“You need to find what’s not working and fix it fast, because when your strategy isn’t working, you’re not bringing in the revenue you could be,” Nicci said.

“And no amount of money and time put into social media, emails, advertising, or even a new website will fix the problem. You need to fix the strategy first.”

5 essentials for marketing success

When it comes to successfully attracting more of the right customers to your business so you can grow and profit, there are five essential ingredients.

Knowing your Audience

A LOT has changed over the last 12 months and that includes how your customers consume marketing. To be truly successful in your marketing you need to know your audience like never before. You not only need to know who they are and where they’re from, but you need to delve deeper to discover what problem you solve for them, what objections they have to buying your product or service, and what frustrations they have with your industry.

Understanding your audience makes it so much easier to sell to them, and so much easier to know what marketing to undertake and what messaging to use.

Your Irresistible Offer

One of the most important elements of your marketing is your “irresistible offer”. It doesn’t matter whether you’re a construction business, a law firm, a pub, or a retail store, you need to communicate an irresistible offer for people to want to buy.

The vast majority of failed promotions occur because there was a problem with the offer. Either people didn’t want what you were offering, or you didn’t put it in front of enough of the right people.

People want to buy the transformation, not the product or service. They want to buy a beautiful smile, not a retainer. They want to buy their dream home, not legal services. It’s all in the wording. You’re still selling the retainer or the legal service, but you’re talking about the transformation and how your product or service makes that happen.

Messaging

Every business needs to have up to three key messages that they use consistently across all of their marketing and communication. They aren’t taglines. They’re carefully crafted sentences that are the foundation of all your marketing and branding efforts.

Your key messages should work to highlight what you stand for, and what differentiates you from the competition. It’s what you want your customers to hear over and over again so it embeds in their mind. They need to be relevant, engaging, and refreshed regularly.

Attraction

Choosing the attraction strategies and tactics that are right for your audience and your business can be tricky. Often business owners stick with what they know rather than what would work best. Or they get caught up with the hype and promises of the latest marketing tactic which may be fun to use but may not be where their customers are hanging out.

But once you know and understand your audience well, and you know which tactics will provide the best return on investment without taking up ben more of your precious time, it’s so much easier. And if you set your marketing up to have solid foundations, it makes it so much simpler to build on your marketing for long-term success.

Retention

It’s about 10x cheaper to keep an existing customer than it is to attract a new one, so putting into place some great retention strategies is a no-brainer. There are so many new and innovative ways to keep your current customers engaged and coming back, don’t just go for the quick and easy discount or reward. While you’re there, make sure you include strategies to gain referrals from your current customers.

And here you were thinking we were just numbers people!

At Synergy, we believe in a well-rounded business strategy which includes a solid marketing plan. So, if you need advice or assistance to improve your marketing and grow your business, we suggest you BOOK NOW for a free 15-minute discovery call with Nicci O’Mara. She really is great at what she does! 

Giving back to the community is a big part of the Synergy ethos. The team did just that in a very real (and exhausting!) way in early September when they took part in The Bloody Long Walk for mitochondrial disease, raising over $2,000 in the process.

Kathy, Ross, Angie and Stuart laced up their sneakers and completed 35km of walking; in fact, they were the only corporate team to enter the Sunshine Coast walk.

“It was long and hard, but it felt so good,” Kathy said. “Mito is a debilitating genetic disorder that robs the body’s cells of the energy they need to function properly. So the symbolism of walking for those who struggle to walk, was powerful.”

The Synergy team walked with thousands of other participants from Coolum Beach, along the Maroochy River, and finished up at Mooloolaba Beach.

“This is one of those challenges that we will never forget,” Kathy said. “It was certainly not what my normal Sunday looks like, but I am so proud of our team for getting out there, completing the course and raising some good money for the foundation which will contribute in fighting this awful disease. And to do it with my Synergy team mates was hugely gratifying – not to mention fun!”

Exhausted but happy, Kathy said the feel-good factor was long-lasting. “Community service puts us outside ourselves in a way that allows us to see a different path, a different perspective. We really try and give back to our community in a meaningful way and try to make a difference.”

She said whether you choose to support a large national cause or a smaller local charity, making a donation or doing a charitable act has such a positive impact.

“When we give back, we feel good. And every donation – no matter how small – can make a huge difference to those in need. Our Synergy Accountants team is so proud to have positively impacted someone’s life – just by walking!”

