BOTTOM LINE THE
HOW TO MANAGE STRESS LEVELS
WORKING FROM HOME? OUR TIPS TO NAILING IT
HOW TO MANAGE EMPLOYEES WORKING FROM HOME
HOW YOUR ACCOUNTANT CAN HELP YOU IN
TOUGH TIMES
BUSINESS TIPS TO GET YOU THROUGH A CRISIS
Brought To You By:
Plus
CORONAVIRUS STIMULUS PACKAGES AND HOW THEY AFFECT YOU
2
THE BOTTOM LINE
THE BOTTOM LINE
3
Contents 6
WORKING FROM HOME? OUR TIPS TO NAILING IT
10
HOW TO MANAGE STRESS LEVELS
14
HOW YOUR ACCOUNTANT CAN HELP IN TOUGH TIMES
17
SURVIVAL TIPS FOR SMALL BUSINESSES
20
MARKETING DURING UNCERTAIN TIMES
“
Every business should have a business plan to unlock your business potential.
22
SIMPLE LUNCH IDEAS FOR REMOTE WORKERS
25
HOW TO MANAGE EMPLOYEES WORKING FROM HOME
28
NEWS: CORONAVIRUS STIMULUS PACKAGES AND HOW THEY AFFECT YOU
31
MT STAFF PROFILE
BOTTOM LINE THE
Advertising Enquiries: READ PUBLISHING Published By: READ PUBLISHING Distributed By: READ PUBLISHING Designed By: READ PUBLISHING
ALL RIGHTS RESERVED Reference to any specific commercial product, process, or services by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement or recommendation by READ PUBLISHING. Links outside of this publication are provided for user convenience and do not constitute or imply endorsement, recommendation, or favouring by READ PUBLISHING. The publisher or any of the editors, writers or contributors will not accept responsibility or liability for the correctness of information or opinions expressed in the publication. All material submitted is at the owners risk and while every care will be taken the publisher does not accept liability for loss or damage. No person, organization or party can copy or re-produce the content on this site and or magazine or any part of this publication without a written consent from the editors’ panel and the author if the content, as applicable. The publisher, authors and contributors reserve their rights with regards to copyright of their work.
”
WORKING FROM HOME?
OUR TIPS TO NAILING IT
W
e’ve heard all the advice from experts on social distancing and making sure we wash our hands. What we discuss less is the psychological disruption working from home has had on millions of people around the world. Here are some things to consider doing to make sure you feel in control of this disruption.
your work equipment, including your laptop, phone, books, files and anything else required for your daily workflow. Consider having more than one place to work. Switching up your workspace and heading outside to your back or front yard, if possible, for a portion of your day can be a great bonus to working from home and helpful to maintaining good mental health.
PREPARE YOUR WORKSPACE
START YOUR DAY WITH NO SCREEN TIME
Find a space in your home where you’ll be able to have enough room for
6
THE BOTTOM LINE
On workdays, avoid screens until you start up work. Make a coffee, take your
dog outside, chat with family, go on a walk. This is a good way to manage your mental health as well as prepare you for the day. GET DRESSED, STICK TO YOUR ROUTINE One of the perks of working from home is that you can wear whatever you want, but, if you’re planning to stay in your pajamas for the workday, you might want to reconsider. Studies found that people are more productive when they dress to work from home. However, the choice to dress or not to dress is all up to you. MANAGE MULTITASKING AND CHUNKING YOUR TIME A popular feature on the phone of a home-worker is the timer — use it to carve out uninterrupted chunks to work on projects that require focused thinking. Constantly switching between tasks weakens our memories and concentration skills. Chunk time for texts from friends or emails from colleagues that are not related to anything that must be done on a particular day into the afternoon and group more involved tasks for the time of day when you are most efficient. TALK Verbal communication can help you focus on work. Just as you would sometimes go to a co-workers office to chat about the task, rather than email, this is still important. For many of us, in-person contact is important because we are able to read social cues when talking with someone. When we work from home, our in-person contact with
co-workers disappears; as such, it becomes important to see the people you talk to. It can save time, dealing with something within a few minutes rather than back and forth messaging or emailing and having contact is good for our mental health while isolating. TAKE A BREAK, STAY ACTIVE If your shift entitles you to a lunch break, make sure you take it. Before heading to the kitchen to whip up a light snack, check in with your team to let them know you’re offline. Keep your body moving and try to avoid cabin fever by taking a walk, preferably outside. Remember to practice social distancing. Fresh air and a casual stretch of the limbs never hurt anyone. Taking breaks will be critical to your sanity, but also make sure you rest your eyes from sitting in front of the computer. When you’re all done, let your team know when you’re back. THE BOTTOM LINE
