COVID-19 Business Update – 23 October 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Lately, economists have been talking about a “K-shaped” recovery from the current recession. As this article in The Conversation explains, this kind of recovery happens when different parts of the economy recover at different rates. White-collar workers who can more easily work remotely may have an easier and faster path to recovery than…  Read more

Podcast – Bouncing Back – EP 6 – Next

In the final installment of Bouncing Back, we discuss planning for the future and how to manage the difficulties of working alongside a fast-paced economy. It considers the prevalence of digital disruption, and the need to be proactive rather than reactive in order to stay ahead of the competition. Disruption is a word which has become ubiquitous in recent years. Technology is advancing at such a rate that there’s barely…  Read more

Using Scarcity to Make More Sales

For an online business owner, scarcity is a valuable tool that can turn a failing product into a winner. It is best implemented in a subtle way that does not draw attention to itself, but the urge to purchase remains very potent. Scarcity can be a small part of your sales process that adds some additional revenue, or it can be a major component of your marketing funnel that influences…  Read more

Insolvency Reforms: What Does This Mean For Your Business?

It has been extremely difficult for many business owners to keep their business afloat amid the COVID-19 crisis. Throwing a lifeline to small businesses, the government has overhauled insolvency laws to save thousands of jobs and companies on the verge of collapse. What Are The Changes? From the current ‘creditor-in-possession’ regime, Australia’s insolvency laws will shift to a ‘debtor-in-possession system’. Entities with liabilities below $1 million will be able to…  Read more

Podcast – Bouncing Back – EP 5 – Growth

Episode 5 considers the ups and downs that come with business growth and the challenges one must overcome to achieve it. It explores the additional strain that growth can place on business owners and asks how we can look after ourselves when faced with more things to do, and less time to do them. “Sometimes you are able to prepare for business growth and sometimes it takes you by surprise.…  Read more

COVID-19 Business Update – 14 October 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Proposed Superannuation Reform Measures The Government has announced that it will spend $159.6 million over the next four years to implement a number of reforms to the superannuation system that will save fund members $18 billion in fees and other costs between now and 2030. The key…  Read more

Lost your job? Here are some tips to Survive the Emotional and Financial Turmoil

The loss of a job is one of the most devastating things a person can go through. The results of a job loss can be long-lasting and the implications go far beyond the financial. While losing your job will most likely put your financial life at risk, the emotional consequences can be just as damaging. When you consider that most of us spend more time at our jobs than anywhere…  Read more

COVID-19 Business Update – 7 October 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Federal Budget 2020 Released The Federal Budget was released earlier this week. Here’s a quick rundown of the key points: This budget is based on economic assumptions including that there will be a COVID-19 vaccine rolled out by the end of 2021. Asset write off – businesses…  Read more

Federal Budget 2020: What it means for you

The Federal Budget was released on Tuesday 6th October. This article has a good summary of the “Winners and Losers” of the Budget. You’ll also find a recap of the key points below. Key Points: This budget is based on economic assumptions including that there will be a COVID-19 vaccine rolled out by the end of 2021. Tax cuts for workers – more money in pockets for more Australians. JobMaker…  Read more

Essential Tips to Grow Your Family Business

Most family business owners have a similar goal in mind – to grow the business and pass it on to the next generation of their family. While keeping the business in the family and getting to work with your parents, siblings, or children who share common goals can be a fun and rewarding experience, running and growing a family-owned business isn’t without its challenges. Conflicting views on business and family…  Read more

Podcast – Bouncing Back – EP 4 – Relationships

Welcome to Episode 4 of Bouncing Back.  This episode is a discussion of what is core to any business; relationships. Whether they be with employees, contractors, or your family and friends, relationships are foundational to any successful business. However, they can also be the thing that makes running a business challenging and stressful. Managing these relationships effectively can be a steep and unexpected learning curve for those entering the small…  Read more

COVID-19 Business Update – 30 September 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. $800m Digital Business Plan to Drive Economic Recovery The Australian Government has announced a Digital Business plan to enable businesses to take advantage of digital technologies to grow their businesses and create jobs in the wake of COVID-19. PM Scott Morrison and Treasurer Josh Frydenberg announced the…  Read more

Supporting Apprentices and Trainees wage subsidy extended

The Australian Government has extended and expanded the Supporting Apprentices and Trainees wage subsidy, to include medium-sized businesses who had an eligible apprentice in place on 1 July 2020. This may be of particular interest to employers who are not eligible for the JobKeeper extension. What is the Supporting Apprentices and Trainees wage subsidy? The Supporting Apprentices and Trainees wage subsidy is part of the Australian Government’s COVID-19 Economic Response.…  Read more

Is Now the Right Time to Buy a Home?

If you’ve frequently been asking yourself if it’s the right time to buy a home, there are several things to first consider. Three things to think about are the current market conditions, the interest rates, and the amount of available housing. Current Market The current market conditions may help you determine if it is the right time to buy a home. If prices are starting to increase, you may want…  Read more

Podcast – Bouncing Back – EP 3 – Tough

Episode 3 looks at the realities of mixing life and business and how to look after yourself when things outside your control go wrong. From personal challenges to economic downturns it can be hard to find balance while running a business. ‘Tough’ explores the importance of looking after the most important asset to your business; you. “Small business owners operate in an environment, in a society where part of the…  Read more

COVID-19 Business Update – 24 September 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Queensland Border Zone Extensions from October 1st Queensland’s border zone will be extended to 5 local government areas in NSW starting October 1st. These areas include: Byron, Ballina, Lismore, Richmond Valley and Glen Innes councils. South Australia-NSW Borders to Open at Midnight South Australia will reopen its…  Read more

9 Things You Need to Remember While Negotiating Contracts

There are several aspects of business that can only be learnt through actual experience. One of them is negotiating contracts. Several people fear the negotiation process because it is an intrinsically uncomfortable process. Asking for more money or making personal demands doesn’t come naturally to everyone. But with the right toolkit, you can breeze through contract negotiations. And you’d better get used to it, because you’ll have to handle a…  Read more

Podcast – Bouncing Back – EP 2 – Money

Following on from last week’s post, introducing Episode 1 of Bouncing Back , this week we focus on Money! Episode 2 tackles one of the biggest stressors for small business owners; money. It highlights that money-related issues are one of the most significant learning curves required for a small business owner when setting up the business. Whether it is getting paid on time, being responsible for employees’ income, or making risky…  Read more

COVID-19 Business Update – 17 September 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Melbourne’s Roadmap to ‘COVID Normal’ A staged plan to ease Melbourne out of tight COVID-19 restrictions has been released. Stage 4 restrictions will remain in place for another two weeks with some minor changes, and will start to ease further from 28 September. The final step should…  Read more

Podcast – Bouncing Back – EP 1 – Imposter

Prior to COVID-19, I was fortunate to be offered the opportunity to host a 6 part podcast series for the Australian Government Department of Industry, Science, Energy and Resources.  The series has been released through the  Ahead for Business website. For many small business owners, failure is an inevitable part of their business experience. When people experience failure it can greatly affect their internal image. This podcast series seeks to…  Read more

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