The team would like to thank every single person who donated to their Bloody Long Walk.

“We were overwhelmed by the support we received. In fact, we exceeded our initial target and were able to hand over more than $2,000 to the Mito Foundation. It was a pretty great moment.”

​

At Synergy Accountants, we spend our days helping our clients grow their businesses, and now it’s our turn to grow, with the acquisition of Sunshine Coast-based firm Team Accountants, who have joined the Synergy family today.

Synergy Managing Director Angie Barnard said “we’re excited to welcome Team Accountants’ staff and clients to Synergy. Di Mullin and Stuart Thomson have entrusted us to build on the foundations they have created and we’re looking forward to helping Sunshine Coast businesses grow and profit.

“The culture at Team Accountants fits perfectly with the values of Synergy Accountants where we strive to provide our clients high levels of personalised service, with a commitment to excellence, integrity, open and honest communication, strong work ethic, and ensuring our staff always act in our client’s best interest.

“This is a really exciting opportunity for us all. With offices in Toowoomba and Maroochydore, we have an enhanced ability to help more clients with their business and accounting needs, while continuing to build trusted relationships and deliver results for our clients, which are the foundations of our business,” Angie said.

Synergy Accountants has continued to grow over the last 17 years and now has a terrific team of 25, headed up by Directors Angie Barnard, Dan Chappel, Kathy Wockner, and our new Associate Ross Grieve.

“Our team has a diverse range of industry experience, meaning we understand both the hard times and the triumphs that businesses go through. We’re experts in business growth and profit strategy, tax advisory, asset protection, workforce planning, complex tax advice, succession planning, and marketing.

“We are looking forward to getting to know our new Sunshine Coast clients and providing them with the same service, commitment and expertise that our current clients have come to know and love.”

One of the biggest challenges for small and medium business owners is their workforce, the backbone of their entire business operation. And every workforce has the potential to either drive growth or drive you into the ground.

So what’s the number one tip to drive success in business? According to Synergy’s Managing Director, Angie Barnard it’s workforce planning.

“If you have the right people with the right skills in the right roles, working to achieve not only your operational goals but also your strategic business goals, you’re on the path to a winning formula,” Angie says.

What is workforce planning?

Put simply, workforce planning is a process that aims to reduce the people issues in your business, which not only makes the business operate better, but it allows business owners to get back to doing what they do best.

We recommend putting in place a formal organisational structure that allows each role in the business to have a succession and emergency cover option that doesn’t involve senior staff (often the owner), stepping down to fill the gap when employees are on leave or depart the business.

This structure also assists with developing role profiles or position descriptions, plus key performance indicators for each role.

Everyone in the business should know what they’re responsible for, what success in their role looks like, who they report to, and what potential future avenues for development are available to them.

If employees are all coming to you as the business owner to solve all their problems, put out the fires, and deal with all the people issues, this will limit and eventually stall growth. Plus, it’s exhausting for the business owner!

Who needs to do workforce planning?

“Workforce planning is just as important in small businesses as it is in large businesses. It empowers leaders and managers in the business to have the important or hard conversations with team members, which frees up the business owners to do what truly adds value to the business and to them personally,” Angie says.

Businesses with eight or more employees need to start implementing workforce structure and planning their team strategy to not only allow for continued growth in the business but also for long-term sustainability.

How to do workforce planning

If this all sounds too hard or time-consuming, don’t stress out as there is expert help at hand.

Synergy has the people, the workforce planning tools, and the expertise to help you, so you’ll get on track to having the right people in the right place at the right time for even greater success.

Workforce planning process

The team at Synergy will walk you through the whole workforce planning process including helping clients to:

• Identify the need for workforce planning
• Articulate the values of your business if they’re not already in writing and visible to everyone in the business
• Develop the ideal organisational chart to work towards. This includes identifying what are the right skills and traits required for key positions.
• Create and match the KPIs of roles to the business operational goals and budget
• Help to discuss the new processes with the leadership team and train them in using it.
• Follow-up during and after the implementation with the team to iron out any issues

Top tips to successful workforce planning

1. Set Values

Set the values for the business, making them visible to all team members. Hold everyone in the business accountable to these values (they are what made you successful in the first place!)

2. Empower your people

The key to the success of workforce planning is to empower your people and in particular, your leadership team. We understand that some business owners can struggle with this at first (it’s a trait that probably helped get them to where they are today).