7
VIRTUAL PRIVATE NETWORK If you’re working from home, it’s likely you’ll be using the internet to access your work emails, update your company’s website, or conduct work through the company’s servers. Before heading to your humble abode to work from home, be sure that you have access to your employer’s virtual private network, VPN. Connecting to your company’s VPN will give you online privacy by creating a private network from a public internet connection. COMMUNICATE WELL Working from home will require you to be in constant contact with your team. ● ● ● ●
Be clear concise and direct Ask questions sooner rather than later Fully understand what your role is in each project Be proactive in your assignments
TIPS FOR HANDLING WORK AND KIDS With school districts across the country shutting down for weeks or months, many parents are finding themselves working from home while parenting. It’s a challenging balance. Explain about the coronavirus pandemic to your kids. The easiest rule of thumb is to try to be direct and honest and brief. Keeping a plan and a schedule can really help the juggle. Giving consideration to unconventional working hours is probably necessary. Working around your kids schedule to give you the most effective work hours may be something worth setting up with your boss. For two-parent homes with both partners at home, plan to work in shifts if possible. Accept that your working capacity is likely to be a lot less than in the office. Including home-schooling into the juggle is near impossible. Reach out to the school to “triage” and ask, “What are the most high-priority items I’ve got to get done during the day?” Again, work this into the time slots that suit you and go easy on yourself. WINDING DOWN YOUR WORKDAY Just as if you were physically working in the office, continue your natural habit of winding down your workday. It could be following up on e-mails or writing out your to-do list for the next day. But before signing off, remember to check in with your team to let them know you’re signing off for the evening.
8
THE BOTTOM LINE
Do some of your work outside. The fresh air and change of scenery is great for your mental health and focus.
HOW TO MANAGE STRESS LEVELS
10
THE BOTTOM LINE
A
s the number of coronavirus cases rise across Australia, the level of anxiety within the community is increasing. Feelings of worry and unease can be expected following a stressful event, such as the recent declaration of a global pandemic, however, it is important that we learn to manage our stress. Many things can amplify stress during a crisis, such as one or more of the following: ● Not having a clear division between home and work ● Not feeling like you can have time out for yourself ● Your business is going backwards or you feel like you’re a failure ● Financial stress or the unpredictability of your income ● Uncertainty of when your next job or client will be coming in ● Having multiple duties and responsibilities in many different areas of the business ● Lack of support in your social groups for what it’s like to be self employed (or a lack of awareness about depression) ● Huge amount of accountability to other people (your employees, spouse or family) ● Working when you feel unwell because you feel like you can’t take a break ● Even longer and more demanding hours than those of a corporate employee (and you might feel that it’s not even as rewarding) Here are some ways to help manage your stress levels and keep on top of anxiety through the coming months.
TALKING It is normal to feel sad, stressed, confused, scared or angry during a crisis. Human contact is so important while we lose physical interactions with each other, so contact your friends and family regularly on the phone or set up video chats and messenger groups to keep that sense of community. If you’re working from home, video calls each day can help feelings of isolation from overwhelming workers. HEALTH Maintain a healthy lifestyle - including proper diet, sleep, exercise and don’t use smoking, alcohol or other drugs to deal with your emotions. If you feel overwhelmed, talk to a health worker or counsellor. Keeping yourself healthy during times of stress will help you cope better in the long run. GET THE FACTS Gather information that will help you accurately determine your risk so that you can take reasonable precautions. Find a credible source you can trust such as WHO website or, a local or state public health agency and limit your media use to a need-to-know basis only. BE KIND TO YOURSELF AND YOUR FAMILY This is an anxious and stressful time for everyone, and it’s okay if you feel more anxious than usual. It’s more important than ever to take time for yourself to manage your mental health. Let things go a little wayward. You don’t need to be superhuman right now. Just focus
THE BOTTOM LINE
11
on keeping yourself and your family in good spirits and let some of the usual things go.
