Small Business
Richard Branson is right about many things…but he’s wrong about attitude. One of his famous observations was that “you can learn expertise and gain experience but attitude is inherent”. In other words, you can’t train for attitudes – you hire attitudes. I believe that view is now defunct. By failing to train for attitude, organisations miss out […]
Over the years we’ve heard plenty of grandiose plans for businesses that never eventuate and untold numbers of excuses for not hitting the targets that were bragged about at the start of the year. As accountants, we’re not really interested in all of that, what we’re interested in is the numbers because they tell great […]
When it comes to Amazon’s entry to Australian retail, there are many and varied opinions on the likely extent of its impact. No one knows for sure what will ensue. Will Amazon disrupt Australian retail? And if it does, to what degree? Or will it resort to a competitive fight with retailers in this diverse […]
The strange thing is you can have a full order book and see that your business is really taking off, but if you don’t have a firm grip on the cash flow situation you could struggle to stay afloat and achieve long-term success. It is important to understand why cash flow matters so much to […]
If you have a task to complete, such as launching a new product, you will want to keep a tight handle on project costs and be able to work to a realistic timescale. Delivering a project on time and on budget is a challenge, but there are ways to ensure that everything stays on track […]
Today, most Australians carry at least one Wi-Fi-enabled device at all times and according to Cisco’s 2016 VNI report, more than 540 million public hotspots are expected to be online by 2021 to support smart devices worldwide further propelling their proliferation. While most retail businesses have realised offering a reliable Wi-Fi network for guests is […]
Nearly one in two Australian businesses are leaving themselves vulnerable to bad debt by not performing credit checks on their existing customers, new research shows. In a survey conducted by Australian credit bureau CreditorWatch, business owners, accountants and credit professionals from small to large-scale businesses were asked questions in relation to their credit management responsibilities. […]
Casual workers will be given the right to convert to part-time or full-time employment, and receive new minimum engagement periods, the Fair Work Commission announced earlier this month. The Commission has decided to give employees across most industries and occupations the right to request permanent employment status after 12 months of regular and systematic employment. […]
Small business operators have been described as “the forgotten people in Australia’s energy crisis” by the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell. According to the Ombudsman, high energy users such as manufacturers and hospitality businesses, are “casualties of a failed system”. “It makes sense for heavy users to negotiate long-term contracts, […]
There has been a lot of talk about changes to credit card rewards programs in 2017. You might even have received a notification from your bank recently about how your rewards program is about to change. This is because of new interchange fee regulations that rolled out from 1 July 2017. In 2016, the Reserve […]
Most businesses need to deal with a bit of competition while many strive to stand out from the crowd. While business ethics classes touch upon employer and employee behavior, a number of business owners and workers struggle to project a good, consistent company image. Stay Off Social Media Many businesses use social media in a […]
Having an idea for a business is the start of what can be a very exciting journey, although in truth it may feel more like a rollercoaster ride at times. In particular, coming up with the funds to get the company off the ground at a time when money is tight can be challenging. Having […]
Many SMB owners think that that debt management is frustrating, repetitive and even awkward, but it doesn’t have to be. When approached with professionalism and a clear plan of attack, the right debt strategy could save weeks’ worth of work per year, while also doubling or tripling working capital. So, why isn’t everyone doing a […]
Last year, one of my colleagues built two semi-detached houses, wanting to sell one. His question to me was: How do I sell it to a Chinese buyer? There’s an implied understanding in that question that Chinese buyers will pay a premium to acquire a property. Besides possible higher premiums, the other reason to target […]
Many international travellers were recently shocked to hear that several airlines had put in place a laptop ban that was enforced by the US and UK governments on certain international flight routes. Some officials announced that any electronic devices larger than a mobile phone would be prohibited on board a flight and would only be […]
Small to medium businesses often have it pretty tough when it comes to hiring, engaging, and retaining their employees. Large organisations and fast-growing, capital-infused startups can often outshine SMBs with their big budgets, epic offices, and big brand appeal. According to a survey by Robert Half, 60% of small business owners and management said that […]
Are you struggling to make ends meet? Do some customers take liberties and pay you weeks or months after you finish the work? Do you have a large outstanding debtor balance that just doesn’t seem to reduce? If you answer ‘yes’ to any of these questions then more often than not the answer to your […]
The Australian Competition & Consumer Commission (ACCC) is urging small business owners to prepare themselves for the excessive payment surcharge ban that will apply to all businesses from 1 September 2017. The new law limits the amount that a business can charge customers for use of payment methods such as EFTPOS (debit and prepaid), MasterCard […]
In this age of social media and instant communication, customers share their experiences broadly, especially if those experiences are negative. People vote with their feet, taking their business elsewhere based on the comments of friends, peers, and even strangers online. Businesses therefore need to understand that the customer experience is critical to financial success. The […]
It’s time to talk about spreadsheets. Or, as one financial modeling company called them, capitalism’s dirty secret. What’s going on between the (spread)sheets to earn the decades-old business application such a sordid reputation? Mistakes. Costly ones. Almost nine in 10 spreadsheets (88%*) contain errors. Yet what do most businesses base their decision making on? Spreadsheets. Consider […]