We also understand that no one in the business will do many things as well as you can. Let’s face it, no one cares about your business and customers the way you do! But for a business to grow, you have to let go of some control.

If you’re struggling with this, start by documenting processes, especially quality control processes. Create checklists for teams to ensure they’re following these processes, and as you get more confident in this process, begin more formal workforce planning.

3. Implement

Implement, implement, implement! Remember your end goal: freeing up your time.

Great planning only helps if it is implemented and persisted with. Resist the temptation when busy to keep doing things the way you’ve always done them.

 

Our aim is to help you get your workforce planning under control, to free you up as a business owner so you can do more of what you love!

If you need help or advice on workforce planning, contact Synergy. We’ll get you where you need to go. After all, your growth is our business.

Working from home has become the norm for many Australian business owners and employees throughout COVID-19, but when it comes to tax time, how do you work out what to claim?

As many employees are working from their homes, dining room tables across the country have been transformed into desks, the daily commute is down the hallway, and the family kitchen has become the staff room.

Synergy Director Angie Barnard said “These are such interesting times for businesses as we challenge ourselves and our staff to work differently – both geographically and logistically. But we have seen a rise to the challenge with businesses adapting to new spaces and new ways of delivering their services to the community.”

What does that mean from a tax-deductible perspective?

The good news is that the ATO has announced a shortcut in claiming deductions for working from home. It’s quick and super simple – because let’s face it, if you have never worked from home before, it may be tricky figuring out what and how to claim.

How you usually claim deductions

Traditionally, you could make a claim two ways for work-from-home tax deductions: running expenses and occupancy expenses.

Running Expenses: Claimed at 52c per hour for heating, lighting, cooling etc. Plus, you could separately claim the work-related portion of your phone, internet, computer depreciation and other expenses.

Occupancy Expenses: Claiming the work-related portion of your heating, lighting and cooling based on the size of your home office. Plus, you could separately claim the work-related portion of your phone, internet, computer depreciation and other expenses.

If you worked from home prior to 1 March, you could claim a rate of 52 cents per work hour for things like heating or cooling, lighting, cleaning and the decline in value of office furniture, plus calculate the work-related portion of your phone and internet expenses, computer consumption etc.

To claim using this method, keep records of either:

• Your actual hours spent working at home for the year
• A diary for a representative four-week period to show your usual pattern of working at home. You can then apply the four-week period across the remainder of the year to determine your full deduction amount.

You need to separately determine out all other work from home area expenses, such as:

• Phone and internet expenses
• Computer consumables and stationery
• A decline in value on computers or other equipment.

The existing claim method may be beneficial to some businesses which incur significant expenses (with records) on depreciation such as laptops, printers and office supplies.

The temporary shortcut method to claim deductions

The new arrangement (from March 1 to 30 September) called the Shortcut Method will allow people to claim a flat rate of 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses.

It includes phone, internet, electricity and computer depreciation and consumables. And it only requires you to record the number of hours worked as evidence. Plus, you don’t have to have a dedicated area of your home set aside for working (such as private study).

Angie suggests keeping a timesheet, which is essential for claiming utility deductions, and you can only claim the portion of your bill that is work-related.

For example, if 80% of your usage is for personal use, you can only claim 20% as a deduction. However, desks, computers, stationery and other items needed to set up a work-from-home office are eligible deductions.

Always keep your receipts!

Here’s a quick guide of what the shortcut method rate covers for those working at home due to the coronavirus:

• Electricity for lighting, cooling or heating and running electronic items used for work (e.g. computer), and gas heating expenses
• The decline in value and repair of capital items, such as home office furniture and furnishings
• Cleaning expenses
• Your phone costs, including the decline in value of the handset
• Your internet costs
• Computer consumables, such as printer ink
• Stationery
• The decline in value of a computer, laptop or similar device.

If you are working from home due to COVID-19, you CAN’T claim:

• Occupancy expenses such as mortgage interest, rent and rates
• The cost of coffee, tea, milk and other general household items your employer may otherwise have provided you with at work.

You can use either method – but you can’t use both!

The Australian Tax Office is reminding people that the three golden rules for deductions still apply.

1. You must have spent the money yourself and not have been reimbursed
2. The claim must be directly related to earning income, and
3. There must be a record to substantiate the claim.

