Aug 6 2021

The Big Dip | August 2021

Ryan Edwards-Pritchard

A monthly guide for founders and finance pros

Welcome back to the 33.8% that opened the last edition of 'The Big Dip' and for all you new subscribers & readers, welcome! It’s awesome to have you here.

For this issue, with a month down and at least another month to go of lockdowns, we’re delving deep into the biggest stories impacting founders and finance pros trying to get through this period in one piece by providing relevant insights through our blog posts, podcasts, tools & news.

🎧 Listen… The Good Money podcast Ep2 🔥

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Hunting for something new to listen to? Then look no further friends…

We got to sit down with Chen Wang th CFO of Car Next Door on how the sharing economy platform has pivoted during the pandemic to come out even stronger!

Tune in to hear some insane stories and productivity tips from Chen on:

  • How to create a high performance finance culture with marketing and sales teams.
  • Learning to measure what matters with user research, A/B Testing and OKRs.
  • The importance of ROI based spending.
  • How to cut costs by 30% without cutting your headcount.
  • The need to focus on top line revenue growth first 🥇, bottom line optimisation second 🥈.

Have a listen and let us know what you think…

Be sure to:

👉 Subscribe on your chosen audio channel

👉 Let your friends know about The Good Money

👉Share on social media, don’t forget to tag us on Twitter and Linkedin.

We’d love it if you could share our episodes on social media, or even shout out (don’t forget to tag us - @hellocape on Twitter or Cape on Linkedin)

🤓 Spotlight read - A CEO's guide to effective expense management 📚

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With the news landing last week of our lockdown extensions... roll cameras (Zoom) 🎥, as we get to work from the office (bed 🛏️) and makeshift desks 🧑‍💻 (kitchen tables 🍳) for a whole lot longer!

For CEOs and finance teams, regardless of industry or size, the pandemic's pushing us all into 'uncharted waters' 🌊 with how to manage company spending 💸 with remote teams.

Which is why in our latest blog 🤓 our resident business spend pro🦸🏼‍♀️ and CFO 🧮 Tanya aims to help guide everyone on how to cut wasteful spending by putting in place expense management guardrails.


Read the article here

🙌🙌 Cape in the news 🙌🙌

Cape forge Principal Membership with Mastercard

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We might ‘talk the talk’ 🗣️ about helping businesses spend less. But we also ‘walk the walk’🚶🏽‍♀️!

We had massive news last month, as Cape happily announced a strategic partnership🤝 with Mastercard to become a Principal Member 🙌.

What does this mean?

It means that we take control of our core infrastructure from the start, seeing Cape issuing cards 💳 and settling payments 💸 directly for our business customers.

Why does this matter for our customers?

Unlike a Sponsored Membership, we’re able to cut out the middle man 👨 from this process, allowing Cape to cut out the fat cats 🐱 demanding a slice of the pie 🥧 (e.g.💰)!

Meaning we can focus on providing you with all the tools you need for free. No fees. No subscriptions. Zilch.

This importantly further supports our mission to help every business get access to the tools they need to better manage their cashflow.

Read the announcement here

Updates we’re following that we think you need to know

NSW just boosted its support for small businesses in lockdown

After the NSW government announced their initial support package for businesses impacted by the lockdowns, they’ve just come back out with a fresh injection of three payment types to help pull small businesses through the next month of stay-at-home restrictions.

JobSaver is now offering between $1,500 and $100,000 worth of financial assistance (or the equivalent of 40% of your payroll) per week to cover wage expenses.  

Micro-business grant of $1,500 per fortnight have been made available to businesses with an annual turnover of between $30,000 and $75,000.

What this means to you

For more info on the JobSaver and micro-business grant support packages and to better understand eligibility criteria, be sure to check out the Service NSW website.

Small businesses are facing a new insolvency cliff

This time last year financial analysts predicted insolvencies would unravel into the tens of thousands of small business owners collapsing. Looking at the data, insolvencies were actually down 50% year on year.

According to the latest research from CreditorWatch, the tide unfortunately is shifting, with a sudden 75% uplift in business administration activity in June.

What this means to you

Keep an eye out for insolvency policy measures to be potentially re-introduced.

If you’re struggling to meet your business debts, be aware that you as a founder will be personally liable if you allow your company to trade whilst insolvent.

Please be sure to call the National Debt helpline if you’re needing support. They’re here to help get you through this tough period.

International travel to open once we hit 80% vaccination rates

The government just announced a four-stage plan to help us all get to greater freedoms.

Until at least 80% of Australian adults are vaccinated, our international borders will remain closed, we’re currently sitting at 18%.

From an economical perspective, border closures continue to be a disastrous situation for certain industries such as education, tourism and hospitality. As well as for all the rest of us that depend on unskilled and skilled foreign labour.

What this means to you

Whilst business owners are forced to pivot into new business models overnight to stay afloat, its up to each and everyone of us local-shop loving, community minded homegrown supporters to put our money where our mouths are by making sure we buy from our local suppliers.

Secondly, as employers we need to support our employees with taking the time out to get vaccinated.

This is why we signed up to The Great Australian Vaccine Drive. If you haven’t already, then please be sure to show your support to the local business community and your teammates by getting involved here

Cape VaccineDrive

AND FINALLY

How to hire and onboard remote workers: The trello guide to success

Despite the lockdown, that hasn’t stopped the Cape team from going on a hiring spree. Recruiting colleagues for our engineering team in Sydney.

When we started out, we were intro’d to this guide from Trello which has become a great template to help us with transitioning our hiring, interviewing and new employee onboarding processes to a remote first streamlined machine!

What this means to you

With hiring and retention of talent changing overnight, change is necessary to continually progress, it ain't however always easy to execute!

Whether you’re actively hiring or not right now, it’s worth having a clear plan in place before you adjust your recruitment strategy.  

Talking of hiring… we’re hiring (again) for our growing team. This time for a Risk Ops Manager. If you know anyone who might be interested, please give ‘em a nudge 😉.

📣 Don't keep it a secret 📣

If you enjoyed this, please consider sharing with a friend! If this was sent to you by a friend, then be sure to not miss next month's Big Dip by signing up here:

👉 www.hellocape.com/the-big-dip 👈

5 weeks of lockdown ✅

Here's to another 4 😒

Stay strong folks, we'll get through through this 💪

In the meantime, who dis….

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🏁 Well, that’s it for August! We’ll be back next month with more updates. If you have any feedback, drop us a note - we’d love to hear how we’re doing.

Hasta pronto,

Ryan

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