Smiling Minds (app) or Calm which are simple to use and effective for novices and experts.
KEEP PERSPECTIVE
HELP OTHERS IF YOU CAN
When we are stressed, it is easy to see things as worse than they really are. Rather than imagining the worst-case scenario and worrying about it, ask yourself:
People who are more vulnerable to coronavirus and the COVID-19 illness may have to take extra precautions or isolate themselves more than others. Ask friends, family members, or neighbours if they need anything, such as groceries or other household needs. Simply checking in regularly by phone, text, or video call can make a big difference. Helping others can make us feel as though we have a little sense of control or purpose in a crisis.
Am I getting ahead of myself, assuming something bad will happen when I really don’t know the outcome? Remind yourself that the actual number of confirmed cases of coronavirus in Australia is still low compared to other nations. Am I overestimating how bad the consequences will be? Remember, illness due to coronavirus infection is usually mild and most people recover without needing specialised treatment. Am I underestimating my ability to cope? Sometimes thinking about how you would cope, even if the worst were to happen, can help you put things into perspective. Remind yourself about hard times you have bounced back from in the past. PRACTISE SELF-CARE To help encourage a positive frame of mind, it is important to look after yourself. Everybody practises selfcare differently with some examples including: Make time for activities and hobbies you enjoy at home, such as painting, reading, gardening, working out or cooking. Or, practise relaxation, meditation and mindfulness to give your body a chance to settle and readjust to a calm state. You can find selfmanagement strategies for anxiety from 12
THE BOTTOM LINE
SEEK ADDITIONAL SUPPORT If you feel that the stress or anxiety you experience as a result of the coronavirus is impacting on everyday life, a psychologist may be able to help. Psychologists are highly trained and qualified professionals, skilled in providing effective interventions for a range of mental health concerns, including stress. Visit your GP for a referral and you might be eligible for a Medicare rebate. You may also be eligible to receive psychology services via telehealth so that you do not need to travel to see a psychologist. Ask your psychologist or GP for details. beyondblue www.beyondblue.org.au 1300 22 4636 Lifeline Australia www.lifeline.org.au 13 11 14 Black Dog Institute www.mycompass.org.au
There is no professional advantage to pretending things are normal. You will reduce your anxiety and better manage everyone’s expectations if you are upfront with coworkers about what your situation is.
THE BOTTOM LINE
13
HOW YOUR ACCOUNTANT CAN HELP IN TOUGH TIMES 14
THE BOTTOM LINE
I
t’s so difficult to separate personal from business during tough times, when the business is your livelihood. When your business starts going backwards, the tough times get tougher, but in a down economy, making good decisions is critical. Informed decisions should come from accurate financial numbers, which determine the levers to pull to increase your profits. Your accountant will understand what the numbers mean, determining if the figures are correct and take the time to point out important issues. While you maintain your business mindset and mental health during this uncertain time, hand the numbers over to your accountant to devise a game plan. Your accountant can work out how to get on top of your business related stress points, so they stop having power over you. Many businesses will wait too long before decreasing costs after revenue has gone down, causing that company to lose substantial amounts of money, so it is vital to keep the financial records up to date enabling you to react quickly when revenue drops. Accountants will be able to review financial statements and point out costs that are adversely affecting a company. Cash flow is king in a down economy. An accountant can create cash flow statements for businesses, so that they can easily see how much cash has come in and how much has gone out and from what different sources. Having a correct balance sheet will show the liquidity and sustainability of that business and an accurate profit and loss statement shows how the business is currently doing and what room you really have to move.
