Posted: 29 May 2020

Where Can You Get Funding For Your Business And What Can We Learn From The Northern Territory?

Empowering SMEs (Issue 060)

Friday, 29th May 2020

Want to learn more about ESS Small Business? (Click here)

Greetings from ESS Small Business.

This week we have invited one of the founders of Crowd Sourced Funding Equity Raising in Australia to give you an overview on Crowd Sourced Funding and an experienced business operator from Darwin will share insights into how the Northern Territory businesses are returning to normal following the significant downgrading of their lockdown.

Andrew Ward, Independent Director, Crowdfunding Institute of Australia will comment on:
Concerns about SMEs in the post pandemic economy.
With the banks retreating, Crowd Sourced Equity Funding may be an attractive way that SMEs can deal with the challenging times ahead.
What are the pros and cons of Crowd Sourced Funding Equity Raising?

Geoff Goodrich, Darwin business operator, Founder and Ambassador for “Territory Proud”:
What lessons have been learned as Northern Territory resumes business?
How can businesses reduce their costs with all the uncertainties about the “hangover effect of COVID-19”?

To register for the free webinar on Wednesday, 3rd June 2020 at 12-noon AEST, please click here.

Last week we had two very interesting, but very different, presentations:

“How to Enhance and Strengthen Your Relationship with Your Accountant” was presented by Accountant, Coach and Mentor, Amanda Gascoigne, Amanda Gascoigne Consulting.
Not all accountants are the same.
Software is certainly not a substitute for your accountant – it is a tool that accountants can use.
Businesses need to develop a successful relationship with their accountant and that is far more than just one meeting a year!
What type of the accounting services would you like to be receiving to help your business to survive and expand during 2020/21?
Accountants have to undertake a significant amount of professional development activities each year to retain their practising certificates.
If possible, it’s a good idea to develop a long-term relationship with your accountant because they will have a very clear understanding of the financial components of your business.
A good accountant should understand what you want from your business and your life because that is different for every SME client.
Your accountant should be able to involve you in the whole process and empower you with the knowledge of the work that your accountant is actually doing.
Your accountant should be able to supply you with proactive advice, not just reacting to questions or suggestions that you make.

“Legal Issues for SMEs Relating to COVID-19” was presented by Matthew Karakoulakis, Partner, AMK law, Adelaide and Melbourne.
“Force Majeure” is something that a lot of people have heard about, but do you understand how it works, especially in this current situation?
Force Majeure law is “a superior force”.
How does Force Majeure relate to business contracts in the current situation?
We would need to see whether or not the Force Majeure clause is actually specified as a provision in the contract
it is important to closely read the contract to see what comments are made (if any) about force majeure
Some business operators might be wishing to rely on a force majeure clause to avoid a contract but you are best having a discussion with a lawyer before you proceed too far.

You can listen to the full presentation by Amanda and Matthew by clicking here.

Next "COVID-19 Survival Panel" Webinar

You can register for the next free webinar in this series on Wednesday 3rd June 2020 at 12-noon AEST, featuring Crowd Sourced Funding Expert, Andrew Ward and Darwin business operator, Geoff Goodrich by clicking here.

We would like to invite you to visit the ESS Small Business' website > Survival in Difficult Times > Learn More where you will find details of the products that ESS Small Business has developed to assist small businesses and medium-sized enterprises to gain a better understanding of strategies which will assist you to survive in your business.

Want to know more?

PowerPoint slides utilised by Amanda Gascoigne in her presentation on the 27th May 2020 (click here).
Matthew Karakoulakis article “Force Majeure and Contracts” used in his presentation on the 27th May 2020 (click here).

If you would like to have a discussion, please don’t hesitate to contact us: