Me too. Ever since I heard the news, I keep hearing it over and over again.

Cue anxiety.

What does it mean for our family? What does it mean for my husband’s and my upcoming career changes? Should we be fixing our home loan rate, in part or in full? What does it mean for our business?

(I’m moving to working full-time & Ed is taking a step back from our fencing business.)

When I get over the initial natural anxiety I can see clearly that we have been risk proofing ourselves for some time now.

Here are 10 things we’re doing to make sure we are ready to ride this inflation wave.

1. Reduce debt and increase savings. Putting all our available funds in an offset account against our loan. Have all those savings working for you.

2. Take a leaf out of the Barefoot Investor’s book and hit all your services up for a better rate – electricity, gas, internet, phones, mortgage. Want his word for word spiel, that he says works 11/10 times? Reply to this email and we will send you a copy. What have you got to lose?

3. In business make sure you are getting paid and paid on time. We do this by staging our wills packages and asking for funds in trust. You can ask for a substantial deposit, and regular incremental instalments.

4. Double down on doing good work with good people. If your gut says no, don’t do it. If a customer or client misses a payment, pause work. Have the difficult conversation. Don’t do good work for no pay.

5. Get those bad debts paid, or write them off. Did you know that bad debt write offs are a tax deduction? All is not lost. Talk to your accountant.

6. Make sure your sales terms and conditions are clear and practical. In this economic climate you want to be super clear with your customers. This is not the time for miscommunication and ambiguity.

7. Make sure the deals you have with your suppliers are super tight. Do you know what happens to your product if they are liquidated?

8. Are your employees feeling secure? Talk to them. Keep them in the loop. Be upfront about end of financial year bonuses or pay rises. Make sure you have a good relationship with a HR consultant – ready to help you have any difficult conversations. We love @ruraltrainingandconsulting and @positivehr_.

9. Do you have employee agreements or contracts in place? Make sure everyone’s employment terms are super clear. Do you have significant accrued annual or long service leave? Are you paying the legal rates of pay? Award wages go up from 1 July 2022 & super obligations increase.

10. Worst case scenario – it’s our sweet spot, we’ve been trained to think of what can go wrong – are you structured in your business to protect your home and weather a business liquidation? Are your assets protected? We are big asset protection nerds.

Drop us a line with your worries or questions and we’ll do our best to help sooth those anxiety waves.

We are wills nerds AND risk protection nerds.
As part of the GLaw Family – we are here to help you