Productivity

Purchases to benefit your small business in 2021

- August 28, 2021 3 MIN READ
business expenses can be tiresome

In 2021, adaptability is the key ingredient for business success. If you want your small business to be sustainable, you have to build something that’s resilient and flexible. How?

In 2021, adaptability is the key ingredient for business success. If you want your small business to be sustainable, you have to build something that’s resilient and flexible, writes Jayde Walker.

How?

By planning ahead. Because the things that work for you today may not be useful in 12 months time. 

 

To transition forward, investing in your business has never been so crucial. There are valuable, future-proof purchases with extensive benefits but minimal outlay. Using online tools, technology, government incentives and solutions, you can maximise business growth and make daily operations more efficient. 

These ideas will get you started.  

1. Upgrade your digital assets

COVID-19 has accelerated digitalisation. If there were any doubts about the necessity of online transformation, they’ve been silenced by the pandemic. Now, 88 percent of Australia’s population is online – a 1.2% increase from 2019.  

As more people work from home, the demand for businesses to invest in the digital space and stay connected has manifested. 

Businesses that were once brick and mortar transitioned online to survive. Although many rely on the magic of tangible shopping, online services create adaptability. Just like adapting to Zoom meetings, online classes and virtual events over face-to-face. 

Offering digital services is more than a survival technique though; it also amplifies customer service and enhances your reputation and business brand.  Harnessing digital technologies will automate operations too. 

Points to Action:

  • Invest in digital marketing and redefine your brand story
  • Use a mobile-friendly website, email and social media to drive business
  • Upgrade essential equipment
  • Find and use new tools and programs to streamline processes
  • Update cybersecurity and risk strategy 
  • Embrace emerging technology as possible solutions 
  • Pivot any paused offline activities to online

2. Invest in a business car

Need a new set of wheels?

If you’ve been putting car buying on hold, you might want to consider getting into the market this year. New tax breaks, record-low interest rates and asset write-offs mean greater savings and tax benefits. 

Car ownership brings with it freedom and a reliable way of getting around. Decreasing demand also gives you a competitive advantage. Leverage your buying power by getting pre-approval for finance and secure a car loan for a flexible way to set yourself up

Points to Action:

  • Compare loan types and lenders
  • Research commercial deals which may be suitable for your business
  • Avoid purchasing the first ‘good deal’ you come across 
  • Get your car insurance right
  • Use a car broker if you’re after a socially distant option 
  • Prioritise budget and fuel economy 
  • Have a deposit to increase your chance of a successful finance loan 
  • Be prepared to negotiate 
  • Consider all costs including monthly repayments, general maintenance, regular services and fuel. Some expenses you’ll be also able to claim 

3. Staff and business owner development

Use this year to upskill, re-skill and learn new processes. By making purchases that support growth for yourself and staff, you give your small business a better chance.

Businesses that fail to invest in their people experience high turnover costs, lower productivity, decreased staff morale and long-term negative financial repercussions. If you think you or your employees could benefit from learning a different skill or how to use a new program, then enrol in an accredited course. 

Points to Action:

  • Upgrade skills and training 
  • Establish metrics to track training success and costs 
  • Attend networking or webinar events
  • Create a professional development plan
  • Take time off to relax and recharge 
  • Train your high performers
  • Listen to more podcasts 
  • Be tech-savvy

4. Insurances and legal protection   

Reduce your business risk with the right protection.  Insurance is essential to keep finances safe in the event of a crisis. 

Even if you’re a sole trader or a small online service-based business, there may be a mandatory level of cover or one that would be wise to get. For example, Professional Indemnity Insurance is necessary for businesses offering advice. It’ll also cover legal costs if someone was to pursue legal action. 

Points to Action:

  • Research different types of insurances to buy the right one for your business
  • Review cover every 6-12 months, or if your level of risk changes, to ensure you’re being adequately covered 

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