David Simpson, the Martial Arts Accountant, shares up to date financial advice for martial arts school owners to combat the crisis.
.IN THIS EPISODE, YOU WILL LEARN:
What is JobKeeper and are you eligible for it
The common pitfalls that you should avoid during a financial crisis
Should you opt in or out of bank's cash assistance and loan deferment programs
Helpful survival tips for managing your martial arts business during an economic downturn
*Need help growing your martial arts school? Learn More Here.
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There's a number of areas that there is some sort of assistance and that is the banks allowing you to defer payments. I've not gone into their nitty-gritty, because it's one that I'm not overly in favor of. I've spoken about this with a couple of our clients. They may delay payments, but the interest my believe is, will continue to accrue and that's going to put you behind. So if you can continue to meet those loan repayments, yep, or restart them as soon as possible. There's the offer from the banks to lend you an unsecured amount. Once again, the pitfall is, tomorrow, or the day after, or the week after, or the month after, you've got to pay it back. And that's the thing that really concerns me that people will rush in and borrow money or defer payments.
GEORGE: Welcome to a live recording of the Martial Arts Media business podcast. We are doing this via Zoom, we are doing this as a live session. If you are in the Martial Arts Media Business Community right now, you can look for the link attached to this video. Jump on, that way you're going to get the most out of this call. So the purpose of this call is to bring you up-to-date information about finances, what to be doing with your finances at this point in time and stimulus packages, JobKeeper updates, things that are relevant to you right now. So to deliver that for you, I've brought on the one and only martial arts accountant David Simpson. How are you today?
DAVID: I'm fine George thank you, how are you?
GEORGE: Pretty good, thanks. Look, so we did the session live in our Partners group, where we work with school owners on marketing and so forth. Obviously, that's not the core topic right now. We are more focused on a lot of attention and doing pivoting with videos and keeping businesses afloat is a lot of the focus. And so I wanted to come and do a rerun of that session.
And I wanted to do this as a podcast, just that, number one, obviously, things are changing day to day, information is constantly updated. There's new information coming out that we need to be up-to-date with. So I wanted to bring David on and get this out to you and there we go. So David first up, just before we get started: if you can give us just a two to three-minute round up, just who you are, what you do and so forth?
DAVID: I am a martial artist. I run a dojo here in Cowra, plus another one in Cootamundra about an hour away. And I’ve been a martial artist since 1978, this goes back a few years. I've been running the school for the last 12-13 years. In all that time, I've also been an accountant. I did my studies and I took over running my own practice back in 1988. I would say to people that I've been in the industry for 40 years. I've probably got 25 repetitious years, where I've done the same thing over and over again. And on top of that, another 15 years of real experience where you're doing stuff and changing what you're actually doing.
I move my accounting practice, or I’m moving my accounting practice to focus on gyms and martial arts schools, because that's where my passion is and I think I've got a lot to offer to them. In my own personal training as a martial artist, I am a third degree black belt and also a black belt equivalent in Muay Thai. I go over the seas to train in Thailand, but that's been cancelled because of things happening now.