Small Business
The price that is set for products and services is one of the most crucial decisions business owners and managers must make in a business. Entrepreneurs, new businesses and small business often give too little thought to this highly complex matter and the consequences can be dire. Pricing requires thought and an understanding of the […]
The peak body for Australia’s fintech industry has urged Federal Parliament to prioritise a ‘vital new source of funds’ for SMEs by expediting the approval and implementation of private company equity crowdfunding legislation introduced in September 2017. According to FinTech Australia chair Stuart Stoyan, the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 has […]
Leading companies across a range of sectors – including finance, utilities, government, education, automotive and telecommunications – need to lift their game when it comes to customer experience (CX), a new study reveals. CX consulting firm, Customer Service Benchmarking Australia (CSBA), studied 3000 customer interactions with 136 companies in Australia, assigning each a score out of 100 […]
The deadline has been known for more than two years, yet many Australian organisations are still woefully unprepared for new data breach regulations that come into effect next month. From Thursday, 22 February, the Notifiable Data Breaches Scheme (NDB) will require all organisations that are covered by the Australian Privacy Act to notify individuals whose […]
With just over three weeks until mandatory data breach reporting laws come into effect, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell, has urged small businesses to ensure they are prepared as a matter of urgency. From 22 February, organisations with personal information security obligations under the Privacy Act 1988 will be […]
Much has been said about the benefits SMEs will see from new draft legislation recently proposed by the Federal Minister for Revenue and Financial Services authorising the Australian Taxation Office to disclose business tax debts to credit reporting bureaus. While the stated aim is to “help the SME sector”, in reality SMEs will be largely […]
Every year we see an increasing number of people buying or selling online. In 2016, Australians completed 8.1 billion card transactions, totalling $714.5 billion. By 2020, forecasts project that online shopping will have doubled since 2015 and account for 15 per cent of all retail sales globally. However, as more people shop online, businesses not only […]
More than 2500 years ago, Greek philosopher Heraclitus declared the only constant in life is change. In the early days of 2018, his words have never been more accurate. But why is it that some organisations thrive in this environment while others wither? What’s the secret to success in a constantly evolving world? On the […]
Specialist advisers can now apply for grants from the Federal Government to help small business employers in metropolitan and regional areas take advantage of digital opportunities. As part of its Australian Small Business Advisory Services (ASBAS) program, the Federal Government will invest up to $18.02million over three years on the provision of low cost, high […]
There was a massive shift in the retail sector, last year, with ecommerce giant Amazon making its long-awaited debut as some of the incumbents continued to see diminishing returns. As the Amazon saga continues to play out, with a question marking hanging over the longer-term impact, we asked seven industry experts to gaze into their […]
Did you know that only two per cent of female business owners exceed $1 million in revenue? As a business owner myself, when I found this out recently, I found it absolutely staggering. What that means is that most female entrepreneurs toil away without the big gains. Never really progressing past side hustles, start-ups or […]
In light of recent allegations made against Rocky Horror Show star Craig McLachlan, it has become apparent that many employees feel that they aren’t able to speak up about sexual harassment in the workplace for fear of repercussions. According to a study conducted by the Australian Human Rights Commission in 2012 titled Working without fear: […]
Marketing, if done well, can help you engage your audience, attract new customers, and even break into new markets, ultimately leading to an increase in revenue and profits. Poorly executed marketing, on the other hand, often marks the beginning of the end for any business. Since marketing takes up a significant portion of any company’s […]
Australia’s 620,000 migrant-owned businesses are, through their hard work and ambition, making a significant contribution to the national economy, according to CGU Insurance. More than 900 business owners were surveyed as part of the insurer’s Migrant Small Business Report, which it developed to shine a light on the role migrants play in Australia’s small business […]
Small businesses contacted the Australian Competition & Consumer Commission (ACCC) nearly 5000 times in the second half of 2017, up from 3700 in the preceding six months, according to a new report. The ACCC’s latest Small business in focus report, covering July to December 2017, shows small businesses made 2365 enquiries to the Commission along […]
Facebook’s latest algorithm changes are being called a ‘nightmare’, even ‘apocalyptic’ for businesses and publishers. Yes, the update will make it more difficult for SMEs to reach their target audiences than previously. But we’ve been here before. And businesses will simply have to adapt their social media strategy to remain competitive. Why the changes? The […]
Consumers have become increasingly comfortable with providing personal data to brands in order to receive a personalised experience and seamless customer journey. However, recent news that Uber concealed a data breach affecting 57 million users and drivers for a year, demonstrates the rapid mistrust a brand can generate when it doesn’t adequately protect this data, […]
The size limitations of the Australian domestic market mean that in particular sectors, small businesses struggle to achieve their growth potential. For many small businesses, these limitations can be resolved by tapping into much larger foreign markets that offer greater opportunities. The beauty industry in Australia is a good example. This market is a […]
Amazon’s recent Australian launch received a lukewarm reception, with average prices and faster shipping being the only apparent selling points. What you can’t see though is that their competitive advantage is behind-the-scenes of its website. Amazon embraces testing and experimentation, otherwise known as Conversion Rate Optimisation (CRO). Amazon succeeds where other online retailers fail because […]
There’s a common misconception in the small business world that being your own boss means you sacrifice a healthy work/life balance. While putting in extra hours can be important, particularly in the early stages of your journey, there are certain tricks and systems you can put in place to ensure your business will thrive in […]
