We asked how small businesses can financially future-proof themselves. Experts had these answers.

Welcome back to #FoodForThought, a newsletter serving up food for your brain — exploring news headlines, economic trends and workforce issues. Below, you’ll find insights from small business LinkedIn Live show #TogetherInBusiness. Hit subscribe above to be notified of future editions and share your thoughts in the comments.

Shrinking JobKeeper payments, US-style insolvency reforms, changing coronavirus restrictions: It’s a lot to keep up with as small business owners fight for survival.

For some, the pandemic has already proven too much. Almost 2,000 micro businesses were placed into administration between April and July, as more than one million firms currently rely on government support to remain afloat.

Small business owners have taken to LinkedIn to share how they’ve sought to financially future-proof their firms during the pandemic. 

Some shared how JobKeeper and Small Business Grants had “kept the wolves at bay,” even allowing some firms to invest in social media, video promotions, web and SEO developments. Others pointed to a multi-speed economy between states and industries, and continued cashflow vulnerability. And as many wait to see what support measures emerge from the federal government’s budget, owners are prioritising their business's health. 

Matt McDonald writes: “A sustainable, secure business is also a healthy one - which is why all businesses should undertake a business health check at least annually, just like everyone should get a regular checkup from their doctor.”

This week on #TogetherInBusiness, Xero MD Trent Innes, Shippit co-founder William On and accounting specialist Lielette Calleja joined me to discuss how small businesses can shore up their finances and secure their assets for the future. Together, we discussed:

• How Australia’s small business community has prioritised spending and utilised government support during the pandemic. 
• The economic outlook for Australia’s small business community.
• Changes to the JobKeeper program and how to navigate them.
• Performing an annual health check and the resources available to help.
• Knowing when it’s time to tread water and when it’s time to grow.

Watch: Together In Business in full above

Latest Conversations 

For 35 years, Sizzler survived shifting culinary trends, copycat chains and even the rise of delivery apps like Uber Eats, but the coronavirus ultimately proved too formidable of a foe, forcing Sizzler’s nine remaining restaurants in Australia to close for good. 

Confident Melburnians are shrugging off the lingering uncertainty around when travel restrictions will be lifted and are busily booking intrastate holidays for December and January.

Australia’s commercial free-to-air television networks are likely to slash the volume of programming they air specifically for children from next year following a revision of federal government rules around local content quotas.

Flight Centre has announced that it will shutter another 90 of its Australian stores as border closures and travel bans related to the pandemic “keep holidaymakers grounded and the travel group in hibernation”.

Even as Australia endures as the second-largest exporter of coal globally, a boom in rooftop solar panels has ensured that the nation has also “quietly become a renewable energy powerhouse”.

Resources for your business:

• How Treasury is supporting small businesses.
• Income support for sole traders
• The Australian Small Business and Family Enterprise Ombudsman My Business Health portal.
• Information, grants and assistance state-by-state.
• COSBOA COVID-19 small business quick links.
• The Australian Chamber of Commerce and Industry's employer help guide.

Spotlight on: HR

The pandemic has changed the way we live, work and socialise. Businesses have been forced to switch to a remote work model and find new ways to keep workers engaged and motivated.

Even pre-Covid, 89% of business leaders did not feel HR professionals had the data skills necessary to anticipate and fill talent needs, according to research by Harvard Business Review. 

 As RMIT Online points out, the pandemic has accelerated the pace of organisational change and the pressure is on HR leaders to ensure that businesses can create jobs and hire the skills they need during a challenging time and respond to the new environment. 

Next week on #TogetherInBusiness

Want to learn how to build strong teams in crisis times? Join LinkedIn News Australia on Tuesday at 2pm AEST for a new edition of #TogetherInBusiness; a weekly LinkedIn Live show talking about the issues that matter to small business owners and their employees. 

Each week, we'll hear from business experts on topics like entrepreneurship, technology and juggling it all. 

Next time: Employment Hero CEO Ben Thompson and Mars Wrigley HR Director Katy Halliwell join me to discuss supporting employees in Covid times and answer your questions live. 

We want to hear from you: What are the challenges your employees have faced during the pandemic? How has your business sought to support its workforce? What changes have you made to your talent pipeline in response to the crisis? Can professionals still drive their career growth, even during tough times? 

Share your thoughts, queries and questions in the comments below and we’ll answer them in next week’s show.

Watch #TogetherInBusiness live Tuesday at 2pm AEST. Follow LinkedIn News Australia to receive a notification when we go live.

Something for you

Each week, I try and end on something to make you smile and think:

• Many of us suffer from a sense that we cannot get everything done in a day. The truth is, many of us have plenty of time, more spare hours than professionals had in previous decades. Here’s how to track your time and conquer stress in the process.
• Just about every team has at least one member who seems to be coasting, relying on others to complete a project. But the situation may be more complicated than you think. Here’s why.
• Professional life during a pandemic can feel like running a marathon, with no clear end in sight. It's a recipe for heightened stress and burnout. Academics have this advice for replenishing your reserves.  

Additional reporting by: Cayla Dengate, Andrew Murfett, Capucine Yeomans

(Photo credits: Getty Images)