In 2022, the Australian Government announced a $1 billion bonus tax deduction to help small businesses go digital. Now that’s a lot of coin.
The incentive was due to expire on 31 May 2023 – but, as of that date, the Technology Investment Boost is yet to be legislated. So, what does that mean for small business owners? Recently, we spoke with Business Growth Expert Caren Hendrie to get the lowdown on what’s happening. She shared how accountants and financial advisors can cut through the noise and turn confusion into clarity for their clients.
Ping, ping! You have a new message.
One of the first things Caren says she’d be doing is getting on the front foot. To do that, you need to connect with your clients. They don’t know what they don’t know, so they’ll appreciate your proactivity.
“There are lots of conflicting reports out, with some suggesting that the incentive is a done deal,” says Caren. “As accountants, we know that it hasn’t become legislation, but do your clients know that – and do they understand what it means for them? Probably not.”
Your clients want business advice. Give it to them.
So, you’ve sparked up a conversation with your clients. Now is the perfect opportunity to show you can do more than just file taxes.
“Whether the tax deduction becomes legislation or not is kind of irrelevant,” says Caren. “The real questions become: is investing in digital tech right now a smart business decision? Does it still stack up, even without the tax deduction?”
Helping your clients answer those questions is where you can add value as a trusted business advisor. At the end of the day, if it’s a good business decision, it’s still a deductible expense whether the investment boost becomes legislation or not.
Most business owners today want to invest in some form of digital tech. But, depending on their business, right now might not be the smartest time. “If your clients are spending the money just to take advantage of the incentive, then there’s no guarantee they’ll get reimbursed.”
Too many clients, not enough time? Send an SMS.
When you’re working with hundreds of clients, having face-to-face chats (and even phone calls) could take hours. So, we asked Caren if there’s a way to have that conversation, without adding any extra stress at this busy time of year (hello, EOFY).
To our delight, she suggested sending an SMS.
“It can be as simple as ‘Here’s an update, give us a call if you have any questions.’ It shows that you’re on the pulse. At this time of year, clients expect to hear from their accountants. But it’s also the time of year when people in finance are the most time-poor.”
“We really only used to use SMS for appointment reminders, but we’ve quickly realised that it can be utilised in so many other ways.”
Want some inspo?
Save and tweak these SMS templates commonly used for financial service businesses.
Here are six ways SMS can help.
Caren isn’t wrong. There are lots of different ways you can use SMS to get – and stay – connected with your clients.
- Two-way SMS – have instant conversations with your clients. You can send and receive replies, follow up on responses, and track who has responded and when.
- Make it automated. Send SMS without picking up your phone. Set automated text replies so you can focus on what’s most important – your clients.
- Send in bulk – 90% of text messages are read within two minutes, making it the fastest way to communicate with clients in mass.
- Send text messages via email. Send an email to us, and we’ll convert it to a text message. Then, we’ll send it to your clients. Super simple.
- Save time using SMS templates. All you’ll need to do is copy and paste, tweak the nitty-gritty details, and hit save.
Start making connections.
When business owners don’t have the answers, they turn to people they trust. Improve engagement with a simple text.