September is a great month to future proof your business with a focus on improving your product offering and service capabilities.
PAYG instalments: Planning ahead for your income tax
Cash flow is important for the success and viability of your business. Putting money aside for regular financial commitments, such as your income tax will help you plan ahead.
The ATO has some key tips:
- If you’re new to business, you can make payments towards your income tax throughout the year by entering into the pay as you go (PAYG) instalments system. It’s a good way to help you manage your cash flow and avoid a large tax bill after you lodge the first tax return for your business.
- If you’re already making payments towards your income tax through the PAYG instalments system, don’t pay too much (or too little) throughout the year. If your income or business circumstances have changed, you can vary your PAYG instalments. You can do this on your activity statement.
Review your use of internet-based technology
Internet technology can improve your profitability and productivity, and drive your brand and reputation into global markets.
How to review your internet-based technology
- Make a list of all internet-based technology available and compare this to the technology used in your business.
- Analyse internet-based technologies that your competitors and those in your industry use.
- Prepare an action plan to implement further internet-based technologies in your business.
As part of your review:
- measure and monitor website analytics and social media results regularly to understand your visitors behaviour
- consider cloud-based record keeping – it provides offsite back-up for all your data and you'll have access to your records wherever you are
- attend a Small Business Victoria online workshop
Waste in business is a major expense. Reduce waste and you'll also reduce business costs and the impact on the environment. Green products and services also improve your offering to your customers.
How to go green
- Look for simple ways in your business to reduce waste and reduce environmental impact.
- Visit our section on sustainability for some great advice and resources.
- Don't forget to let your customers know about your green innovations.
While you're thinking green:
- ask your staff if they can think of ways to reduce environmental impact
- consider engaging an environmental auditor – ask to see a case study on a similar business to yours to check what potential savings and changes can be made
Prepare or review your emergency plan
Have a plan in place for emergency events and disaster recovery to minimise financial damage caused by an unexpected interruption to trade. A plan can also reassure customers.
How to review your emergency plan
- Research the risks in your area and within your industry.
- Download and complete emergency, contingency and disaster recovery plan templates so your business is well prepared for an emergency crisis event.
When assessing risk and preparing for emergency:
- complete a critical information list so you have all your important information at hand
- prepare separate plans for emergency and disaster recovery
- test your plans regularly – know that everything is covered and you're well prepared