Wherever and however you are working through this time, remember: the team at Synergy are only a phone call away if you need clarification, or have concerns or questions. We are all in this together, and together we can help you get through.

It’s been a big few weeks for Synergy team member Ross Grieve.

Last week Ross not only married his partner Jesse in a beautiful ceremony, but he also stepped up as Synergy Accountants’ newest Associate.

“Throw in the end of the financial year and it has been a huge couple of weeks!” Ross laughed.

Ross, who has been part of the Synergy team for the past four years, said he was excited to start this new chapter in his working life. But it was the people he worked with that made it worthwhile.

“We all spend such a large portion of our waking hours earning a living, so it’s incredibly important to be in the right environment with the right people around you,” he said.

“Synergy has an incredibly strong team of advisors but they are also genuinely amazing people to be around. Being involved with such a dedicated and positive group of people makes it all worthwhile.”

The praise goes both ways, with Synergy Director Angie Barnard describing Ross as an inspiring and integral part of the team.

“Ross joined Synergy as an ambitious and driven Senior Accountant who displayed excellent leadership skills,” she said. “He’s an integral part of our leadership team and has worked in perfect alignment with Synergy’s values from day one. For the past couple of years, Ross has been my client manager and we are so excited to now welcome him into the Associate position.”

Accounting may not seem to some as an overly glamorous pathway, but Ross said it was “actually thrilling”… “It is so interesting! Each day I come to work I will inevitably be doing something different to what I thought when I was on the drive into the office.

“We work with so many interesting and successful people and businesses which ensures we get to work on a wide variety of challenges and opportunities. On top of this, we get to genuinely help our clients with their businesses and always feel a strong connection with the successes that our clients have. It is quite thrilling. It really is!” Ross said.

Traditionally, accounting has been a numbers game. Modern accounting, however, is also about people and workforce management, something Ross said is becoming more and more important on the local business landscape.

“Coming into Synergy and working with Angie has led to having many conversations with clients around workforce planning and the benefits of having a plan and processes around the management of the people within your business.

“I have a large number of clients who are new to operating a business and I really get a kick out of assisting them with getting their business started and growing it with them,” Ross said.

“I just feel this is exactly where I am supposed to be at this time in life. It is exciting and encouraging and I am very ready to take on this new challenge.”

At some stage in your business cycle, you may require a cash injection. Maybe you’re looking for funds to develop new products or services. Perhaps you need help to keep pace with ever-changing technology or marketing techniques. Or it could just be that you want to step it up a notch and take your business to the next level.

Applying for free – yes, free – government grants for small business can be a great way of accessing sorely-needed funding without having to give away equity.

The good news is, there are quite a few business grants – more than 300 – available to help you out. It’s something many small business owners aren’t necessarily aware of.

When it comes to funding your business with a government grant, there are plenty out there from all levels (local, state and federal).

But what is a grant? And how can you access one? Grants are essentially money awarded to businesses that meet the criteria. They’re different to a loan because you don’t have to pay them back. Sounds too good to be true, right?

To be successful, grant applications require detailed research and solid preparation. You will need to meet strict guidelines to be eligible, and the application process can be tricky, sometimes confusing, and detailed. But we strongly believe it’s worth it if you want to move your business forward.

Government grants are generally for a specific project, not a business in general. This means you will need a specific plan to be eligible, not just a general business idea. There are a few grants specifically for starting a business, but there are also grants for business activities such as expansion, training and research and development, importing and exporting, artistic endeavours and so much more.

At Synergy Accountants, we assist with grant applications all the time, because we believe in giving you and your business the tools needed to succeed. It’s worthwhile having a chat with us so we can show you the ropes and help with the paperwork, eligibility criteria and ongoing accountability – from start to finish. You can then concentrate on the growth of your business. Because after all, your growth is our business.

