With many businesses in survival mode due to the COVID-19 pandemic, the relaxing of restrictions has many clients turning their attention to reviewing the key elements of what makes their company competitive in light of the current environment. Here are a few tips to ensure your business can adapt and continue to be competitive.
Know the Outlook for Your Industry
Ask yourself these questions:
- Do you know and understand the outlook for your industry and how COVID-19 may have affected this?
- What will it look like in 5 to 10 years?
- What are your professional or trade industry bodies predicting?
- How will advances in technology, environmental issues, modified working arrangements, political issues or regulatory issues change the nature of your industry?
- Considering the outlook of your industry will it give you confidence moving forward and can you adapt particular areas of your business accordingly?
Know Your Competition
- Make a list of your top five competitors and identify what your business does better than them.
- Determine what do they do better than you.
- How did they adapt to survive the pandemic, and what are they implementing now?
- Think about issues in the quality of your service or product and the value proposition your business provides.
The value proposition will help you identify your strengths and weaknesses compared to those of your competitors.
Depending on the nature of your business, innovation is a critical element of how thriving businesses stand out from their competitors. Encourage your employees to look for opportunities in innovation and reward them accordingly. If you believe you have found a change worth implementing to minimise risk and cost of failure, first test it on one or two customers. Seek positive or negative feedback from these customers to assist in implementing the innovation across your client base.
Conduct a SWOT Analysis
To bring all this information together, conduct a SWOT analysis by documenting the strengths, weaknesses, opportunities and threats of your business. A SWOT should be performed on a systematic basis. Documenting these will allow you to review changes over time, will help you to understand where your business/industry has come from, and know how you have adapted and where it is going.
Track Your Key Performance Indicators (KPIs)
In moving forward from this process, it's essential to measure the success of any actions taken by identifying and measuring KPIs. Tracking your KPI's will give you and your employees a snapshot on the success or failure of actions taken and assist in highlighting areas of strength or weakness. There are many areas which your KPIs could focus, as well as the traditional financial measures think 'outside the square' about non-financial KPIs.
The ATO has extended the exemption deadline for employers of "closely held employees" to start Single Touch Payroll reporting from 1 July 2020 to 1 July 2021.
Closely held employees include family members of a family business, directors and shareholders of a company and beneficiaries of a trust.
Income Protection Insurance policies that are not already in place will soon be different. The first change was from 31 March 2020, Agreed Value income protection policies will no longer be offered. From 1 July 2021 there will be many more changes.
What is income protection insurance?
Income protection insurance pays part of your income monthly up to 75% of your regular wage if you're unable to work. Providing a benefit to you that assists if you are unable to work. The protection supports you so you can focus on your recovery.
What are the changes?
- Ceasing sale of Agreed Value and Endorsed Agreed Value income protection policies;
- Less flexible terms for indemnity income protection resulting in the changes to the definitions;
- No more guaranteed renewable contracts, for example: change of occupation could be deemed a riskier proposition;
- A six-month benefit cap;
- Stricter disability definitions which mean changes in health circumstances could result in clients having policies cancelled; and
- Companies to provide up-to-date industry information.
Now is the time to lock-in your protection before the 1 July 2021 when changes are imposed.
No one wants an audit but they can happen at anytime. Audits are random compliance checks authorised by the Australian Taxation Office (ATO) and other government agencies. Even when you have prepared and lodged everything 100% correctly, you may still find yourself subject to an audit. The audit can put onerous obligations on you to provide documentation and respond to detailed questions to satisfy the audit requirements.
JobKeeper has provided a welcome relief for many businesses during COVID-19 lockdown, but those claiming may now be subject to audits on eligibility and compliance.
Brentnalls SA clients have the option to take out audit insurance with Audit Shield which now covers JobKeeper audits as well as other ATO audits and other government agencies (such as Return to Work SA and Payroll Tax).
What you need to know:
- Cover for JobKeeper audit and review activity is automatically included as part of your Audit Shield service offering if you are currently participating.
- Other non-JobKeeper audits and reviews of COVID-19 support packages are not included unless they form part of an audit of a lodged return (i.e. BAS audit, Payroll Tax audit, etc.).
- It only covers post-payment audits and reviews, so any issues or queries with the JobKeeper payment application process are not included.
- There will be no additional cost to the premium for the JobKeeper cover.
Please note, Brentnalls SA, do not receive any payment, via commissions, service fee, admin fee, or any other manner, as a result of this arrangement with Audit Shield.
Drew Kluska, Managing Director of "The Tailor" spoke about the impact that COVID-19 has had in his business and how Brentnalls SA helped facilitate a new and robust business model.
