BLOG

Time for Rehabilitation –  Start your Business Recovery Plan

Small Businesses are often driven by the blood, sweat and tears of the owner/s. It’s their passion, heart and personalisation that they put into their work that naturally draws you in with the hope that some of their energy and determination will rub off on you. I’m sure if you’re a small business owner reading this you know that the small businesses world is often over glamorised and most people don’t or won’t see the endless hours you put in to achieve your successful outcome, so why do it? Money? I think not. As Michael E Gerber write in The Most Successful Small Business in the World, “Money is fuel and only fuel. Money is simply the fuel that feeds energy. That energy, in turn, feeds the outcome, which is born of your imagination, which is what fuels the development of the product of your imagination.”

Just to state the obvious, these lockdown periods have not been easy! Some businesses have been forced to close temporarily and haven’t been allowed to earn money and offer their services to their loyal clients. Coming out of lockdown (eventually) has left some business owners feeling like they have to start from the beginning again. The cash reserves are low, the idea of debt or in some cases more debt leaves chills down their spine and the fear of failure looms over them like a dark cloud.  On the other side of it, we’re back to doing what we love!  This is why we started, right?

If there is one good thing that has come out of this season is having the time to reflect on how much we love doing what we have been doing.  If the idea of going back is not exciting for you, then take this opportunity to find what will get you excited to go back to work.

Understanding money, is key to overcoming these fears and stepping back into your successful business.  Although your passion may light a fire in your belly, money is the fuel that energies you and drives your imagination to the next level. Currently every state in Australia is offering business recovery support programs, initiatives, and funds.   

Let’s take some time to understand how to fund your business going forward.  Funding comes in many different forms and can be used for a variety of purposes.  The appropriate funding model for your business is an essential element for the long-term success of your business.  Before seeking additional funding, it is critical that you consider:

  • How much funding is required?
  • How will the money be spent?
  • When the money is needed?
  • What avenues the funding could be sourced from?

There are four main types of funding

  1. Debt: Money provided by an external party such as a bank that requires repayment
  2. Equity: Money sourced internally or from the business owner’s personal funds
  3. Grants: Money granted for specific business purposes, often from government institutions
  4. Crowdfunding: Money raised for a business by a group or community of supporters

Grant resources:

  • Australian Grants Assist

https://australiangrants.org/category/business-grants/

  • Licensed Hospitality Venue Fund

https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/licensed-hospitality-venue-fund

  • Sole Trader Support Fund

https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/sole-trader-support-fund

 

If this blog has left you curious about what type support is available to your business and how you can turn this corona-coaster into a learning experience, come speak to us!

We are here to assist you in finding a grant to you step back into your business.

Contact us at