So, let’s check out some of the resources online that can point you in the right direction…

 

Business – Australian Government

This is an excellent site to visit to start. Here, you will discover all the tools to help find grants and assistant programs in your area. The site is super simple to navigate. Just pop in your postcode and the site does the rest for you. Whether it is funding for training and skills development, upgrading equipment, or help in research and development of products and services, this site can help you find the right grant.

https://business.gov.au

 

Grants Australia

This is the official site for the Australian government grants and information system. Click the “view all” button, and you’ll see a complete list of grants available, categories, opening and closing dates and detailed descriptions of each grant. An excellent resource.

https://grants.gov.au

 

Advance Queensland

Specifically for businesses in Queensland, this is your one-stop shop for all the grants available in the sunshine state. Advance Queensland is the official Queensland Government website which provides opportunities for start-ups, entrepreneurs and small businesses with grants and funding opportunities. There is a grant for almost every industry and every pathway from rural and indigenous, small business and scientific, investment and technology. User friendly and simple to navigate.

https://advance.qld.gov.au

 

Business Queensland

This is another excellent web resource for finding a grant that suits your business and where your business is in its life cycle. There are tips and tricks, strategies and plans for applying for grants, there is even a section on why some grants fall over and how to avoid those pitfalls. A complete list of Queensland grants is offered in a clear and easy-to-read format. So, whether you are in tourism and innovation, digital and technology, even social and justice enterprise, you will find it.

https://business.qld.gov.au

 

Farmtable

If you’re looking for farm loans, grants, scholarships or agricultural funding opportunities to develop your skills, expand your farming business or support you in a time of need, Farmtable is where you’ll want to click. This Australian AgFunding farm database brings together funding programs relevant to Australian farmers, rural entities and agribusinesses from across government, education, community and private institutions. Flood, drought or other natural disaster relief assistance information is all here.

You can browse the AgFunding database by state or by area of funding, or use the search tool to discover and browse. By bringing all these funding opportunities together in the one place, it’s easy to find a relevant grant, loan, subsidy, scholarship, or rebate for you and your Ag business.

https://farmtable.com.au

 

Industry NSW

A one-stop shop for grants and support for NSW businesses. There is something here for everyone – a website detailing how the NSW is unlocking more opportunities for small business, including those in regional NSW.

https://industry.nsw.gov.au

 

So now it’s time for you to start searching for a grant to help your business grow. Remember to give us a call if you have any questions or need some advice.

 

P.S. One thing to be aware of when it comes to business grants is there are scams out there requesting money for grant information. Government grant information is available free online and you never need to pay for it.

The start of any new year brings with it fresh priorities, new chapters, and exciting opportunities. The slate can be wiped clean in readiness for new goals. January is the perfect time to get 20/20 vision on your business goals, to evaluate how your business is performing, and plan new strategies for growth.

If you’re looking to grow your business in the year ahead (and let’s face it, who isn’t?), here are our top 20 ways to grow in 2020.

1. Complete 2019

Before you start setting goals for 2020, you’ve got to finish off 2019! So take out a piece of paper and write down what were your wins for the year in business and personal. What were you proud of? What got you excited? And what lessons did you learn along the way?

Just as important is what didn’t go the way you wanted it to? Write down the failures and disappointments for the year, and what lessons you learned from each one.

Then celebrate the wins and the lessons you learned, and wipe the slate clean for the year to come.

2. Refine Your Growth Strategy

This is a big one, and probably the most important. Spend time really evaluating how your company is performing and plan new strategies for growing your business. Your businesses growth strategy guides your path to success, so it’s crucial you get it right.

A growth plan lays out how you want your business to grow and the steps you’ll take to achieve that development. A strategy helps you focus on what is most important for expanding your business.

Sound daunting? Don’t worry, at Synergy, we’re here to help every step of the way. Whether your goals are growth, profit, workforce improvement or even succession, our highly experienced advisors will be there to assist you to identify opportunities, overcome challenges, and develop processes and refine strategies.

3. Get to Know Your Customers Better

Quite simply, understanding your customer’s changing needs and wants can help you hone your products and services for a better buyer experience, which in turn develops a better bottom line.

Who are your customers and what do they need and want? How do they want to buy and communicate with you? You need to get to know the continually changing needs of your customers. What they wanted five years ago is probably not what they want now.

The answers will help you choose what events to attend, where you put your marketing dollars, even what products to stock or services to offer.

4. Up Your Customer Service Game

Sticking with the customer theme, how’s your customer service? Is it great, or is it just ok? Be honest with this one. If you go the extra mile with your customers, they will not only remember your business, they will recommend it. Word of mouth is powerful (and free!) and good customer service will ensure return customers, and draw new ones.

5. Take Care of Existing Customers

It’s much cheaper to keep and grow existing customers than it is to acquire new ones. So nurture them, communicate with them, make them feel part of your family, and they will be more likely to choose you over your competitor. Simple.

