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Run your business with the right tools and strategies in place
Running a business can be a rollercoaster of ups and downs. From strategy and finance to emergency disaster planning and cyber security, there are things you can do to make sure you and your business are running smoothly.
Build and check your business foundations
Ensure your business is focused on the right areas. This will help you to meet your goals, meet any legal requirements and build resilience to see through the ups and downs.
As legislation and requirements are often changing, we aim to point you in the right direction and to the right information. It is always important to check that the information provided is right for you and your business, as every business is different and unique.
Strategy and Finance
If you feel stuck or unsure in your business, it might be time to reach out to a trusted advisor.
They can help you with:
- Financial planning and management
- Insurance and risk planning
- Business strategy and planning
- Staff management and culture
Business Growth Program is a NT matched funding grant that can help you engage an advisor by reducing the cost by 50% (read the terms and conditions for more details).
The Business Growth Program Service Provider Directory is where you can find advisors in a range of different areas.
The Australian Government also lists advisors you can contact: Find and advisor
Ensuring you have enough cash in your business to pay your bills and keep things moving is vital.
There are some tools available to help you manage you cash flow and know where you are in business at any point.
Find out more:
Having a budget can help you manage your cash flow.
Know when your major expenses are occurring through the year and plan for them.
This can help you understand how many sales you need, or what to price your goods and services at to ensure you are making a profit.
Tool to use:
Having a strategy is about identifying areas for improvement and taking actionable steps to achieving them.
This can be in areas of sales, productivity, supply chain, operational systems or quality assurance.
Steps you can take:
- Complete a Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis. Find a template here. There are other analysis tools that might be more suitable for you
- Pick main areas to focus on improving. It’s tempting to tackle them all at once, but focused effort can be more effective
- Develop an action plan with clear steps and responsibilities. Find out more about goal setting
- Action your changes
- Measure your results
You can get help with this. Business Growth Program is a NT matched funding grant that can help you engage an advisor by reducing the cost by 50%.
There are Grants and Funding opportunities to help you with different areas of business including:
- Advisory
- Security
- Innovation
- Cost reduction
There are tools you can access to assist with cash flow and financial concerns:
There are services available to you if you are in financial distress or debt:
P: 1800 413 828
The Small Business Debt Helpline is a free service for small business owners in financial trouble.
Its team of qualified financial counsellors will listen and give you practical advice to help you get back on track.
The helpline is open from 9 am to 5 pm, Monday to Friday. If you don’t want to talk on the phone, use the live chat service on their website.
P: 1800 007 007
Talk to a free financial counsellor at the National Debt Helpline by either:
- calling the helpline between 9:30 am and 4:30 pm, Monday to Friday – you'll be transferred to the service in your state
- using the live chat service on the website from 9 am to 8 pm, Monday to Friday.
P: 1800 808 488
Mob Strong Debt Help gives free legal advice on money matters to Aboriginal and Torres Strait Islander people anywhere in Australia.
The service is open from 9:30 am to 4:30 pm, Monday to Friday.
Rural Financial Counselling Service (RFCS)
The RFCS provides free and independent financial counselling to farmers, fishers, foresters and related small businesses.
Visit the RFCS website for details and to find a financial counsellor in your area.
Managing Risk
There are steps you can take to understand and manage risks to your business:
- Identify any potential risks and types of risks, including opportunity-based risks, uncertainty-based risks and hazard-based risks
- Analyse the risks, considering how likely they are to happen and what the consequences might be
- Evaluate the risk and if the level of risk is acceptable or not in your business
- Take action to reduce any risks that you have identified as requiring attention
Further information and tools:
Securing your business and premises from anti-social behaviour, crime and other security risks is an important step in making a sustainable business.
The NT Government provides support through the Business Security and Safety Audit Program.
Find more information and resources about safety and security for your business:
There are factors unique to the Territory that businesses need to plan for such as disaster preparation.
Ensuring you have the right safety and security in place is also essential.
Emergency situations can include:
- Natural disasters
- Human caused disasters
- Technological disasters
Emergency Management Template:
Develop an emergency management plan
Disaster recovery checklist:
The NT Government has a dedicated site to assist you in safety and security:
Having the right insurance reduces your risk and protects your business.
Even if you have insurance in place, it is important to review your insurance regularly to see if you may be over insured or under insured. Getting a second quote or opinion can be helpful.
The insurance you may get will depend on your business and industry.
There may be compulsory insurances such as:
- Workers compensation insurance if you employ staff
- Motor vehicle insurance
- Public Liability Insurance
Other insurances that may be worth considering are:
- Cyber insurance
- Management liability insurance
- Corporate travel insurance
- Professional indemnity insurance
Asset insurance, or business pack
As an owner, also ensure you understand your personal accident and illness insurance as you may require alternative policies to protect yourself.
Registered insurance brokers can help you find and source the right insurance for your business. You can find a register of insurance brokers here.
Find more information about business insurance:
Learn what Cyber security is, how it can impact your business and where to get help if you need it.
Threats can include:
- Scam messages
- Email attacks
- Malicious software
Having a plan for you and your business can help protect you.
Access a cyber security guide, education pack and small business cyber security checklist as a starting point:
You can also protect yourself through Cyber Security insurance. Talk to your insurance broker to see if you may need it.
Mental health and Wellbeing
Find a summary of considerations and supports available to support you and your employees.
For more detailed information, please visit our Mental Health Support page:
Promoting good mental health in your business can create a more productive workplace.
Similar to physical risks, understanding what you can do to identify mental hazards and risks can help with preventative measures to create a happier and more productive workplace.
Things you can do:
- Talk about mental health and the stressors at work
- Listen with empathy
- Check in with individuals
- Be proactive is reducing stress
You can find helpful information, links, resources and templates:
Create a mentally healthy workplace
RUOK has a downloadable eBook for small business owners:
Be aware of the signs of distress and mental health concerns with your employees.
A change in behaviour or emotional state can be big clues when someone is struggling.
Recognising the signs and taking steps to help is challenging and essential.
You are not alone and there are plenty of resources to assist including:
Equip yourself with more tools and resources:
Owning or managing a business can take a toll on your mental health and you can feel overwhelmed pretty quickly.
Prioritizing your health and well-being is essential to maintaining focus and effectively managing your business.
You can find more detailed information on our dedicated page.
If you are struggling, a great place to start is calling the NewAccess coaching line, who can work with you to manage your stress:
Find more resources here:
You are not alone.
There is always someone ready to listen and talk to you 24 hours a day, 7 days a week.
If you need immediate help, contact one of these services:
P: 13 11 14.
Provides crisis support and suicide prevention.
P: 1800 512 348.
Talk to trained mental health professionals that will listen, provide information and advice.
P. 13 92 76.
An Aboriginal and Torres Strait Islander crisis support line that provides crisis support 24 hours a day, 7 days a week.
P. 1300 659 467.
a free 24/7 phone, video and online professional counselling to people who are affected by suicide.
For more information and resources