THE BOTTOM LINE
15
Work alongside them to devise a budget, which will help determine where the business is going and what steps you will need to take to get there. Comparisons to similar businesses records and trends are important when devising a budget and your accountant can access this information and interpret the figures so they can be useful for your company’s budget. It is important to re-analyse your business plan and determine your company’s risk tolerance to debt when implementing new plans and ideas. Your accountant can review loans to help determine what you can do to relieve pressure on terms and requirements associated with the
16
THE BOTTOM LINE
financing. If a company has a lot of debt without liquid assets, this can cause a company to be over leveraged which makes it difficult to obtain financing in the future, which you will want to avoid. During these difficult times, it is more important than ever for businesses to analyse their numbers to ensure survival. Working with an accountant can help businesses maintain financial stability to withstand this economic storm and perhaps even just sit tight and ride it out. Those still standing once things begin to improve, will be in front of those who let things dissolve.
SURVIVAL TIPS
FOR SMALL BUSINESSES
W
ith life looking very different these days, businesses need to adapt to a new normal in the coming months. The sudden changes can feel overwhelming, so let’s look at some survival tips to help businesses stay afloat through these challenging times.
UPDATE FINANCIAL DOCUMENTS In order to make informed business decisions in these difficult times, it’s important that you have a full picture of your business’s state. One of the most effective ways to do this by looking at your latest financial statements.
Your cash on hand is especially important in times like these because cashflow is likely to be interrupted by the crisis. It’s important, to re-do your budgets with new assumptions.
FACE REALITY You will need to identify your key employees who are essential to keeping the business going and set them up with the tools they may need to keep your business productive working from home. This could mean arranging for them to have laptops, software, and the necessary cybersecurity they need.
THE BOTTOM LINE
17
If you can afford it, let this time be spent for upskilling your workers whose tasks can’t be done remotely. There are plenty of free and paid resources online that you can point them towards. If cash reserves do not allow this, then it’s time to face the music that you may have to let them go. Cashflow is certainly going to take a hit in the coming months. Even when things begin returning to normal, there’s no telling if the fiscal stimulus can resuscitate the economy quickly and effectively.
MANAGE YOUR REMOTE STAFF EFFECTIVELY The new normal is managing your staff from afar. This can be challenging if you’re used to having personal face-toface conversations with your team. To make sure that your business performs as efficiently as possible, it’s important to keep your staff’s morale high even in these dark times. Check in with your staff regularly about their physical and mental wellbeing and keep a roster of staff who will be on-call in case of business-related emergencies such as communicating with foreign suppliers. Logistics is already in disarray, don’t let communications inefficiencies drag it down even further.
TALK TO KEY SUPPLIERS If your business involves working with suppliers, it’s important that you can assess whether the lockdown is going to affect their services. Talk with them
18
THE BOTTOM LINE
about how to move forward. During this time, you can also begin to research for alternative suppliers. In these uncertain times, anything can happen. Even your most reliable suppliers can get caught up by the changing landscape of the economy, so it’s better to be prepared.
MONITOR YOUR NUMBERS CLOSELY Before the lockdowns, your business may have already a level of independence from you as a businessowner. However, the new order of things may be too new to expect the same level of independence. It’s important to treat your company in this temporary disruption as a start up once again.
DO A QUICK STOCKTAKE You’re going to want to get rid of slowmoving stock that you still have. The economic disruption is surely going to diminish the demand for it even further so instead of letting that go bad or letting it take up space, sell it off at a loss via promotions, or give it away. Decrease orders for perishable stock that may not last the projected 6 months of lockdown. If, on the other hand, there is stock that you deem to be in high demand during crises like this one, increase your orders for that particular stock.
MANAGE DEBTORS AND CREDITORS If you have debtors, make sure you stay in contact with them and ask if they’ll be able to pay you what you’re owed.
