10 Ways to Boost the Financial Health of Your Salon This EOFY

As the 22-23 financial year draws to a close, small business owners are eagerly monitoring their expenditures and savings, seeking ways to secure the long-term prosperity of their businesses. 

One effective method for fostering business growth that small business owners should consider is applying for grants. 

According to Madonna Melrose, the Director of Melrose International, “Grant applications provide an excellent means of supporting your business’s expansion.” 

Instead of waiting for $10,000 to become available in your accounts, applying for a grant can expedite your business plan and goals. 

Whether or not you achieve success in your initial grant applications, Madonna believes the process itself offers valuable insights into your business plan. 

Currently, Melrose International lists 119 Business Grants worth $4.4 billion under General Operations. Madonna expresses amazement that only 30 percent of Australian businesses explore and utilise government grants to finance their growth. 

To assist small beauty business owners in preparing for tax time and establishing a solid foundation for the 23-24 financial year, Madonna highlights her top ten opportunities:

1. Small Business Technology Investment Boost

This program aims to reduce the cost of going digital, supporting businesses to invest more in their digital capability. Small businesses with an aggregated annual turnover of less than $50 million will be able to deduct an additional 20 percent of expenditure incurred on eligible training courses provided to employees to help upskill. 

2. Solar Victoria – Small Business Program

This program aims to support Victorian businesses to reduce their energy costs by accessing the benefits of renewable energy to bring down energy bills for eligible businesses.

3. New Access for Small Business Owners Program

This program aims to provide small business owners with up to six structured sessions via telehealth with a trained mental health coach. It is a joint initiative by Beyond Blue and the Australian Small Business and Family Enterprise Ombudsman as a response to rising calls for a dedicated mental health support service for small business owners. 

4. New Business Assistance with NEIS

This program aims to provide personalised support to help individuals become a self-employed business owner.

5. One10 – Impact Investment Fund

This Fund has been established to enable entrepreneurs and founders to access capital to support their business expansion.

6. Boosting Female Founders Initiative

This program aims to provide targeted support through grants on a co-contribution basis to female owned and led startups to scale into domestic and/or global markets.

7. Entrepreneurship Facilitator Program

This program aims to help people to start a new business and create their own job.

8. Australian Small Business Advisory Services (ASBAS) Digital Solutions Program – For Businesses

This program aims to offer up to four hours of one-on-one tailored support as well as unlimited attendance at group workshops or webinars.

9. Lift Women – Female Founder Grant Challenge

This program aims to support women who want to lift their idea and start a business.

10. Small Business Debt Helpline

This program aims to provide free, independent, confidential, and impartial phone-based support to small business owners nationally regardless of the cause of their financial hardship.

Melrose International are grant specialists and strategists who help business and NFPs find and apply for government grants and programs across Australia. 

For more details on these opportunities, contact Madonna Melrose at mm@melroseinternational.com.au.

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