Every small business owner knows how challenging it is to cut down expenses without somehow compromising internal or external quality. Regardless of the nature of your business, the first step to reducing your overhead costs is to take the time to go through every single expense you have. Next, assess which ones are necessary for your business to operate smoothly, what can be trimmed down, and what can be eliminated… Read more
When your email list is small or you’d just like to add more people and get higher open rates, it’s smart to grow your list through personal contacts. Begin with the obvious: ask friends, family and business contacts to sign up. Everyone has a pool of people who might be happy to hear about your business via email. All you have to do is remember to ask. Put a note… Read more
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
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
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
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
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
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
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
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
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
We started 2020 with optimism and hope that this year was going to be better than the last– but then, COVID-19 happened and brought sudden massive changes worldwide. It has disrupted the way we interact, shop, work, and transact. Businesses of all sizes have been plunged into darkness, with some even having to shut completely Meanwhile, others managed to find dynamic solutions to shelter their businesses from the harsh impacts… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. COVID-19 Cases in Victoria Fall to Seven-Week Low Victoria, the epicentre of Australia’s second wave of COVID-19 infections, has reported a significant drop in the number of new cases, reaching a near two-month low. This is good news as the total lockdown in Melbourne is set to… Read more
As a Practice Protect Cloud Best Practice Partner, we take security very seriously. Cyber crime is a serious concern for business owners. Recently IBM Chair, CEO, and President, Ginni Rometty, called it “the greatest threat to every company in the world”. According to Juniper Research, by 2019 cyber crime will cost businesses a staggering $2 trillion. It’s impossible to put a dollar value on what your customer data is worth… Read more
The best companies attract and retain top talent. Finding the best people takes time, but it is an investment that can save you money over the long haul. The more effort you put into finding the right people, the less likely that they will move on when another opportunity arises. Here are some strategies for attracting and retaining top talent. Give Yourself Time A senior manager has quit, leaving a… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Australian Borders Remain Shut Prime Minister Scott Morrison announced that international border closures were unlikely to lift before Christmas, as the country reported a record single-day surge in COVID-19 deaths on Monday. However, drastic lockdown measures in Melbourne appear to be working, as the rate of daily… Read more
Since the government announced the $70-billion JobKeeper program to support businesses and their employees during the COVID-19 pandemic, many small- and medium-sized businesses and non-profit organisations heavily relied on this scheme to stay afloat. According to a recent survey by the Australian Institute of Company Directors on the impact of COVID-19, over 40% of the respondents reported reliance on JobKeeper payments. 47% of SMEs indicated that the JobKeeper Scheme had… Read more
7 August 2020 You may have heard the news that Treasurer Josh Frydenberg has announced the government will expand the JobKeeper scheme again. This comes a few weeks after announcements of JobKeeper 2.0 to start at the end of September. Below is a roundup of what has been announced and what we expect to see, but please note that this is not legislated yet and is still subject to change.… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Support for Victorian businesses As you have probably heard, the Victorian Government has announced updated restrictions for Melbourne and regional Victoria to help slow the spread of COVID-19. Stage 4 restrictions started from 6pm on Sunday 2 August for metropolitan Melbourne. Stage 3 restrictions are in place… Read more
More and more people are leaving their office jobs and setting up an online business these days, especially because of COVID-19/ Running an online business offers a way for you to work from home and be your own boss. It may sound like an overwhelming process, but many entrepreneurs find it fulfilling. Here are some tips to increase the chances your small online business will be a success, and you’ll… Read more