However, you need to be considerate as they are also experiencing the effects of the lockdown. If they are unable to pay, arrange a payment plan that’ll be suitable for both your business and theirs. Do everything in your power to invoice promptly for services rendered and goods delivered. You want to get paid as promptly as possible in these situations so do not let the delay be on your end. It’s also important to pay creditors in a timely way because they’re also hit hard by the crisis as well. Getting the economy running, is a communal job and we all have to participate to the best of our abilities.
MANAGE SPENDING Cut unnecessary spending. Seriously review your advertising strategies as your typical platforms may no longer be effective in the new climate.
in the loop and work closely with them throughout the coming months, as well as your bank and take advantage of everything the government is offering for financial lifelines at the moment. Your accountant should be across the latest offerings and where you can claim assistance to stay in business.
THIS WILL PASS, KEEP GRINDING In times like these, we tend to lose sight of the things that got us into business in the first place. Giving up is easy. But you didn’t go into business because it was easy. It’s important to remember that this crisis, like all the others that came before it, will pass. Businesses are blessed with the responsibility and the honour to keep our country’s economic engine turning and those who can bunker down and keep things operating will be in a strong position when we are on the other side of this.
You may also be able to save a few dollars by reducing work hours for your employees so you can keep service standards high even with reduced work hours. You can also cut costs by letting go of contractors and other staff. Lastly, you may also want to take a look at selling off or leasing some of your unused assets.
SEEK PROFESSIONAL HELP IF THINGS AREN’T GOING WELL If, despite all your efforts, you’re still having trouble keeping your obligations like making payroll, paying taxes, and repaying your creditors, it’s important to understand that you may not have all the solutions. Keep your accountant THE BOTTOM LINE
19
MARKETING DURING UNCERTAIN TIMES
M
arketing is often one of the first things to be cut during times of uncertainty. Unfortunately, it is also one of the most important things that businesses need to stay afloat. Of course, there will need to be a reassessment and review of the tools, content and marketing strategies being used to ensure they still make sense and are appropriate for the current situation. Below are 5 things you should consider when it comes to your marketing during a crisis:
1. Are people going to be buying
your product or service right now? If you know that people are not going to be looking for your product or service at this time, it
20
THE BOTTOM LINE
would make sense to review all of your marketing that is directed at new customers. So, pausing Facebook ads and Google AdWord campaigns for the time being is a smart idea.
2. Consider building a list of potential
new clients. If you did want to continue to promote your business, consider building a list by offering a free gift (ebook or report) that people sign up for using their email address. Once people sign up, continue to nurture them with emails so you remain top-of-mind and when things start to return back to normal, you have a list of potential clients ready to offer your product or service to.
3. Keep in touch with your existing
clients. Without overwhelming your existing clients with too much information, it is really important that you stay top-of-mind with your clients during times of uncertainty. Let them know what is happening, how things are on your side and how much you are thinking of them. Send them valuable information and things to lighten up their days. Things like recipes, tips for keeping the kids busy, tips on managing stress, anything that you think might be of use to them during these challenging times.
4. Keep your content flowing where
you can. If your business is in a position to do so, keep your blogs updated, your Facebook, Instagram feeds and LinkedIn posts going. You don’t want to lose or the hard work you have done to get you to this point. Keep doing as much as you can to give the platforms you use some love.
5. Spend some time planning.
Although it is hard to know how long or what impact a crisis can have on the economy and your business, when things slow down it can be a good time to evaluate and measure all the marketing you have been doing to this point and assess what is or isn’t working. You can then create a new plan ready for when things begin to turn around.
THE BOTTOM LINE
21
SIMPLE
LUNCH IDEAS
WHEN WORKING FROM HOME
22
THE BOTTOM LINE
F
or many of us, going out to lunch was a favourite part of our work days. When your morning cup of coffee has lost its mojo, your favourite local restaurant can give you the refuel you need to get through a busy afternoon. It’s easy to lose yourself in a restaurant menu. You can eat as much or as little as you want without feeling guilty and leave the cleaning up to someone else and go back to your desk and be productive again. But, seemingly overnight, our working life has been turned upside down. Your favourite restaurants are closed and your office has probably already implemented a work-from-home arrangement and as you adjust to the working from home, you also now have to prepare your own food and clean up after yourself. But working from home and cooking for yourself doesn’t have to be all that bad. There are some hearty recipes out there that don’t require too much of your time in both preparation and clean up. Let’s take a look at some meal ideas that will still give you that lunchtime reward, while keeping it simple enough that you can get back to work. You can’t go past a good salad Is there any dish more difficult to botch than the salad? Toss a couple of different veggies together and you have yourself a salad. Your only problem is which vegetables go well with what?
