Good morning and welcome to a new and better (we hope) year.

Have you checked out Chamber‘s new website? Same address, different look. It also contains a full list of local businesses. Check it out today. For any errors or omissions please contact

At our Christmas event we heard about all the great things Central Waste are doing in not only recycling but also contributing to the local economy and workforce. If you missed it, we’ll ask Steven to update us later in the year. Watch out for our first network evening of 2021, details will go out shortly.

Here’s what’s happening so far:

Be$t Practice Tip$ for Ca$h Flow Management

2020 demonstrated how important it is to understand our finances and manage revenue, cost structures, quality of your business plan and your capital structure in maintaining a positive cash flow – something essential to the survival of any business. So how do we do it? Below are some great habits and tips.

  • Have a properly structured balance sheet that has all the details, from inventory and debts to interest costs.
  • Know your business’s balance sheet back to front and understand the numbers. This is vital in managing cash flow and budgeting.
  • Review your P&L statements comprehensively at least quarterly and preferably monthly to identify trends and track progress against budgets and targets, whether or not times have been good.
  • A crucial part of managing cash flow for small business is knowing where every dollar and cent is being spent. Every dollar saved is a dollar straight on the bottom line, whereas a sale carries with it direct costs and overheads.
  • Keep a close eye on margins to ensure costs aren’t creeping up.
  • Construct a useful cash flow projection, which is your ‘best guess’ at the business’s cash inflows and outflows over a period of time.
  • Review and adjust your projection regularly.
  • Work with your accountant to learn how to manage cash flow in your business. Depending on your specific situation they may recommend doing cash flow budgeting on a weekly, monthly or quarterly basis, and advise you on a range of issues including which invoices you should pay and who will pay you.
  • Keep good records of supplier transactions. This will give you better leverage in negotiating more favourable terms and prices.
  • Regularly review your suppliers, such as your insurance or energy plan.
  • Get the payment cycle right for creditors and debtors.
  • Update and review your business’s cash flow budget regularly, using conservative revenue and expense estimates. This will forewarn you about potential cash shortages. It will also help build your business’s credit track record.
  • Don’t just focus on your business’s profit and loss statement to the exclusion of all else. Be aware that healthy profits can sometimes mask a developing cash flow crisis.
  • Keep your working capital and business bank account separate from your personal bank account.
  • Avoid giving family members credit cards on the business account.
  • Use purchase orders to reduce discretionary staff spending.
  • Draw a wage or salary for yourself rather than just drawing on the account for personal expenses as needed. This can be unmanageable, time-consuming and costly.
  • Be aware that rapid growth can often result in a cash crunch.
  • If your business has a floating interest rate loan, talk to your accountant about the benefits of locking in your loan’s interest rate for a defined period to avoid the impact of increased interest rates.
  • Consider the benefits of protecting your bottom line profitability and minimising the impact of additional interest costs by passing any costs on to customers as they arise.
  • Check all supplier invoices carefully for accuracy.

Spread the payments of invoices over the month when payments actually fall due rather than having one day per month designated to pay invoices.

Sound daunting? It’s not hard once you know how, so if you need assistance speak with your accountant or staff at Hunter Region Business Hub (4936 2557) to learn more. Most Hub services are presently free thanks to current Federal funding – conditions apply.


The ATO will be changing their business portal later this year to a more user-friendly Online service which will make online interaction with them easier, especially managing tax and super obligations. Read about it in their newsroom.

JobKeeper extension 2 has started. Check eligibility and key dates here.

Do you have apprentices and trainees? You may be eligible to apply for a wage subsidy. Read more about this scheme.

Hunter Region Business Hub

Need help with your digital presence?  Did you know you can streamline your workflow, save time, money and increase your visibility through the digital tips and tricks you’ll discover through the free Digital Business Solutions webinar series, which includes Digital Basics, Instagram, Trello, CANVA, Blogging, Video making and more. Check out their full list of 2021 workshops.

If you prefer 1:1 assistance or know another small business that could use help book a FREE Digital hour of power – just email with your preferred days and time availability and they will do their best to schedule you in as soon as possible either at their office in Kurri Kurri or your business premises.

Hunter Region Business Hub will be hosting First Aid courses at their facility in Kurri Kurri. Please contact if you are interested, or if you want to run your own they can give details on who they’re using.

Hunter Business Chamber

Australian Business Lawyers are conducting a free one hour webinar on the 12th February at 12pm to update your Employment Law knowledge. This will include how COVID affects you and your employees, and your rights as an employer on whether to expect vaccines can be mandatory for your staff. Register your interest and any questions.

Wondering if there’s any grants available for your business? Check here.

Kerry Hallett
Chamber President