6. Establish Loyalty

Still on the subject of customers, encourage their loyalty by offering membership, rewards, discounts or promotions (such as special deals just for being a great client!). Letting your customers know they are appreciated really gets them all warm and fuzzy!

7. Take Care of Your Staff

If you have staff, make sure you take the time to show them how much you appreciate them. It is a simple strategy, but one that will convert into a happier workforce, and therefore more productivity.

8. Up Your Marketing Game

Make no mistake, marketing is super important. Businesses often waste money on marketing by doing what worked for them five years ago, or doing only what they know how to do. But times have changed dramatically when it comes to marketing and doing it without a solid integrated strategy is not an option if you’re serious about growing your business.

At Synergy Accountants your growth is our business, so we’ve partnered with one of the regions most experienced marketers, Nicci O’Mara, bringing strategic thinking, creativity, and 25 years of marketing communication expertise, so you can concentrate on the things you do best.

9.  Social Media

You can’t resist it any longer. Social media is here to stay, and we strongly recommend you get on it. It’s a powerful tool for both existing and potential customers. Conversely, it works great for you as the owner – you can find out what customers are saying about you, gain insight into their behaviour, and identify trends that appeal to your target market. Or maybe you simply want to stay in touch.

But just be careful that you choose to spend your time on the social media outlet that your ideal customers are most active on. No point in being on Instagram if no one but your staff are there.

10. Website Goals

Chances are, you already have a website. But when was the last time it was updated? Have a read through – or get someone else to – and update and improve the content, add testimonials (we will talk about these a bit more next), update pictures, and ensure all your contact information is correct.

11.  Call Out for Testimonials

Good reviews are proof you can use to bring in new customers. Testimonials are a powerful marketing tool you can use on social media, on your website, even in-store or in your office. And they’re free!

Start off by asking your most loyal customers, your biggest fans, what they like about your business and get them to put it in writing. Reading what your happy customers enjoy about your business will help optimise sales. It really does.

12. Give Back to your Community

Building brand awareness in your local community is a great way to attract new business, and give back to the community that already supports you. Sponsorships and participating in a community events to raise funds for a cause will raise your business profile and help your community.

13. Build Your Network

It’s not what you know, but who you know. Invest in building networks as it allows you to develop relationships with other people and encourage them to refer customers to you. You might not like networking, but believe us, it is potent!

14. Competitive Analysis

Where do you fit on the competitive landscape and how do you stand out? Answer these questions and you will be on the front foot:

• Who are your primary competitors?
• What products or services do they offer?
• How are they priced?
• Who are their customers?
• What is your point of difference?

Once you have researched your competition, you can determine strategies for differentiating yourself from other businesses, so you can stand out from the crowd.

15. Get Your Taxes Under Control

Business taxation is complicated and ever changing. You need to stay on top it. Ok, we know, it’s boring! But essential. We can take the stress out of tax issues by working with you to plan and implement customised strategies that will work for you and your business. We are experts in minimising tax liability, increasing your profits and protecting your assets.

16. Protect Your Cash Flow

This is another one we specialise in. Your growth is our business, and one of the best ways to grow your business is to really tighten up your expenses, and free up your cash flow. We have plenty of tips, tricks and strategies to help you get this under control.

17. Invest in Training

If you want to grow your business, you and your team needs to be prepared to provide the services you offer. That means training. Online training is a great option because it allows your employees to learn on their own terms. Or maybe you want to upskill yourself? 2020 is the year to just go for it.

18. Increase Productivity

This seems like a no brainer. But to make your business more productive doesn’t necessarily mean becoming faster or more organised (although, this does help!). It means automating processes like invoicing, tracking and nurturing leads, social media scheduling etc. With some of your most time-consuming tasks automated, you and your team are free to work on bigger and better things.

19. Diversify

Is there a new product or service you can offer? What new niches can you explore? How can you surprise your customer base and, in turn, up your bottom line? It’s worth exploring.

20. Work Life Balance

Sounds a bit new-age, but work/life balance is gaining traction – and for good reason. As a business owner it can be too easy to slip into work at any time of the day or night. Set work-time boundaries. You will be way more productive, less stressed, and fresher, if you set yourself limits.

 

Try some, or all, of these tips on how to grow your business and stick to what works best for you.  Stay on course and focus on what is working and ditch those that aren’t.

Be patient. It’s a marathon not a sprint. Come see us. Let us help you refine and implement your business goals for 2020. It’s your time to grow!