Delegation is a skill often discussed but rarely mastered, especially by small business owners who are wearing multiple hats. The balancing act of managing daily operations while pushing for growth can be overwhelming. Imagine if you could free up hours in your day to focus on strategic decisions rather than getting bogged down in every minute detail. This is where the art and science of delegation come into play. By… Read more
Starting a business without a plan is like setting sail without a compass. While you might eventually reach your destination, the journey will likely be longer and more challenging. A well-constructed business plan is essential for guiding your business towards success. Here’s why: It Clarifies Your Vision A business plan helps you articulate the vision for your enterprise. It forces you to think through every aspect of your business, including… Read more
As a business owner, you’ll need to stay informed about your finances and your financial situation. You do this through bookkeeping. Bookkeeping is the process of recording transactions in your business. This includes any transactions, credit card charges and any other financial activity that happens within your company. How good bookkeeping helps you Bookkeeping is vital for any business. First, it helps you understand your finances. Bookkeeping gives you insights… Read more
Running a small business comes with its own unique set of challenges, and dealing with toxic employees is undoubtedly one of the trickiest. A single troublesome team member can disrupt productivity, affect team morale, and ultimately harm your business’s success. Knowing how to handle such situations effectively can turn things around. Let’s look at the types of toxic actions, how to address them, and provide practical steps to manage these… Read more
From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected? Would your staff know what to do? Would you be able to keep trading? Having a contingency plan is not just a precaution; it’s a necessity. Small businesses need to be prepared for a range of scenarios. Without a solid contingency plan, your business could face significant setbacks or… Read more
Selecting the right accounting software is a crucial decision for your small business’s financial health and accuracy. With numerous options available, this process can seem daunting, but making an informed choice is essential to streamline operations and mitigate risks such as financial fraud and regulatory non-compliance. Introduction The challenge of choosing appropriate accounting software stems from the need to balance functionality, ease of use, and cost-effectiveness. As cloud computing continues… Read more
Navigating the current economic environment can feel like an uphill battle, especially in relation to your pricing strategy. Globally, economies are experiencing an inflationary environment. In the US, for example, average prices have surged by over 20% since the start of the pandemic, significantly influencing consumer price sensitivity. With inflation becoming a part of our daily lives, your potential clients—regardless of industry—are likely to take more time to invest and… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Concerns raised as small businesses suffer a spending ‘cold snap’ New data from MYOB reveals that small businesses are experiencing what is called a spending ‘cold snap’ with cash and EFT deposits on a decline since June this year. Atlassian acquires video messaging platform Loom for $1.5b In an… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘No rate cuts’: Horror call on Aussie economy Since the Reserve Bank Australia (RBA) first began raising interest rates in May of last year, the volume of commentary on when they would be cut has become greater with each passing month. With mortgage rates having risen to the largest and fastest… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian house prices smash records, fully reversing 2022 lows Home buyers and sellers have expressed confidence in Australia’s housing market, leading to the full reversal of the most rapid decline in house prices in recent history. Five key changes to welfare and work rules in Labor’s employment white paper… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ATO cracking down on tradies dodging the fringe benefits tax The Australian Tax Office is cracking down on tradies who are wrongly not paying fringe tax benefits for their vehicles. Treasurer Jim Chalmers gets to work on fresh jobs plan The government is set to get to work on… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The dream of business ownership is drifting out of reach for young Aussies In the past, starting a business was a young person’s golden ticket to financial independence. Today, however, for many young Australians, this dream is drifting out of reach. August unemployment rate remains firm at 3.7% The… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Consumers opt for convenience and money-saving technologies amidst higher cost of living Budget-conscious Australians are redirecting funds towards essential goods and services or savings, and changing their shopping and spending habits in response to cost of living pressures, a new CommBank survey shows. Rethinking taxation for Australia’s future… Read more
Welcome back to our Weekly Business Update – stay in the know with some recent news updates relevant to business and the economy. Australia’s inflation rate eased to 4.9% in July, down from 5.4% in June Australia’s inflation rate eased last month to its lowest level in 17 months, led by falling prices for fresh produce and automotive fuel, reducing the likelihood the Reserve Bank will need to raise interest… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s nervous watch for any great fall of China Economic troubles in China could hit Australian jobs and growth. Treasurer Jim Chalmers said the slump in China’s economy painted a worrying picture. Intergenerational report 2023: six key points for Australian businesses The latest Intergenerational Report has arrived, projecting what the… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. A survival guide for SMEs in the face of inflation Inflation is a challenge for all businesses, but the sting is especially painful for SMEs. With limited resources, they can find themselves struggling to absorb costs associated with inflation, potentially leading them down the path of price increases and… Read more
Superman Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia lags US in beating inflation Australia is lagging considerably behind the United States in combating inflation, with recent data showing a vast disparity between the two nations. ASIC accuses $13.6b Active Super of greenwashing its investments in gambling and coal The Australian Securities and Investments Commission (ASIC)… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Stoking the engine room of the Australian economy The nation’s fleet of small to medium-sized businesses boosting economic growth has been one constant amid the technological and demographic transformation of the Australian economy. Enabling them to be more successful is the focus of ANZ’s new Group Executive, Australia Commercial Clare… Read more
For a small business owner, managing finances can be a daunting task. Keeping track of expenses, payments, and cash flow can be overwhelming, especially if you’re dealing with debt too. A business loan, line of credit or a business credit card can help your company hire new employees, purchase inventory, purchase equipment, and finance growth, but too much debt can become an unsustainable expense. Debt management is vital to the… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Another 1.3 billion consumers will shop online by 2027 Online retailers should be gearing up for the addition of a further 1.3 billion consumers worldwide joining the ranks of online shoppers by 2027, says market research firm Juniper Research. Not fair on consumers, not good for business’: Financial… Read more