Page 3 - The Alp McNamara Downturn Survival Kit

3. Manage your business
3
It might seem quiet, but your business still needs to be properly managed, perhaps more so than ever before. There is a long way to go and decisions you make now may prove critical down the track.
• Ifyourpeopleareworkingfromhome,howcanyouengagewiththem to maximise their productivity? Are they working efficiently and effectively? Do they know what is expected of them?
• Whatcanyoudowithsparehumancapacitynowthatrepresentsa long-term business improvement? Think of online training, client communication, protocols and practices, internal system improvements and cloud initiatives.
• Considertheuseofannualandotherleavebalancestopotentially subsidise employee's salaries. Staff might really appreciate the money in their pocket to meet their mortgage payments and for the business, it may strengthen the balance sheet by reducing this liability.
Tax legislation on the fly
For the last century or so, new tax legislation evolved after years of analysis of needs and community discussion, negotiation and preparation.
In order to implement the financial rescue of the economy, vast amounts of new systems & laws had to be conceived, developed & implemented in just weeks.
With the ATO granted power of creating the rules based purely on a set of guidelines, with accountants and software developers playing catch up, it has been a frantic time for all. Including the ATO.
Andrea McNamara and her team have worked tirelessly to understand and guide clients through this new world. All from the security of their homes of course!