Weekly Digest – 30 September 2020
Reminder: Put Your QR Codes Back Up
The rest of New Zealand, excluding Auckland, moved to Alert Level 1 on September 21. This means most temporary restrictions and requirements for businesses were eased.
However, after receiving almost 200 complaints about missing QR codes and lack of physical distancing through WorkSafe, businesses are reminded that displaying NZ Covid Tracer app QR codes is required at all alert levels.
If you want to discuss how to operate safely and remain compliant as we continue to battle the pandemic, feel free to reach out to us.
Live Webinars to Help You Navigate Through The Crisis
Two live business webinars organised by Auckland Emergency Management will be held on Thursday 15 October at 6pm and on Monday 19 October at 10am. Participants will not only learn how to build resilience during disruptive events such as COVID-19, but can also ask questions and share their experiences or ideas.
To register, you may visit resorgs.org.nz/aem-webinars. However, if you want a one-on-one session on how your business can bounce back stronger, you may get in touch with us for a business consultation.
Online Shopping Up 70% During Auckland’s Second Lockdown
Recent data shows online shopping surged after Auckland returned to lockdown last month, increasing 70% compared with the same month last year. The biggest increases were in the homewares, electronics, and food categories.
Older Kiwis aged over 75, who are most at risk of contracting the virus, led the way with a 38% increase in online shopping. Nationwide, over 1.3 million New Zealanders shopped online in August, spending $511 million online.
For expert advice on how you can pivot by going online or strengthening your online presence, drop us a message.
NZ Business Confidence Improved in September
New Zealand business sentiment improved in September amid growing confidence that the pandemic is under control, according to the latest ANZ Bank survey. 28.5% of respondents expected the economy to deteriorate over the year ahead, better compared with a 41.8% pessimism level in August.
If you find your business still struggling to recover, it’s not too late! Contact us today so we can work out a plan to rebuild your business.
Free Expert Business Advice for Auckland Businesses
Auckland Tourism, Events and Economic Development (ATEED) has supported thousands of businesses affected by COVID-19 this year by giving them access to fully funded expert advice amounting to $10 million.
If you haven’t connected with them, now is the best time to get consultancy services in the following key areas:
- HR, employee relations and legal – including restructures, employment contracts, legal obligations and HR processes, and ownership structures
- Financial and cashflow management – including cashflow forecasting, business scenario forecasting, capital raising and debt restructuring
- Health and wellness – including health and safety plans, employee wellbeing plans and stress management coaching
- Business continuity planning – including crisis management, pivot strategies and business continuity plans or business resilience plans
- Marketing strategy – including plans for marketing, product launches, digital marketing and reaching new customers
- Digital enablement strategy – including social media strategy, ecommerce strategy, website optimisation, and digital customer journey mapping
- Business hibernation (for tourism businesses only) – including business debt hibernation processes and scenario planning
Those who haven’t previously accessed support from the Regional Business Partner have to register on the RBP website first. You would need your GST number and NZBN number to do this. Meanwhile, Auckland businesses already registered can email the ATEED Business Helpdesk for their application, even if initial support from the COVID-19 Business Advisory Fund has been accessed.
If you would like to chat about your business, please don’t hesitate to reach out to us. We can help you develop a plan for your specific situation.
Government Loan Applications Extended
The government has extended the Small Business Cash Flow Loan Scheme until the end of the year. For those who haven’t applied for this government loan yet, you can check your eligibility here or you can get in touch with us so we can assist you with your application.
The Small Business Cash Flow Loan Scheme allows you to get financial assistance of up to $100,000 and an additional $1800 per equivalent full-time employee. Repayments are not required for the first two years, but if the loan is paid back within a year, there will be no interest.
How Small Businesses Can Source Finance During COVID-19
Although there are government funding schemes and support available, you might still need alternative finance to keep your business going.
If you are not sure where to turn for funding, consider these three sources of finance:
- External sources– This type of finance come from entities outside the business in the form of business loans, merchant cash advance, and invoice financing.
- Internal sources– This is sourcing funds from within the business, typically in the form of share capital and selling of assets.
- Personal sources– This means using your personal funds to finance certain elements of your business. This could mean using your personal savings and investments and selling your personal property.
If your small business is struggling due to the impacts of COVID-19, get in touch with us so we can help you assess your options and plan your business recovery.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.