By Joe Smith
I have recently taken on the role of President of the Gladstone Chamber of Commerce and Industry and one of our key goals this year is to help boost or stimulate the local economy. And while the Chamber will come up with our strategies there are also things that you can do as business owners and consumers to help our economy.
The first obvious thing that you can do is Buy Local whether it is for goods and services relating to your business or for personal use. If you currently source goods or services from outside Gladstone then please, where possible, consider giving one of our local businesses the opportunity to quote or tender on these for you. And then if you receive a competitive quote and do purchase from a local supplier you have kept money in our local economy which the flow on benefits when compounded are huge in terms of jobs and spending in other local businesses.
If your business is showing some signs of improvement then you may consider taking on an additional employee or apprentice to help service the increase in demand. And with the government incentives that are available, for employing an individual who has been out of work for a minimum of 4 weeks as well as incentives for taking on an apprentice, the cost of employing someone may be significantly offset over the term of the funding available. In addition to this you could also use a local group training organisation to hire an apprentice and assist another local organisation!
One additional thing to consider is the impact of cash flow on local businesses. If we could get all local businesses, large internationals through to small sole traders, to agree and adhere to paying invoices to other local businesses within their credit terms, the flow on effect could be substantial. And further to this the interest that could be saved on overdrafts and credit cards could be substantial and again these savings will go back into the local community. And finally the stress levels and not staying awake at night worrying about cash flow could be an added bonus!
If you would like more information on dealing with any of the issues above please call UHY Haines Norton on 4972 1300 or email email@example.com