Australian entrepreneurs thrive in 2021 without JobKeeper!
As an Australian entrepreneur you are well aware that the Jobkeeper scheme ended on Sunday 28th March 2021. Unfortunately for a lot of employers this means the time has come to make difficult decisions required to save your business.
A few crucial questions that need to be considered.
- Is your business still viable?
- Do you need all of the members of our current team?
- What do you do with loyal team members?
- Can you afford to lose the skill set that each member brings to your team?
Below I have outlined what the end of Jobkeeper means for you, your team, your business and most importantly the options available to you.
What does this mean for employers?
All the Jobkeeper changes and rules that the government enabled when the pandemic started have come to an end. These includes the fortnightly Jobkeeper payments; the ability to stand down team members, direct employees hours at a lower rate, work less hours, work more hours, and to fulfill other roles within the business.
What does this mean for your employees?
Employees are entitled to return to the terms and conditions of employment that applied (or would have applied) before the Jobkeeper scheme started.
What does this mean for your business?
In a “perfect world” your plans would have been in place, you would have been planning for what you can do to transition back to your business standing on its own and how to make things work in the current climate. However, the world is far from perfect and many are now struggling to simply figure out what to do next.
Depending on many and multiple variables such as industry, location, business model, organisational structure, financial capacity and many many more, there are various options for you to consider on how to move forward – the key is finding the right solution for you and your business.
What are your options in terms of employing staff?
The 3 main options are the 3 R’s:
Restructuring; Redeployment or Redundancy.
The 3 R’s all come with various pros and cons.
None of them are EASY, but they are possible and need to be carefully considered as you look at the impact they will have on you, your business and your team going forward.
Working with an innovative and compassionate expert in this space will ensure that you choose the option that will work best in terms of time, money and morale as well as the longevity and sustainability of your business.
Having a qualified and highly competent BAS Agent or Accountant on your side ensures that the process is smooth, stress free and you remain compliant. They can help you navigate through the minefield and come out the other side healthier than ever.
If you are ready to consider your options around the 3R’s, I encourage you to reach out to Amber Business Support ASAP to start the process of establishing where you are, where you need to be and how to get there.
Amber Business Support is a Bookkeeping and Business Mentoring practice who are passionate about helping business set themselves up for success and growth, especially under trying and changing circumstances.
We are compassionate and professional in our approach, we understand the compliance issues and acknowledge the value your team can and do bring to your business.