Hot Tips
One of the biggest mistakes you can make, in terms of marketing, is to target too much of the market at once. The odds of dominating an entire market, for an evolving business, aren’t likely; but you can still be quite successful by targeting a narrow, niche field. Start by researching what niche markets need […]
With interest rates constantly on the rise, it’s natural to be worrying about loan repayments. There are, however, ways you can make sure you’re not falling behind: Consider both fixed and variable loans, so you’re not caught off guard. Deposit spare cash into your loan as frequently as possible, and try to make extra repayments. […]
Do you have a business, or have you just become your own employer? Many start-ups, particularly sole traders, are jobs rather than businesses. Although a business owner attains a lot of satisfaction from the job, a business is a separate entity from the owner. One key sign you have a job not a business is […]
As a manager, at one point or another you’ll need to break bad news to your staff. How you break the news is as important as the news itself, so make sure you have cleared the facts of your own emotion before an announcement. If the news concerns a particular person, see that person first […]
You may not be able to offer your staff pay rises in the league of bigger companies, but services such as salary sacrificing could assist employees looking for ways to save. Salary sacrificing is a value offering where employees use their gross income for a purchase, additional superannuation contribution or loan. The employer takes repayments […]
Borrowing money from a lending institution is a popular way to fund a business’ foundation or growth. This is because lenders do not have ownership or operational control of the business through this form of funding. Loan interest is also tax deductible, which may be attractive for some businesses. Institutions give traditional finance on the […]
Once you’re content with your domestic performance, the next step is to look at going global, provided your product or business model is internationally transferable. There are several ways you can choose to go global, each with different degrees of difficulty, which you will need to examine in the context of your business. One of […]
Seek any advice on starting a business and the most consistent advice given is to defer to the experts on matters outside your comfort zone. Experts range from accountants and lawyers to marketing gurus and IT professionals. It’s easy to think that, once on board, an expert can take care of their domain. However, remember […]
One way to have your business stand out is to conduct research that is both important and relevant to your business and interesting to the greater public. Having research findings published ensures that your business is in the spotlight for being at the leading edge of your industry. For example, if you are a retailer […]
Improve the performance of your franchise with the following tips: 1. Study consumer trends People don’t stop spending money when times are bad, but they do remain true to their trusted brands and are unlikely to experiment with brands they’re unsure of. There has never been a more important time to go the extra mile […]
Choosing the right mobile provider is an important decision for any modern business with employees on the go. Technology is becoming increasingly mobile, and for many SMEs, the difference between a good day and a bad day can come down to just one call and their ability to respond. Here is what you should consider […]
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?’ […]
A business’ website will almost always include a link to an ‘About Us’ page, but many offer a half-hearted attempt at profiling the business, or simply repeat information found elsewhere on the website. To capitalise on your web presence, an ‘About Us’ page should, as a minimum, give a brief history of the company and […]
