Are you taking advantage of all avenues of small business support available to you? Photo: NSW Government.
Many deep sighs are echoing through the Canberra small business community lately – a trend not confined to our nation’s capital but also reflecting the mindset of small business owners on a national scale.
While most people are feeling cost-of-living pressures, small business owners are also grappling with the pressures of a slowing economy, resulting in reported record levels of tax debt and increased rates of company closures.
Evidenced by a slew of recent studies, this has led to a steady decline in the mental health of small business owners as the relentless pressures and financial strain take their toll on the wellbeing of those who we have long considered to be the backbone of our economy.
With this in mind, is there anything our local small business owners can do to improve their outlook beyond the typical advice to practise more self-care?
RSM principal, business advisory Thiru Kandiah says there are a few sections in the latest Federal Budget where small business owners can find some reprieve.
“When you’re overwhelmed, it’s easy to miss useful avenues of support that are available,” Thiru says.
“Utilising these available supports is probably one of the most important things you can do. Any benefit – be it financial, operational, staff-related, or anything else – is worth exploring. And there are several contained in the 2024-2025 budget.
“For instance, the extended energy bill relief fund will see eligible small business owners receive a $325 deduction on their energy bill. You don’t have to do anything to get it, the energy company should apply it directly.
“The $20,000 instant asset write-off is also set to be extended. This means that if you purchase any eligible asset costing less than $20,000, you can immediately deduct the full cost of it from your tax.”
Thiru says other initiatives are relevant to social enterprises, veterans running a small business, and franchisors.
“If you want to boost your digital capability to improve efficiency and save time, there’s the Digital Solutions program, which provides free tailored advice on things like automation, software and digital marketing,” she says.
”Then there’s free cybersecurity training, a free cyber maturity assessment tool, and free access to a cyber expert if you fall prey to an attack. These can be really useful because cyber events cost a lot of time and money to resolve and these are precious resources in any small business.”
When it comes to wellbeing, Thiru says small business owners might be interested to learn more about the NewAccess for Small Business Owners program, hosted by Beyond Blue.
“This is another free service to come out of the budget,” she says. ”It connects eligible small business owners with an experienced mental health coach, who delivers a confidential and personalised coaching program across a number of weeks.
“When combined with the many local support mechanisms we have in Canberra, there are certainly opportunities to discover new perspectives, ideas and valuable connections that can help grow your business.”
For small business owners mainly concerned about business strategy or finances, Thiru urges them to connect with an experienced adviser.
“Sometimes a single conversation can shed light on something which then goes on to change the entire trajectory of your business,” she says.
“Experienced business advisers will have worked with many clients, and they understand the challenges and pitfalls to avoid as well as how to pinpoint effective solutions.
”So whether it’s a problem with cash flow, tax debt, strategy, compliance, risk and so on, you can leverage their knowledge to get clarity – and clarity is absolute gold when times are tough.”
To speak with a business adviser from RSM, call (02) 6217 0300 or visit RSM Canberra.
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