Start with your greens. Romaine, spinach, lettuce, or a combination of the three can be a great place to start. Add a few tomatoes, capsicum, carrots or avocado slices. This should give you a more diverse nutrient content for your lunch. Put some protein in there as well. Leftover chicken breast, eggs, or tofu should be great for this. And, if you feel like it, add a couple of little extras like olives, nuts, seeds, or dried fruits and a drizzle of your favourite dressing. Make double and you have your side for dinner ready for later. If you barbeque for dinner, put an extra piece of meat aside to slice up for your lunch salad the next day.
Sandwich creations There’s an endless number of ways you can make a sandwich. You don’t even have to use sliced bread! Apple sandwich with almond butter & granola. If you really want to have fun with your taste buds, try this raw 3-ingredient sandwich. Just mix almond butter with granola and spread it on some apple slices and you’ve got a delicious light lunch champion here. Traditional ham and cheese with flair. You can’t go past a classic ham and cheese sandwich; just add a little added flair. Pile on some rocket leaves to help this favourite really take off.
THE BOTTOM LINE
23
Quick and easy roll-ups The Japanese hit a gold mine by inventing the sushi. It’s quick and flavourful, and most importantly, nutritious as well. While you work from home, you can still enjoy the sushilike appeal of a good roll-up. Baconwrapped asparagus is probably the most famous version of this dish but, did you know that you can use other forms of wraps for a simple lunch, instead of bread wraps? Roast beef roll-ups. If you’ve roasted up a side of beef for dinner, save some slices for lunches. Thin slices of roast beef is perfect to fill and roll. Play with the textures a bit by using crunchy veggies like capsicum, cucumbers, and carrots. The soft chewiness of the beef should go nicely with these ingredients. Add a little horseradish or hummus and then wrap them all up with a knotted sprig of chive to hold them all together and you’ve got a roast beef roll-up fit for a king. Lettuce roll ups. Again, reach for leftover dinner protein, roast veggies, chickpea salad or risotto to fill an iceberg lettuce cup and roll up. Slices of ham, cheese and tomato or boiled eggs and mayo work well rolled up in some lettuce leaves for a super simple mess free lunch. Egg roll ups. Whisk up a few eggs and toss on a pan for a thin omelette style roll up. Fill up with mushrooms or avocado and tomato salsa, some cherry tomatoes and feta cheese or just whatever you have leftover from dinner. 24
THE BOTTOM LINE
Pre-prepared meals If you’re organised and prefer to spend your lunchtime OUT of the kitchen, meal prepping for the week is a great idea. Either cook up a couple of dishes, such as stir fry, soups or pastas and divide out into containers for the week, or prechop a bunch of salad veggies, boiled eggs, sliced meats and mix together in containers. Change up the combinations and for variety. Divvy up portions of premade meals into containers ahead of time so you can grab and go. Use reusable, airtight food storage containers that will make your prepared ingredients or meals stay fresh longer and taste better by locking bacteria and odors out.
Think of cooking as a break Our homes used to be where we take a break from our work life, but now that most of our work has followed us home, we can use cooking as a creative outlet from our jobs. Your meals can be an expression of exactly what you need for you in that particular moment. From the flavours and ingredients to presentation and colours, there are a lot of aspects of food that you can inject your personal flair and get creative with. Throw a little music on and think of your kitchen as a place for a few minutes of soul food in the day.
HOW TO MANAGE EMPLOYEES WORKING FROM HOME
A
s we all transition into working from home, managing your team requires a very different approach. There are some relatively quick and inexpensive things that managers can do to ease this transition and if you’re completely new to remotely managing your team, remember, you’ve got this!
