5 easy ways to support small businesses this Christmas

As we rush to finish our Christmas shopping, many of us may turn to the convenience of department stores and big retailers. But this year, consider changing tact by supporting small businesses who have been hit hard by the pandemic and related lockdowns and other interruptions. Here are five easy ways to spread the festive cheer to your local business owners.

1.    Buy from them

Do some of your Christmas shopping at small locally owned businesses. It doesn’t have to be an all-or-nothing approach as simply swapping a few big-name brands for something local can make a difference. While they may not be able to compete with larger retailers on price, the extra cost will go a long way in supporting owners and boosting the local economy.

2.    Be a tourist

If you’re going away this Christmas, spend time – and money – at small businesses in the area you’re visiting. Plan a day of enjoying local delicacies at eateries, exploring gift shops, and visiting tourist attractions. If you’re staying at home, be a tourist in your own suburb or city, and explore where you live.

3.    Share the love

Shopping local and spending money isn’t the only way to support small businesses. Write a review on Google, like and follow their pages on social media, and tell others about your experience. Word of mouth is a great way to promote a business.

4.    Attend neighbourhood events

Connect with local businesses at local events, such as farmers markets, flea markets, and street fairs. They offer a change of scenery from your regular shopping centre and are a great way to meet owners. You might even nab some fresh produce or unique goods that you can’t find anywhere else.

5.    Spare a thought for small business owners

Finally, be kind to local business owners who have been doing it tough. Remember that they can’t always do what big retailers can, like offer free shipping. When leaving feedback, consider the impact it can have on a business's reputation.

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As small business owners, we appreciate the support of all our clients, and we look forward to serving you in the new year. Have a wonderful Christmas.

How to smooth out your business’s insurance and workers comp premiums

Getting a bill in the mail is never pleasant, but your annual insurance and workers compensation premiums can be particularly tough lump sums to swallow. There is, however, an affordable financing option that can limit the impact on your business’s cash flow. Let’s take a look.

Most businesses have expensive annual insurance premiums to pay, whether they be for professional indemnity insurance, product liability insurance, public liability insurance, or any other general business insurance policy.

Throw your workers compensation premiums into the mix and these obligations can become quite the annual financial hurdle to overcome.

Fortunately, a financing option exists that can smooth out your cash flow headache and help you become eligible for an early bird discount on your workers compensation premium.

Insurance Premium Funding (IPF)

IPF allows you to split your insurance payments into manageable, affordable, monthly amounts that won’t cripple your cash-flow like an annual lump sum payment can.

Basically, any business that has an insurance premium of more than $5,000 has the ability to use IPF if they need to.

The insurance premiums are normally financed over 8 to 10 months to ensure the premium is fully paid before its renewal, and there is generally no security required with IPF.

Workers comp early bird payment discount due soon

One insurance premium that IPF is commonly used for is workers compensation.

That’s because in some states (including NSW, Victoria and Queensland), employers who pay their annual premium in full are entitled to a 3% to 5% early bird discount.

But here’s the catch: workers comp premiums need to be paid in full before the early bird due date (typically around August/September) in order to receive the discount.

By using IPF to make this payment upfront you can secure the early bird discount, which helps to offset the cost of IPF.

Taking this option will also improve your business’s cash flow, allowing you to redirect capital into income-generating investments.

Find out more

If you’d like to find out more about IPF then get in touch today – especially if you want to be eligible for the workers compensation early bird discount. We’re here to help your business any way we can.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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