Need help to grow your wealth during crisis?

COVID-19 has created a significant negative impact to income generated from employment and savings. This signals that the wealth an individual holds in bank accounts do not grow. SandS Resultants have highlighted this to our clients seeking to grow their investment portfolios. We have performed the background analysis so that our clients can make the best wealth generation decisions.

Many business owners are yet to understand the new normal that suits the survival of their investments. It is crucial to seize the opportunities to generate your wealth at the right time, not the perfect time, as there can’t be a perfect market condition at anytime. Our professional advisors will help you to stay focused on your investment growth goals, by providing the information and guidance to grow a secure and stress free investment portfolio. Though COVID has given people reason to pause and reassess their plans, incredible investment options are also becoming available, it’s important to acquire them before others take them all.

There are several consideration to allocate your investment budget.

1. Identify your current financial status: Your financial status depends on the income, expense, assets, liabilities, and access to emergency funds. We at SandS have ensured we maintain financial records of our clients systematically in order to analyse their financial status easily.

2. Align your personal goals to investment decision: Your short-term and long-term life goals will have a direct impact on your investment goals. Common aims for individuals would be; retirement plans, owning a property, creation of passive income or wealth generation for your heirs.

3. Identify your acceptable risk level: The cost attached to the investment is the loss you may incur due to the risk undertaken, not just the initial cash outflow on the investment made. Therefore, it is crucial to rely on a trustworthy, experienced, and proven finance and business professional to help you make that decision easily and decide the level of risk for a very high return.

4. Decide the type of investment: Explore the different types of investments suitable, before starting to invest. With many years of experience, we have managed and analysed the costs and benefits involved in an investment decision which enables our clients to consider the best options from the many available.

5. Sense of Urgency to make the decision: Set up your own deadlines to make your planned investment decisions that reach your personal goals. This ensures that you achieve timely results to support the desired goals and lifestyle.

Written by Sasha, ACCA-UK, Certificate in Banking and Finance, MBA (General). She has many years’ experience in banking, finance and accounting, and lecturing for ACCA which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

The Three COVID-19 Driven Efficiencies to Improve Your Business Profitability

COVID-19 is shifting the global landscape in many ways. It has catalyzed new, efficient, and profitable ways of doing many things. It is important to understand these threats and opportunities created by COVID-19 to avoid falling behind the competition. There are many valuable articles/researches available online relating to the sectors boosted by the pandemic. We have summarized the sectors positively impacting business into three categories; emerging virtual business & virtual workforce, virtual reality & virtual tech and electronic transfers. Your business might not be directly in these sectors; however all business must understand and adopt the right technology to avoid being outcompeted by the competition.

Have you seriously investigated how to utilize the opportunity created by these booming sectors to grow your business? This is how SandS can assist you in getting there.

We recently assisted our client in signage industry to convert their recruitment and selecting process to virtual reality. We published this in social media and it attracted a good pool of candidates to select from. Further, we assisted them in converting 80% of the purchasing process to an online platform, which saved 30% in expenditure.

1. Emerging Virtual Business & Virtual Workforce

Many industries have moved towards online/virtual service platforms. Support workforce (Finance, HR, Recruitment) have started working remotely, and this a highly efficient and very cost-effective trend that provides business an immediate competitive edge as well as profitability increase over their competition.

What you should do?

– Revisit your administrative cost and reduce them by effectively converting required portions of your workforce to remote working and virtual assistants.

– Improve online communication with your stakeholders. Promote your brand as a beacon in virtual business. This is the key in retaining and attracting customers.

SandS resultants can support you in converting your business to an e-platform, to deliver immediate results.

2. Virtual Reality (VR) & Virtual Tech

Applying Artificial Intelligence and Robotic Process Automation to create contactless monitoring mechanism are the key areas software engineers are working on to create the new normal. Early stages can already be observed in industries such as robots in healthcare, virtual technology in mining and construction supervision.

What you should do?

-Plan your investment in value adding technology. This is a long-term sustainable strategy.

-Start building a tech-savvy workforce. Include tech-based training sessions in your business’s training and development programs.

SandS resultants can advise you on how to make proper investment plans in technology to boost your bottom line without impacting your routine business. We can also train your staff on the latest the developments in technology starting from basic training sessions to advanced training and mentoring.

3. Electronic Transfers

There is a significant demand for cashless and paperless transactions. There is an international trend towards electronic transfers. Thus, it is important for you to prepare your business for the change to sustain and thrive in the industry.

What you should do?

– Stay abreast of changes in fund transfer methods in the banking system

– Identify the impact on electronic transfers for your business and align your process accordingly

SandS can assist you in interpreting changes in rules and regulations imposed by government / other authorities. We can also assist you as a trusted advisor to navigate and leverage change to grow your business.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA. Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Are you facing any difficulties managing cash flows? Follow these 6 steps to overcome it.

Cash flow is a pre-requisite for survival. Therefore, the requirement to efficiently and effectively manage cash remains important to any business. The challenges placed on businesses in the current pandemic are endless. Surviving in this hardship is a great way to reap the many benefits from the post COVID opportunities that will come. Based on our 100% track record of successfully guiding our clients to grow during both good time and tough times, SandS Australia continues to prove any business can thrive during challenging periods. How? Read on!

Managing cashflows is crucial– especially in the current situation. There are many reasons why businesses run into a cash flow crunch, such as not accessing the full range of support out there to keep businesses afloat, retain staff, and acquire new clients from competitors who have shut their doors permanently. Other very common problems to survival include slow debt collection, bad debt, seasonal sales fluctuations, overinvestment in capacity, or too much stock. To contribute positively to the economy and ensure your business thrives, it is essential you have the skilled finance and administration support to manage and resolve these challenges all businesses face daily. These support and contingency plans we’ve put in place for every one of our clients has meant they are growing strongly through this pandemic by picking up the clients from their less well managed and struggling competitors.

This is what we’ve done to keep our clients thriving through and post COVID. You too can implement these steps.

1. Forecast your cash inflows and outflows accurately: This may take a few hours and dollars initially. However, it is worth the call as you have the past performance information and forecast for future, to analyse, prioritise, and manage your valuable cash in hand.

2. Set up a strong a marketing funnel and sales capability to acquire the many clients of your distressed or bankrupt competitors.

3. Review your receivables and collect your debts. Request discounts from suppliers while negotiating to delay payments if possible: This should be performed carefully as, at this point in time, it is important to maintain good relationship with your customers/suppliers because the downturn impacts everyone adversely. We have managed to positively control the receivable/payable balances for our clients to reduce their hassle of collecting debts and making payments.

4. Apply for every one of the many Federal, State, and local government financial aid you are entitled to: This option can cause an immediate increase in the cash flow. However, the spending should me made wisely, with a view of investing each dollar only where there is a return. With our many years of experience in the investment industry we have a proven track record showing our clients where to spend money wisely, based on cost-benefit analysis, as well as diversifying the risk through diversified investments and business efforts. The strong financial skills and controls we help put in place enables us to rapidly review the financial position of our clients, to ensure that they receive the aid they are entitled to at the right time.

5. Dispose assets that are not in use and reconsider investing decisions on long-term assets: In such a precarious economy, it is vital to convert under or unutilised assets to cash so that it can be injected into profitable business activities and investments. Our SandS Resultants work closely with clients to help make the right business and investment decisions, which is a crucial building block that allows our clients to thrive through both good and tough times.

6. Create a sales promotion to sell old stock: Use discounts to get rid of the old inventory in possession. This will not only be a positive impact to your cash flow, but also reduce the risk of losses from stock obsolescence.

Written by Sasha, ACCA-UK, Certificate in Banking and Finance, MBA (General). She has many years’ experience in banking, finance and accounting, and lecturing for ACCA which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Hiring during the pandemic

The Covid 19 pandemic has brought the need for business owners to re-think their hiring strategies. While some businesses had to halt or slow down new recruitment due to the pandemic, other businesses in industries like healthcare, food retailing, information technology and transport have seen a steady demand for candidates. The future of recruitment in Australia is promising as is evident from the drop in unemployment rate has from 6.4% in 2020 to 5.5% in 2021. (Statistics obtained from the Australian Bureau of Statistics).

With more and more Australian businesses opening up their doors for new candidates, it is important that the business owners understand how they should effectively adapt their hiring procedures while adhering to Covid 19 safety practices.

1. Embrace technology

Face to face interviews are simply not an option for the foreseeable future. Companies should make use of video conferencing technology to carry out interviews. Additionally, one-way video interviews can be conducted, where candidates are given a set of questions to cover which makes it easy to shortlist candidates out of the many applications that the company may receive. While it comes with its drawbacks, companies can save both time and cost by conducting video interviews.

2. Analyze your talent pool to identify required skill sets

With the move to digital operations, new roles may need to be created that didn’t exist before. Moreover existing roles would require an additional set of skills such as flexibility, problem solving, digital skills etc. Therefore, it is important that these roles and skills are identified so that any new talent absorbed to the workforce can be evaluated based on those.

3. Develop virtual onboarding

Have a virtual onboarding plan in place for new employees. Provide all new hires an online training so that they feel welcome and can familiarize themselves with the organisations’s processes. Although remote working does not allow an employee to fully understand the company’s culture, this gap can be bridged through the on boarding sessions. The new recruits should be given an overview of the company, its’ values along with the employee handbook and code of conduct if available.

4. Provide constant support

Once the employee is successfully on boarded, make sure you keep providing them constant support to carry out their role effectively. Employees’ anxiety tends to be exacerbated when working remotely as they may have to figure out certain aspects of their role independently. So keep the communication lines open and regularly check in on the new recruits so that they feel supported.

Written by Zara, ACMA,CGMA, BBA(Accountancy & Finance). Zara is a Finance and Commercial Executive at SandS Australia. She has 4+ years’ experience in Auditing, Finance and Accounting which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.