THE BOTTOM LINE
25
ESTABLISH STRUCTURED DAILY CHECK-INS Consider establishing a daily call with your remote employees. This could take the form of a series of one-on-one calls, if your employees work more independently from each other, or a team call, if their work is highly collaborative. The important feature is that the calls are regular and predictable, and that they are a forum in which employees know that they can consult with you, and that their concerns and questions will be heard. BE CLEAR WITH YOUR EXPECTATIONS Being clear and upfront with employees is always good form, but it becomes all the more crucial when your staff is scattered. Remote work, by definition, is far less structured than on-site work. And while that has huge bonuses, it also means that you’re going to need to provide more structured expectations. Be especially clear about hours and availability. Do you want your workers available between set office hours? Are you OK with them tracking their hours, as long as they’re available for meetings? In short, don’t make any assumptions about what working remotely is – define it with your staff. PROVIDE SEVERAL DIFFERENT COMMUNICATION TECHNOLOGY OPTIONS Email and messaging alone is insufficient. Video conferencing has many advantages, especially for smaller groups: Visual cues allow for increased “mutual knowledge” about coworkers and it can also help reduce the sense of isolation among teams. Video is 26
THE BOTTOM LINE
also particularly useful for complex or sensitive conversations, as it feels more personal than written or audio-only communication. PROVIDE OPPORTUNITIES FOR REMOTE SOCIAL INTERACTION Structure ways for employees to interact socially (that is, have informal conversations about non-work topics) while working remotely. This is true for all remote workers, but particularly so for workers who have been abruptly transitioned out of the office. The easiest way to establish some basic social interaction is to leave some time at the beginning of team calls just for non-work items (e.g., “We’re going to spend the first few minutes just catching up with each other. How was your weekend?”). While these types of events may sound artificial or forced, experienced managers of remote workers (and the workers themselves) report that virtual events help reduce feelings of isolation, promoting a sense of belonging. ADVOCATE ACCOUNTABILITY It’s important for your team to know that working remotely doesn’t mean going under the radar. One-on-ones between managers and their direct reports should take place regularly (once a month is good) to ensure that goals are set and met, and any issues that arise are addressed ASAP. This not only ensures that everyone is on track, it keeps employees engaged and excited about their work, even if they’re not surrounded by their team.
OFFER ENCOURAGEMENT AND EMOTIONAL SUPPORT It is important for managers to acknowledge stress, listen to employees’ anxieties and concerns, and empathise with their struggles. If a newly remote employee is clearly struggling but not communicating stress or anxiety, ask them how they’re doing. Even a general question such as “How is this remote work situation working out for you so far?” can elicit important information that you might not otherwise hear. BEWARE BURNOUT You might think the biggest worry about remote workers is slacking off. In reality, however, it’s the opposite. That’s the great irony of allowing passionate people to work from home. A manager’s natural instinct is to worry that workers aren’t getting enough work done, but the real threat is that they will wind up working too hard. And, because the manager isn’t sitting across from her worker anymore, she can’t look in the person’s eyes and see burnout. Set daily and weekly maxes for working hours, and encourage workers to focus on doing a good day’s work rather than piling on the hours. Preach breaks, lunch hours, and, in general, self control, to ensure your team stays productive and healthy.
THE BOTTOM LINE
27
NEWS:
CORONAVIRUS STIMULUS PACKAGES AND HOW THEY AFFECT YOU
The Government has released its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. Billions of dollars are being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business. DELIVERING SUPPORT FOR BUSINESS INVESTMENT â—? $700 million to increase the instant asset write off threshold from $30,000 to $150,000 and expand 28
THE BOTTOM LINE
access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. For example, assets that may be able to be immediately written off are a concrete tank for a builder, a tractor for a farming business, and a truck for a delivery business. â—? $3.2 billion to back business investment by providing a time limited 15 month investment incentive (through to 30 June 2021)
to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct an additional 50 per cent of the asset cost in the year of purchase. These measures start today and will support over 3.5 million businesses (over 99 per cent of businesses) employing more than 9.7 million employees or 3 in every 4 workers. The measures are designed to support business sticking with investment they had planned, and encouraging them to bring investment forward to support economic growth over the short term. CASH FLOW ASSISTANCE FOR BUSINESSES ● Legislation has been enacted to provide temporary cash flow support to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with COVID-19 (novel coronavirus). This will be done through two sets of cash flow boosts delivered from 28 April 2020 to support employers to retain employees. We will provide taxfree cash flow boosts of between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system, when eligible businesses lodge their activity statements.You must lodge your activity statement to receive the cash flow boost.
