Planning for the Wave

Currently, there is a sense of “collective holding our breath” as we await the full impact of Omicron. There appears to be no doubt that it will get worse, and the only questions are the shape of the wave and how long will it take to pass.

For a business, your planning focus will be on the immediate future and how to ensure the minimum interruption and impact from the wave. The four key areas to consider are:

Your Team
Aside from the health guidelines, is there anything else that you can or should do to protect your team? Make sure you have identified your key personnel risks, if only one person understands your IT system, what happens if they get sick? It could be as simple as ensuring that the notes or manual for a task are current. Or you may require cover from a third party, and that contract should be put in place today.

Don’t forget to look after yourself, and if you are the “backup” for everyone, then that becomes even more important.

Supply
There is a high probability that supply difficulties and shortages will increase during the wave. The solutions are; either increase your inventory (so you’re holding more stock), or identify alternative suppliers.

However, the issue may not be supply but rather a lack of available transport or drivers. So alongside creating relationships with alternative suppliers, you may want to look to do the same with alternate transport and delivery companies.

Clients and Relationships
We have spoken about creating alternative relationships for your business to ensure continuity. If your clients are prudent, they will also be undertaking similar exercises. To mitigate any risk from that activity, create a communication plan for your clients. The better you keep your own clients informed of your strategies and plans for and during the wave, the less likely is any negative impact or fallout if you are unable to supply them. However, if they feel they are being left in the dark or to fend for themselves, the greater the damage to your relationship.

Cashflow
With the wave and a Red traffic light, business will look different from 2020 and 2021 lockdowns. There should be greater activity (as more places will be open) but there is less Government Support (no wage subsidies etc.), therefore, it is hard to predict what it will look like.

It would be good practice to create a series of cashflows for the “good, bad and ugly” scenarios, then monitor the wave and see which is the most realistic. It maybe worthwhile, depending on your scenarios, to talk to your bankers early. If you need any assistance creating cashflows please don’t hesitate to contact your Partner or Manager.

Polson Higgs and the Wave

Even though our office is a vaccinated worksite, we have contingency plans in respect to the impact of the wave. Currently we are all working from the office, but if required, part or all the team can work from home.

Our experience from the two previous lockdowns demonstrate that we can maintain the same level of service for our clients, there are just more Zoom meetings. If we change how we are operating, then we will notify you by email and on our Facebook page.

Government Support

Currently the Government have available the following support:

Short-Term Absence Payment - is available to pay workers who follow public health guidance and stay home while waiting for a COVID-19 test result. It’s also available to eligible self-employed workers. To be eligible, workers need to be unable to work from home and need to miss work while waiting for their test results. It is a one-off payment of $359 for each eligible worker. Employers or the self-employed can apply for any worker once in any 30-day period unless a health official or doctor tells the worker to get another test.

Leave Support Scheme - is available to employers to help pay employees who have been advised to self-isolate because of COVID-19 and can’t work from home. It’s also available to eligible self-employed workers. It is $600 per week for full-time workers and $359 per week for part-time workers.

Small Business Cash Flow Loan Scheme (SBCS) - the Government provides loans to small businesses, including sole traders and the self-employed, impacted by COVID-19 to support their cash flow needs. If you've previously applied for a SBCS and have fully repaid it, you can apply again.

The small business cash flow loan scheme will provide assistance of up to a maximum of $100,000 to businesses employing 50 or fewer full-time employees. This includes sole traders and self-employed businesses. Follow the SBCS link below for further details.
 

If you are unsure if you qualify for any of the support packages or would like assistance with your application, please contact your Partner or Manager.

Congratulations Courtney

Courtney received a perfect Christmas gift, with her promotion to manager being announced on 22 December 2021. Courtney is well known to many of our clients for her live Facebook streams and work with Xero.

But for those that don’t know her, Courtney grew up in the far north (Whangarei) attending Kamo High School. At Kamo she studied Accounting, Media, Journalism and Drama. In her mind, Courtney had two choices - Accountant or Broadcast Journalist. Luckily for us the accountant in her chose the less risky path.

As a fresh faced, free spirited, 18-year-old (her words not ours) she left home in 2012 to attend Otago University for the full ‘student experience’. However, Courtney put her head down, got the job done and graduated with a BCom in 2014.

In April 2015 she walked through the doors of Polson Higgs as a Graduate accountant. Courtney speaks highly of the Polson Higgs Graduate program “It has been awesome to work somewhere with a structured pathway for your future. It has always been very clear what I needed to do to get to the next level”. Courtney understands the value of the support she received as a graduate and really enjoys being able to now be a mentor to our grads.

Dunedin is now her home, “it’s a good size, big enough to provide plenty of opportunities yet small enough to have the community feel”. Courtney has immersed herself in the Dunedin community as Treasurer for both the Dunedin Midwinter Carnival (2016-2019) and Taieri Musical Society (2019 – present). She was also on the local Committee for CAANZ (Chartered Accountants Australia and New Zealand) from 2020 – 2021.

Outside of work, Courtney loves to travel. She has already ticked off America (three times), China, Bali, and Australia. Next on the list (when COVID permits) is Japan, Europe, and Mexico. She also enjoys spending time with family & friends and is currently teaching herself the guitar.

As for her role as a Manager, Courtney plans to grow her skills in team leadership and client management. She also aims to immerse herself more in governance and the Not-For-Profit sector to give back and utilise her skills in the wider community.

Surfing For Farmers

Polson Higgs are very excited to be one of the local sponsors of Surfing for Farmers. An initiative that encourages farmers to get in the water and try something new, as an outlet to manage stress and improve their mental health.

Our Rural Team are right behind it and last Thursday, despite cool temperature and a choppy sea, took to the waves. Needless to say, there was plenty of laughter and a few reported fist pumps as some of the attendees rode their first wave.

If you want to get off the farm and trade your gumboots for a board on Thursday, February 11th, please feel free to get in touch with our Rural Specialist, Tom Hanning tom.hanning@ph.co.nz.

The Great Naseby Water Race

A huge congratulations goes out to one of our Tax Consultants, Adam Forwood, who completed the 50km, Great Naseby Water Race on January 22.

Set in Naseby (the highest town in New Zealand at 2000ft) this unique ultramarathon is usually held in winter on the last Weekend of August each year. However, this year's event was held in January with a high of 26 degrees! 

The course is set around a 10km loop - one half along a gravel road and the other half on a forest track beside the water race that gives the event its name. Originally, the water race was built for gold mining around 1860 and now it helps supply the town of Naseby.

Adam completed 5 laps of this loop in a total time 7 hours, 41 minutes and 50 seconds and with a climb of 800m. Tactically monitoring his heart rate and pace throughout, to get him across that finish line.

What a great way to tick off your first ultramarathon Adam, we can't wait to see what is in store for you next! 

Webpage - Check out Polson Higgs Covid-19 for our COVID-19 resources for you to use.

If you have a question about anything, please don’t hesitate to ask on info@ph.co.nz.

Stay safe and keep in touch.

Kind regards

Polson Higgs Team

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