Weekly Digest – 17 February 2021
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
NZ Imposes 3-Day Lockdown in Auckland
On Sunday, Prime Minister Jacinda Ardern announced a three-day lockdown in Auckland after reports of 3 new local COVID-19 cases. This requires everyone to stay at home except for essential work and shopping.
NZ ranked the best performing in terms of containment of the coronavirus in an index of almost 100 countries, and has not had any local cases for months until the recent infections.
Changes in Resurgence Support Payment Scheme
The Resurgence Support Payment scheme was launched last year to help affected businesses when the country moves to Alert Level 2 or above for at least a week.
However, eligibility has expanded so businesses will have to experience a 30% decline in revenue over seven days only instead of 14 days. Businesses will be able to apply for a core per-business rate of $1500, plus $400 per employee up to a total of 50 full-time employees.
Māori-specific Vaccine Plan to be Launched
A Māori-specific vaccination rollout plan will be launched due to increased risk of exposure to COVID-19 and heightened risk of harm if they contract the coronavirus. The plan will focus on giving them confidence in receiving the vaccine.
Māori would be highly represented in the first phase of the vaccine roll-out, as substantial numbers work at the airport and in managed isolation facilities. The Minister for the COVID-19 Response Chris Hipkins also said they are working closely with Māori health providers whom Māori have an existing trusted relationship with.
Business Finance Guarantee Scheme Open Until June
Business Finance Guarantee loans can help small and medium businesses access credit for cashflow, capital assets and projects related to, responding to or recovering from the impacts of COVID-19.
All New Zealand registered banks and non-bank deposit takers (non-banks) are eligible to apply to join the scheme.
Depending on your circumstances, you may be able to access credit from either a participating bank or a non-bank, but not both.
If you borrow from a bank, it will determine the amount you can borrow and the length of the term up to a maximum of $5 million payable in five years. Meanwhile, if you borrow from a non-bank, the maximum amount is $3 million payable in five years. More information on eligibility criteria and how it works can be found here.
Applications for Business Finance Guarantee loans are open until 30 June 2021. If you need assistance or have any questions, don’t hesitate to drop us a message.
Small Business Cashflow Scheme Extended Until 2023
The Small Business Cashflow (loan) Scheme has been extended until 31 December 2023.
Organisations and small to medium businesses, including sole traders and the self-employed, may be eligible for a one-off loan with a term of 5 years if they have been adversely affected by COVID-19.
The maximum amount loaned is $10,000 plus $1,800 per full-time-equivalent employee. The annual interest rate will be 3% beginning from the date of the loan being provided. Interest will not be charged if the loan is fully paid back within 2 years.
You can find out more here, or simply get in touch with us so we can provide our professional assistance.
Kiwi Business Boost Tool
The Government has funded specialist consultancy support services to provide advice to businesses who need it. You can use the Kiwi Business Boost Tool to find out what services are available in your region.
The Treasury website’s COVID-19 Economic Response Measures can also provide more information on the range of supports available to businesses.
5 Key Ways to Boost Your Revenue This Year
2020 has been a difficult year for business owners. Now that a new year is upon you, it’s time to put your foot on the gas pedal and make 2021 the year for your business. Here are some ways you can grow your revenue this year and beyond:
Review your business and address blind spots. The first thing you can do is to look at your current situation and identify blind spots that keep your business from growing. This could be anything from lack of the right staff, your management style, or untapped potential revenue.
Make sure you’re reaching the right target market. Get clear on your target market and make sure you are selling to the right people. Once you know your target, you will also be able to design your marketing campaigns better.
Create a growth plan. Evaluate where your business is standing and where you want it to be by the end of the year. Set clear and realistic goals on how much you want to grow, create an action plan, and communicate your growth plan with the rest of your team.
Improve you and your team’s sales skills. Brush up on your sales skills and train some of your employees on how to sell in their particular area of expertise. Identify sales opportunities within your business and hire additional sales staff if necessary.
Increase your prospecting efforts. Assume that your target market won’t find you. Think of ways to find quality leads instead, whether this is through social media or cold-calling.
Want more tips to stay ahead of your competition? Get in touch with us to book a one-on-one business consultation.
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Contact us if you have any questions or want to discuss the next steps for your business.