● $1.3 billion to support small businesses to support the jobs of around 120,000 apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice. STIMULUS PAYMENTS TO HOUSEHOLDS TO SUPPORT GROWTH ● $4.8 billion to provide a oneoff $750 stimulus payment to pensioners, social security, veteran and other income support recipients and eligible concession card holders. Around half of those that will benefit are pensioners. The payment will be tax free and will not count as income for Social Security, Farm Household Allowance and Veteran payments. There will be one payment per eligible recipient. If a person qualifies for the one off payment in multiple ways, they will only receive one payment. Payments began on 31 March 2020 on a progressive basis, with over 90 per cent of payments expected to be made by mid-April.
THE BOTTOM LINE
29
ASSISTANCE FOR SEVERELY-AFFECTED REGIONS ● $1 billion to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education. This will include the waiver of fees and charges for tourism businesses that operate in the Great Barrier Reef Marine Park and Commonwealth National Parks. It will also include additional assistance to help businesses identify alternative export markets or supply chains. Targeted measures will also be developed to further promote domestic tourism. Further plans and measures to support recovery will be designed and delivered in partnership with the affected industries and communities.
30
THE BOTTOM LINE
INCREASING THE INSTANT ASSET WRITE-OFF From 12 March 2020 until 30 June 2020, the instant asset write-off: ● Threshold is $150,000 (up from $30,000) ● Eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million). ● Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off. ● From 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000. Check online for further additions to the government’s stimulus packages at www.treasury.gov.au/coronavirus
Meet the Team see what Marsh Tincknell will be like in the near future. “I say ‘will be like’ rather than ‘aspire to’ because we unequivocally believe this vision will become a reality.” David goes above and beyond for his team and his clients, often at the detriment of good old work/life balance!
David Tincknell Director
After completing his Bachelor of Commerce degree in 1989, Co-founder of Marsh Tincknell, David Tincknell works with a wide range of clients.
SPOTLIGHT
ON
From large multinational companies to small family owned businesses, across a diverse range of industries including mining, manufacturing, construction and real estate, he has a passion for supporting and assisting clients through all stages of their business lifecycle. “I have always enjoyed the subject of business and accounting and naturally fell into it from school. It’s been a part of my life ever since,” says David. Before you even meet the team at Marsh Tincknell, you recognise that they are a cut above the competition in every area. David believes that the best way to turn an ideal vision into a concrete reality is to put it in words so that all stakeholders – the team, the clients, the businessowners – can share that vision and
“I can’t say I have much balance at the moment – with hard work and dedication – It would be a lie to say I have achieved it – something I am working on.” With a love of travelling, David would very much like to visit all 7 wonders of the world with his family and share in the experiences of new locations and events, especially with the current health crisis, those dreams seem out of reach. “I am lucky to have travelled a lot around Europe; the coast of Croatia, old villages in France, and wandered the streets of Prague, but I still love the natural beauty of New Zealand and the friendly nature of pacific islands like Fiji and Vanuatu.” Travel plans are on hold for a while, so David is enjoying keeping busy with Marsh Tincknell and being involved in his son’s life becoming a doctor (2nd yr med school). With his daughter also aspiring to start medicine in 2021, David looks forward to a healthy future for him and his family and wishes everyone else good health through these uncertain times.
THE BOTTOM LINE
31
Brisbane Accountants that map your journey to peace of mind, financial success and freedom of choice 32
THE BOTTOM LINE
