To help the small businesses in navigating the economic challenges due to COVID-19 restrictions, the Victorian Government is partnering with the Victorian Chamber of Commerce and Industry (VCCI) to deliver a business mentoring program.

This program allows the eligible business owners to receive up to four 2-hour mentoring sessions conducted by the industry experts to provide guidance in helping make informed decisions.

What This Program Guides About?

• Business Recovery: to strengthen business recovery, cost reduction, debt and cashflow.
• Market Transformation: to learn how COVID-19 triggered or accelerated market changes.
• Digital Literacy & Engagement: to help businesses reach new customers and markets.
• Market & Supply Chain Diversification: to reduce exposure to supply chain risks.
• Reskilling & Retraining: to help businesses upskill and train their existing workforce.

Who Is Eligible To Apply For The Program?

All small businesses having a workforce of less than 20 employees can apply for the program. You can either be a small business owner, sole trader, company partner, private firm owner, or company trustee. The eligibility conditions include:

• hold an active Australian Business Number (ABN).
• not be a public company, charitable business or body corporate under the Body Corporate and Community Management Act 1997
• intend to re-establish or continue operating a business in Victoria.

Closing date to apply for the program: 31 Dec 2021

What Support Is Available?

In this program, four one-in-one mentoring sessions will be provided over a period of three months to eligible business owners. Each session will be conducted by an expert and will last for two hours. These sessions will be conducted via phone, video conferencing and if appropriate, face-to-face.

To start with, the applicants will be asked to complete a questionnaire designed to assess their business recovery needed based on which a mentor will be assigned. After the initial session, a detailed action plan specifically tailored to the individual needs of their business will be formulated.

The mentoring sessions also include financial counselling, digital expertise, and mental health support and training. Three follow-up sessions between the mentor and the applicant are scheduled over the three months to provide additional support and guidance as needed.

Program Benefits for Business

• Customised strategies for recovery, market transformation, and digital literacy.
• Mentoring about the supply chain diversification and upskilling of existing employees.
• Mitigating risks and financial exposure.
• Accessibility to Government support and local professional services.

If you want more information or have any queries regarding this business recovery and resilience mentoring program, feel free to talk to our tax consultants at KPG Taxation for guidance.