Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s economy: A mixed bag with signs of slowdown Amidst a backdrop of economic intricacies and evolving market dynamics, Australia’s fiscal landscape is both nuanced and volatile. As the Reserve Bank of Australia (RBA) maintains a cautious stance, retaining the cash rate in its recent deliberations, the nation’s economic… Read more
Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has its merits, but it’s important to review which are which to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on additional benefits. Contractors generally look after their tax obligations. It’s against the law to treat an employee… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Startling images reveal the truth about who owns most major brands found in the big two supermarkets A compelling illustration by a graphic design enthusiast has revealed the sheer concentration of ownership of popular brands found in Australian supermarkets. Strolling through the aisles of a Woolworths or Coles, shoppers… Read more
Customer service is the heartbeat of any successful business. It’s the unsung hero, that transforms a potential disaster into an opportunity, and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist. Your approach to customer service has the power to attract and retain customers. Why stellar customer service is key The importance of customer service for loyalty and retention cannot… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s job boom sees unemployment rate fall Australia’s unemployment rate has fallen to 3.7% in February, according to data released by the Australian Bureau of Statistics (ABS), with around 116,000 people starting jobs in February. Resilience of Australian Households and Businesses In its latest Financial Stability Report released today, the… Read more
Marketing can feel like a daunting task for small business owners. If you’re new to the game, or maybe you’ve been in business for a while and just haven’t quite cracked the code, navigating the world of marketing can be overwhelming. But it doesn’t have to be. Your business deserves to be seen, heard, and thriving – and with the right guidance, you can make marketing work for you. Let’s… Read more
With the potential for business life to return to something resembling normal, it’s a good idea to take a look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve, or took you away from, your overall goals. Considering how your business and your employees functioned… Read more
Team alignment – one aspect of running a successful business that keeps all its moving parts working together. Aligning every member of your team to a common cause keeps everyone in stride together, motivated by each other and working towards the same goal, confident in how their day-to-day impacts the big picture. And this alignment doesn’t happen by accident. The magic lies in rallying your team around a common cause… Read more
The Australian government has made some important announcements over the past few months with regards to e-invoicing. In the 2021-22 Budget, the government committed $15.3 million to increase the adoption of e-invoicing, which guarantees accelerated payment terms. In this article, we will look deeper into what e-invoicing is and how any type of business can benefit from it. What is e-invoicing? Over 1.2 billion Business to Business (B2B) and Business… Read more
Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority. Debtor days refers to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients… Read more
Venturing into a new business is both exciting and terrifying in equal measure. On one hand, you’ll finally be the boss, the master of your own destiny who’s pursuing success in something that you’re truly passionate about. On the other hand, you now have a laundry list of things that you need to tick off before you even start to ensure everything kicks off smoothly. Whereas working for someone else… Read more
Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters. Before you read further, Click HERE to understand why is Bookkeeping important in building your business especially if you are a startup. Here are 4… Read more
Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons. Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success… Read more
Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes to increasing salaries and wages. Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to find, hire and train… Read more
The unfortunate reality is most business owners don’t take proper holidays. Usually, this is because their business relies on them and they don’t have the support to keep the business running without them. As a business owner, have you ever considered what would happen to the business if you had to take a six months break because of a serious illness or injury? Would the business survive? How would the… Read more
When embarking on your own business venture, it is crucial to have sufficient capital to cover expenses until your company becomes profitable. The amount of funds required will vary depending on the nature and size of your business, potentially amounting to thousands of dollars per month to cover overhead costs. If you are seeking sources of funding for your business start-up, there are several options available to you. Each option… Read more
Are you in your 30s and looking to determine the type of life you want to live in the future? Your 30s are an exciting time! You’re typically making more money than you were in your 20s. Your 30s are also a great time to take control of your finances, so you have more security and flexibility in the coming years. Here are 5 financial tips to follow in your… Read more
We cannot stress further the importance of properly managing your cash flow to ensure the smooth running of your business. However, in times of crisis such as the ongoing COVID-19 pandemic, this becomes more than important– managing your cash becomes a necessity for survival. If you are experiencing cash flow troubles, here are five things you can do to manage your cash flow better. Check your expenses. Now is the… Read more
It’s no secret that data loss can be a costly nightmare for a small business, with recent estimates citing the total cost of data breaches exceeding $2.1 trillion by 2019. Unfortunately, cyber attackers increasingly target small businesses because they are less likely to have security protection in place. Accidental loss or loss due to a natural disaster can be just as harmful to a business, with recovery efforts and delays… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more