"The entire world has experienced unprecedented challenges over recent months, but none has been harder hit than the travel industry. Particularly, those who operate in the international travel sector.
We are a long-term client of Brentnalls SA. The Tailor is a luxury inbound tour operator. We work with some of the wealthiest people in the world, creating customised Australian handcrafted journeys to experience the best (and often least-known experiences) that Australia has to offer.
As soon as the international and Australian borders closed, we felt the impact immediately. So we looked at new ways to make it relevant into the near (and possibly medium-term) future", said Drew Kluska.
(Image Credit: Paul Sadler)
With the assistance of Rick Albertini, Managing Partner, along with his team, which included Linda Fidge, Associate, they provided the framework for: survive, adapt and innovate "The Tailor's" business model.
"Drew Kluska, has built the company's reputation on creativity, innovation and quality of delivery, resulting in The Tailor being regarded worldwide as best in its class", said Rick Albertini, Managing Partner, Brentnalls SA.
"Our journey with Brentnalls SA has always been invaluable, significantly contributing to the success of the company to date. This support and guidance have proven to be even more valuable over this turbulent time; in fact, it has been a lifesaver.
Over the past couple of months, we have had to think hard, plan well and act fast to ensure relevance to the needs and interests of Australian travelers, with the assistance of Brentnalls SA. We have developed a range of multi-day safaris for clients wishing to experience authentic Australia", said Drew Kluska.
The Tailor's new range of multi-day domestic safaris has been carefully created and designed with these attributes in mind:
- Exclusive retreats to spend time with family, or close friends,
- The ability to travel to destinations with minimal interaction of other people; hence options to travel in private aircraft are available,
- Show Australians areas even they did not know existed, to explore past the well-known tourist icons, and
- They are spending time with locals who are passionate about their backyard.
"The Tailor and its team of Travel Designers are busy handling enquiries from Australian clients looking to explore their own backyard", said Linda Fidge
As Drew confirms, once the state borders open, he will partner with their sister company in NZ. They are seeking to offer equivalent experiences for Australian clients once the Trans-Tasman bubble opens.
"The Tailor would by no means be where they are today without Rick and his team's continuous support and sound strategic advice along the way", said Drew Kluska.
Drew Kluska can be contacted on [email protected]
if you're interested and would like know more.
We farewell Ian Lintag and wish him the best for the future.
Congratulations to Heidi Dow and her partner Glen on the arrival of baby Jaxton.
Sharon Lloyd | Partner is celebrating twenty years at Brentnalls SA.
"It is hard to believe that twenty years have passed. The year 2000 had many new
beginnings for me; I got married, I started work as an Intermediate Accountant with Hincks and Smith (transitioned into Brentnalls SA), and GST was introduced.
Twenty years later we still have GST, I am still married to my husband Scott, and with two gorgeous sons Brayden and Cameron. I am also now a Partner at Brentnalls SA. I have had a fantastic career at Brentnalls and have had the opportunity to work with and be mentored by such great people. I enjoy the daily challenges and most of all, working with great people and clients. Some of these clients I started working with twenty years ago and now have the pleasure of working with the next generation.
The opportunities I have had I would never have imagined and feel very fortunate to work with such great people.
I'm looking forward to the next twenty years…"
Bradley Barnes | Principal is celebrating ten years at Brentnalls SA.
"I'm delighted to have worked for ten years at Brentnalls SA.
When I moved across the world ten years ago, it was a little daunting, but everyone at Brentnalls made me feel very welcome.
I have enjoyed the work culture of the firm, the business growth and the people.
I didn't know the Australian tax system when I got here, and now I'm on the technical tax team.
Working under Matt and John, I've learnt a lot from them around work ethic and the "client first" attitude which Brentnalls SA stands by and I believe what sets us apart from our competitors.
I worked with many inspiration clients who have challenged me and help me grow. I've also worked with several people who have supported me along the way. Thank you to all the partners, staff and clients who I've crossed paths with along my journey so far."
KickStart For Kids
|| KickStart For Kids is a not-for-profit organisation that helps disadvantaged school children in South Australia achieve positive educational outcomes and increased
self-esteem through school breakfast and lunch programs, mentoring programs and our Camp KickStart school holiday care program.
"I started working for Brentnalls SA in December 2017 as a Junior Accountant.
I am currently in the final semester of my Bachelor of Commerce (Accounting) at The University of Adelaide.
I will complete a Graduate Certificate in Data Analytics in July and then begin the Chartered Accountants program in January 2021.
I have enjoyed working at Brentnalls SA due to the workplace environment created by senior management, who demonstrate a passion for encouraging staff to learn and develop.
Outside of working at Brentnalls, I am an active member of my local soccer club and enjoy travelling."