Many entrepreneurs operate with their business processes and systems in their heads. They know what they need to do each day and the way they want to get things done. Unfortunately when a business grows and staff need to be hired – or the owner needs to take time away from the business – it’s a real liability not having processes and systems documented in one place. Read on to… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Why the RBA should not use interest rates to target the housing market or debt A panel reviewing the Reserve Bank of Australia RBA has recommended against using interest rates to target the housing market or address concerns about high levels of debt held by Australians. Collaboration to bring… Read more
The success of any business, large or small, depends largely on nurturing an efficient, productive workplace. While improving employee productivity should be always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done. Below are some of the most effective methods of managing a productive, happy workplace while increasing output. Establish Accountability Productivity depends on every employee understanding that… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Reserve Bank of Australia considers a rate hike The Reserve Bank revealed that it was a “close call” not to raise interest rates at its last meeting due to concerns over inflation and the housing market, but ultimately decided to maintain the current rate of 0.25%. ATO using data-matching… Read more
Effective training of staff is essential to ensure they develop in their roles and are able to be as productive as possible. The business will need training to be cost effective and meet learning objectives, so as a facilitator of training it’s important to get it right first time. These 12 tips cover all the critical areas you must consider to ensure your training delivery is top notch and fully… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Federal Court decision shakes up public holiday rostering rules for employers A recent ruling by the Federal Court requires employers to request their employees’ availability to work on public holidays in advance instead of just rostering them to work. Employers must introduce a mechanism for making such requests before… Read more
If you’re ready to expand internationally – perhaps you plan to open a store overseas, start working with international clients or make a leap into exporting – these tips will help you prepare for hassle-free business travel. Travel tip 1: Check your passport – The earlier you can get your passport documentation in order the better. In many countries it takes several weeks to receive a new passport once you’ve… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian house prices surge, but experts are divided over whether this is a real recovery The Australian housing market has surged in recent months, but experts are divided on whether it’s a “dead cat bounce” or the start of a real recovery. Lenders offer incentives to attract home loan… Read more
While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports. Cash flow statement The cash flow statement… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single… Read more
As a business owner, you may appreciate the importance of monitoring key performance indicators but feel overwhelmed by the process—especially if you need to sign into to various applications to access a wealth of unconsolidated data. A business dashboard provides an at-a-glance view of your business intelligence, so it’s quick and easy to make sense of your data in real time, whenever you like. Fully customizable, you can pick and… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Why Australian banks will come out the other side of the global crisis According to Reserve Bank of Australia assistant governor Chris Kent, Australia’s banks are “unquestionably strong” and are equipped to handle a prolonged period of market strain. The banks are already well advanced on their bond issuance… Read more
Inflation has ballooned worldwide in recent months, and there’s no question that small businesses are feeling the pinch. Supplies cost more, employees are hard to find, and your profits are shrinking. It’s undoubtedly challenging, but you can weather the storm with the following tips. 1. Study your data Your numbers are always helpful, but in times of rapid inflation, you’ll be especially thankful that you keep a nice, clean set… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian markets take a hit after multiple US banks collapse Australian markets experienced a sharp decline on Tuesday after multiple banks collapsed in the United States. The ASX200 opened down 1.6% and fell a further 2%, wiping out all gains made this calendar year, with financials bearing the brunt.… Read more
You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and funds from investors) at a specific time. The relationship between these three sections shows how… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Inflation is still a concern as the economy slowly recovers Australia’s economy has recovered better than most from the COVID pandemic and is now 7% larger than before. But experts say that ongoing inflation is a continuing concern for everyday affordability. Mental health is a major concern as the… Read more
You can’t get through the news these days without hearing about inflation and how rapidly it’s increasing. Rates were generally low for quite some time and we all got used to it. Suddenly, however, everyone is getting squeezed by inflationary pressure. But what exactly is inflation, and how does it affect the money you have in the bank? Read on to learn more about what it is and what it… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Woolies half-year earnings reveal shoppers changing habits The supermarket chain says consumers are swapping red meat for more “affordable luxuries” such as exclusive cheese brands and ice creams. It’s believed to be part of a trend where people eat more at home instead of going out to deal with… Read more
Unfortunately, fraudsters are out there. They want your money, your identity, or both, and they’re getting more sophisticated all the time. There’s a wealth of opportunity for swindlers to take advantage of people because so much of what we do is now online. There are ways for you to protect yourself, both by taking action and being aware of what’s going on. Here are 8 ways to protect yourself from… Read more
New Year’s resolutions are often top of mind this time of year; some will stick – but many won’t. Try not to beat yourself up about it. There’s always next year, after all. However, your personal budget is one area where you should keep your resolutions from slipping. While it’s true that there’s also next year when it comes to your financial goals, putting it off has real consequences that… Read more