Small Business
Rising employee turnover remains a significant challenge for Australian businesses. Every time a resignation letter lands on your desk, it will cost you up to 150% of the vacant position’s annual salary to restaff the role. That comes in the form of recruitment and advertising expenses, as well as training costs and lost productivity as […]
Many business owners spend years building their business to only receive a fraction of what it is worth when it comes time to sell. Although there are many more, here are seven of the most common mistakes that could impact you significantly. Inadequate preparation Sellers who get the best deals are those who have left […]
To thrive in the digital era, all businesses need to be where their customers increasingly are – online. In 2015/16, Australians spent a whopping $41.3 billion shopping online according to a press release published by Roy Morgan in 2016, up 9.25 per cent on the previous financial year.” Although the popularity of e-commerce amongst consumers […]
A survey of 1280 SME operators has found that nearly half (49.6%) had relied on unfair contract terms legislation, implemented last year, to negotiate fairer terms with big businesses during the past six months. Conducted by East & Partners, the SME Transaction Banking survey also showed that nearly four in five respondents (78.2%) were aware […]
The cardboard box of business receipts are now closed for small business owners across the country and it’s time to move from dealing with accountants and tax agents to focusing on the future. Getting things right for the next phase of growth comes down to setting the right foundation. So, how can you ensure you’re […]
China’s booming economy and rapidly growing middle-class present a wealth of opportunities for Australian businesses, particularly those companies able to tap into the rising demand for high quality goods and services. But many local SMEs with international expansion goals have discovered it’s not as simple as heading overseas and establishing operations. In a culture such […]
As a business owner, dealing with insurance can easily slide down the priority list. Not many people look forward to answering bunches of questions or filling out pages of paperwork, and nobody in their right mind gets excited about paying insurance premiums. But what if you had a really bad day at work? What if […]
When you’re an entrepreneur it can be difficult to get a real vacation. You’re at the helm of your ship and you might not want to let go of your wheel, even if it’s only for a short period of time. Checking out on vacation is incredibly difficult for entrepreneurs, and more often than not, […]
Reforms to the Competition and Consumer Act 2010, which took effect this week, will level the playing field between small and big businesses while providing consumers with increased choice and better services in the market place, according to Small Business Michael McCormack. Commenting on the commencement of the Competition and Consumer Amendment (Competition Policy Review) […]
The popular stereotype of a cyber hacker tends to be a young, highly skilled person sitting in a darkened room surrounded by sophisticated computer equipment. It’s an image honed by Hollywood and often supported by mainstream media. However, increasingly, this is not the case. Hackers can be young or old, male or female, and belong […]
It’s the race that stops the nation but Melbourne Cup is also the race the halts workplaces – and not just in Victoria where the event is marked with a public holiday. While Melbourne Cup festivities are a great way to generate goodwill amongst employees, SMEs must take steps to discharge their duty of care […]
Every business owner understands that the rewards of running their own company are immeasurable, but the tradeoff is that you also bear the brunt of the consequences if things go wrong. This is why it’s important to have a risk management plan in place. Having a strategy for the common pain points that your business […]
The price that you set for your products and services is one of the most crucial decisions you have to make in a business. Pricing requires thought and an understanding of your customers or clients, the market, the environment and your competitors. Here are four pricing mistakes you need to avoid: One: The first mistake […]
An analysis of the Fair Work Commission 2016-17* report reveals an employer was hit with an unfair dismissal claim every three and a half minutes last financial year, according to Employsure. The workplace relations specialist also found that employers lost 60% of the 14,135 unfair dismissal applications brought against them in 2016-17. Commenting on the finding, Ed […]
For small and medium businesses (SMEs) that want to take on new export opportunities, understanding your business’ working capital position is critical. Working with the right financial partner can be the key to driving your export success. Accountants and financial advisors continue to be a key support channel for SMEs that are looking to build […]
AI is already being used in businesses. At the risk of sounding like an automated voice that just repeats back facts, consider these statistics that build a case for the need to incorporate AI. A recent survey showed that about 80% of businesses in the US plan to incorporate chat bots into their business by 2020. […]
Half of Australia’s small businesses not only lack an action plan to address workplace bullying, they don’t understand the legal requirements, according research undertaken by workplace relations specialist Employsure. Conducted by Galaxy Research on behalf of Employsure, the Workplace Safety Index also found that amongst businesses with between two and four employees, only 40% know […]
By connecting their physical and digital stores, businesses can give their customers a more seamless shopping experience; however, this ‘omnichannel’ approach also facilitates better inventory management. Having real-time visibility of your inventory across all sales channels means less chance of overselling, better forecasting, and less hassle for staff. Let’s backtrack quickly – what is omnichannel? […]
All small to medium business owners have been there. The point where they find themselves wearing multiple hats due to a lack of resources. They are not only the owner, but also the sales person, the marketing person, the human resources person, and IT support. This frequently leaves business owners stretched thin, to the point […]
For organisations, big or small, accusations of sexual harassment are alarming. With the current press surrounding the allegations of sexual harassment made against Harvey Weinstein, businesses world-wide should reflect on their own internal policies and how they would deal with allegations of this nature. In Australia, we have an abundance of laws protecting employees from […]
