Supply chains get disrupted all the time, and when they do, it can seem as if the wheels of commerce have seized up. You can’t get enough ingredients, components, supplies, or products to keep your business ticking. But with the right contingency strategies in place, you can reduce the impact on your business. The shock of disrupted supply You’re on your way to work and decide to grab a cup…  Read more

Finding the right premises for your business can be a stressful process. However, once you have found the perfect premises, there are still numerous matters to think about. This article will explore what you need to consider as a tenant before entering into a commercial lease, including: whether the premises are suitable for your business; the costs of entering into the lease; and key clauses to include in the lease.…  Read more

Are you an entrepreneur wondering how to fund your next big idea? Or maybe you’re an investor curious about tapping into the world of innovative startups? Crowdfunding could be the solution you’re looking for. Crowdfunding isn’t just about raising money—it’s about building a community, validating your ideas, and creating exciting opportunities. But how does it work, and how can you make it work for you? Stick around as we break…  Read more

Managing a small business can feel like balancing countless tasks at once. In the midst of it all, one key metric stands out  – Gross Profit Margin. But what is Gross Profit Margin, and why does it matter for small business owners? Let’s look at how to calculate it, why it matters, and how you can use it to unlock your business’s full potential. What is Gross Profit Margin? At…  Read more

If you’re a small business owner or a startup founder, you’ve probably heard about Cost of Goods Sold (COGS). But what does it really mean, and why is it crucial for your business’s success? Understanding COGS isn’t just about accounting—it’s about making smart decisions for profitability, pricing, and more.  This blog walks you through everything you need to know about COGS, from defining the term to showing you how to…  Read more

Starting a business is a thrilling adventure, filled with dreams of innovation and success. But let’s be honest—it’s also a bit of a gamble. Many startups face obstacles that, if not navigated carefully, can lead to failure. While vision and leadership are often highlighted as crucial elements, it’s the relentless grind of hard work and experimentation that truly makes the difference. Let’s dive into some common pitfalls that every budding…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Is this employment data a sign we are nearing the end of the great resignation? New data on the Australian workforce could suggest the great resignation may be winding down, at least here in Australia, anyway. Findings from Mercer’s Total Remuneration Survey published as part of its Australian Salary…  Read more

Hiring employees for the festive season As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations: Employers should make sure they are withholding the right amount of tax from payments they make to their employees and other payees, especially as this will help their employees meet their end-of-year tax liabilities; Employers…  Read more

In any successful operation, accountability is the bedrock upon which trust and performance are built. At the heart of this dynamic are leaders who not only demand accountability from their teams but also embody it in their leadership style. Here’s how they maintain a culture of accountability: 1. Communicate and uphold high expectations Accountability is a framework that helps individuals understand what is expected of them, ensuring they meet expectations…  Read more

A solid sales strategy will help you consistently grow your business. It will give you a framework for generating more leads, closing more deals, and ultimately increasing your revenue. From nurturing existing accounts to thought leadership and effective pricing discussions, here are some actionable steps for a winning sales strategy. Nurture existing accounts:  Schedule regular check-ins with current customers to maintain relationships.  Use social media to engage with customers through…  Read more

  For small business owners, leveraging LinkedIn can be a powerful strategy. Unlike platforms that primarily focus on casual interactions, LinkedIn fosters an environment specifically designed for networking, collaboration, and business growth. By using LinkedIn’s latest features small business owners can effectively showcase their expertise, build a robust professional network, and engage with potential clients or partners in a meaningful way. The benefits of using LinkedIn include the opportunity to…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘Every chance’: Massive rates prediction A number of telltale signs have emerged indicating the Reserve Bank is planning a major, surprising pivot within a few short weeks. Global payment processors issue warning to RBA over card fee restrictions Global payment processors Mastercard and Visa have threatened to stop refunds…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Hiring new employees for the festive season? As the festive season approaches, you may be thinking of hiring new employees to help with your business. Here are some key things to remember when it comes to your tax and super obligations. Reserve Bank ‘having a bet each way’ on…  Read more

Procrastination can be a formidable foe for small business owners. With endless responsibilities, it’s easy to fall into the trap of putting off important tasks for later. But fear not! Here are some practical solutions that can help you slay procrastination once and for all.  1. Eat the frog first Ever heard of the saying “Eat the frog first”? It’s a productivity hack inspired by Mark Twain’s advice to tackle…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Survey reveals Australian CEOs confident of economic improvement KPMG CEO Andrew Yates has revealed some of the big economic pressures that chief executives are currently feeling at the moment. Mr Yates joined Sky News Business Reporter Ed Boyd to discuss KPMG’s annual CEO survey that revealed one in two…  Read more

Working hard can only make you more money but does not grow your money or keep it safe. And that’s where investing comes into the picture: it fights inflation, grows money multiple times, and can help secure your future. Here we have curated a list of eight factors that you need to consider before investing: Understand your investment objective This is the first step. Decide what your main investment focus…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Leading Australian economists tip interest cut rate in February Leading Australian economists say the RBA will deliver a gift to cash-strapped households in February, but one key player is holding firm on a rate cut this year. Polling of 34 keen Australian economic minds shows 15 of the experts…  Read more

In the wake of the pandemic, many small business owners have become increasingly concerned about fraud. According to SAP Concur, a staggering 85% of businesses surveyed expect the risk of fraud to continue even after the pandemic. Making matters worse, many fraudulent acts originate from within businesses themselves. Below you will find some essential internal controls that you can implement to safeguard your business and mitigate the risk of financial…  Read more

Data is more accessible than ever. But how can small businesses leverage it effectively to drive growth? Let’s explore data-driven strategies that can help you make informed decisions, improve customer experiences, and ultimately, boost your bottom line. Why data-driven strategies matter Data-driven strategies are essential for businesses seeking to remain competitive and achieve sustainable growth. These strategies enable businesses to make informed decisions based on real-time insights rather than relying…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Roy Morgan Business Confidence jumps due to increased confidence about the economy In August 2024, Roy Morgan Business Confidence was 101.3 (up 6.2pts since July 2024) due to increasing confidence from businesses about the performance of the Australian economy. The boost to Business Confidence came after the Stage 3…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Despite all the doom and gloom on Australia’s economy, could the worst be behind us? We hear about the ‘weakest growth in decades’ and being ‘smashed’ by the RBA, but positive tidings abound – if you want to look for them. Economists think a rate cut is coming. Michele…  Read more