Communication has always been an integral part of international relationships. Here are some ways to make the communication process easier and more affordable. Lamenting the size of your business’ overseas phone bill? Tightening the business travel budget? If your business deals with overseas suppliers or clients, it’s important to maintain clear communication channels. Fortunately there […]
If you’re comfortable with the size of your business but still want to contribute to the growth of your industry or sector, turn your attention to helping your suppliers and partners. Promoting complementary businesses builds goodwill and may lead to your supplier or partner feeding extra business back to you. For example, if you’re a […]
If you’re after more business, look for invitations to tender to find new opportunities. A tender is a formal offer to undertake work or supply goods to the invitee, a very direct form of marketing. Tendering does take time and effort, but the benefit of tendering is knowing what the invitee has in mind to […]
Buying at great volume is usually the only way that you can negotiate a discount with suppliers, but if you have a good relationship, you can negotiate other deals. Leverage a discount in other ways, such as offering to pay early, or by bartering your product or service at the same discounted rate. Furthermore, if […]
Giving or offering company shares to employees makes good business sense because when staff become stakeholders, they treat the business as more than a source of employment. Although there are rules around employee-held shares to prevent insider trading, making company shares available enables employers to invite employees to take a greater interest in the company. […]
Credit? Check! SMEs tend to shy away from doing credit checks because they seem to think they should be grateful for any business at all. However, not checking up on a customer might hinder your cash flow down the track, so it’s best to nip it in the bud by including a credit check in […]
When you step up from being a sole trader to being a small business, hiring one or more employees can be a daunting task. Here are some tips: Write a full job description of the role and an expected title Have a salary in mind but allow yourself some leeway for negotiation As most small […]
Although economic downturn means the bottom line will be more important than in boom times, it shouldn’t mean cutting marketing from your budget. Businesses will instead need to be savvier about where they spend their money. Too often, time-poor bosses panic and waste money on a hasty marketing plan without considering their end customer. Instead […]
Many businesses believe that the sale is the end of customer contact, however you can find strengths, weaknesses and/or improve your product or service simply by asking for honest feedback following the completion of a contract or sale. A call to ask ‘how did you find the service?’ or ‘are you happy with the results?’ […]
Australian businesses remain optimistic about overseas operations despite the global downturn, according to results from the Export Finance and Insurance Corporation’s (EFIC) second annual Global Readiness Index, which charts the international experiences of Australian companies. Respondents from more than 80 percent of companies with offshore operations indicated they plan to expand them; more than 40 […]
