An Employee Share Option Plan (ESOP) is a scheme that companies can use to offer their eligible workers the option to purchase company shares at a specific price in the future. Under the Corporations Act 2001 (‘Corporations Act’), you must provide a disclosure document when offering shares or options to third parties. In the context of ESOPs, you must provide employees with the necessary disclosure to ensure they have the…  Read more

Whether you handle online payments, store customer data, operate remote teams, or rely on SaaS platforms to run your company, you’re exposed. From stolen credentials to ransomware, cybercrime can disrupt your business, cost you real money, and damage your reputation. It’s important to pay attention to anything the seems out of the ordinary, such as: Unusually large transactions from new or unverified customers. Multiple credit cards used by a single…  Read more

Improving sales and revenue can resolve many business challenges. When more money comes in than goes out, your business stays solvent, giving you time to implement further improvements. Here are some actionable strategies to increase your revenue and drive growth. Sell to existing customers One of the most cost-effective ways to increase revenue is to sell more to your existing customer base. Research shows that 20% of customers typically generate…  Read more

When you are running a business, hiring people can seem like a confusing process. To make things more complicated, there are multiple employment types in Australia. When choosing who to hire for your business, it is important to be aware of these different employment types. In particular, you should know whether or not you are hiring a contractor or employee. This ensures that you can take the correct steps to…  Read more

Responding to market forces outside your control is one of the trickier aspects of running a business, even more obvious today as world markets fluctuate. While you can’t always predict a sudden change in costs, there are steps you can take to manage the impact. Solution one: Increase price and margin If you’re able to raise your prices without impacting demand or the customer relationship, your problem of rising costs…  Read more

Casual workers have been a staple of the Australian workforce for many years. Businesses employ casual workers on a short-term or temporary basis to typically work irregular hours. However, many business owners are unsure about their legal obligations when providing leave entitlements to their casual employees. This article will explore whether casual workers have leave entitlements and an employer’s corresponding obligations. What is a Casual Employee? A casual employee is…  Read more

High inflation affects both businesses and individuals, as rising prices reduce profitability and buying power. Staff shortages, freight challenges, and bad weather add more layers to the cost-of-living crisis. As a business owner, you need to adapt to these changing conditions to survive. Consider the following strategies to prevent inflationary pressures from causing a rise in your business costs. Option 1: Wait until the market recovers Maintain current prices and…  Read more

Bottlenecks are the inefficiencies or constraints that slow down your operations, impacting everything from production and sales to customer satisfaction. These roadblocks hinder growth, making it difficult to scale your business effectively. When you adopt a methodical approach to identify and resolve these challenges, you’ll free up valuable resources and time, enabling you to focus on building a more efficient, scalable business. Understand your process flows Start by examining how…  Read more

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

Employee Share Option Plans (ESOPs) are becoming increasingly popular among Australian businesses, as they offer a way to incentivize and retain employees by giving them an ownership stake in the company. However, as with any employee benefit plan, certain reporting requirements must be met to comply with Australian law. In this article, we will explore what ESOP reporting requirements are from a tax perspective, why they are necessary, and how…  Read more

If you run an Australian business that provides goods or services, you are required to comply with the Australian Consumer Law (‘ACL’). The aim of the ACL is to protect consumers. If you fail to comply, you may have to provide a remedy or in some circumstances, pay a fine. Therefore, as a business, it is important that you understand your obligations concerning the ACL. This article will explain three…  Read more

Running a small business is exciting – but let’s be honest, managing the admin side of things can feel overwhelming. Between keeping financial records, looking after daily operations, and ensuring compliance with tax laws, it’s easy to feel buried under endless to-do lists. But here’s the good news: with the right strategies, small business administration doesn’t have to be a headache. Here are some practical steps to streamline your business…  Read more

As a business owner, you understand that growth doesn’t just happen – it takes smart decisions, dedication, and a clear plan. One of the most critical decisions you’ll make is how to allocate your resources effectively. Do you expand into new markets, invest in technology, or double down on customer acquisition? For many businesses, resource allocation is both an art and a science. This blog dives into why strategic resource…  Read more

Running a small business is no small feat. Every purchase, every invoice, and every supplier relationship counts. But as your business grows, so does the complexity of managing procurement. This is where a purchase order (PO) system can help. Not sure if you need one? Let’s look at the benefits of using a purchase order system and help you decide if it’s the right fit for your business. What is…  Read more

Imagine this – you’re sitting in a cosy café with your favourite latte, daydreaming about your perfect retirement. Is it beachside lounging? Surfing the dunes of Dubai? Or maybe living quietly in the countryside, tending to a little garden? Whatever your vision looks like, the looming question remains the same for all of us: “How much do I actually need to retire comfortably?” Spoiler alert: there isn’t one universal answer.…  Read more

Buying a business is an exciting step that can lead to financial independence and personal fulfilment. Therefore, when buying a business, you want to make sure you know exactly what you are going into. This means understanding the commercial viability of the business you are going to purchase so that you can make a well-reasoned decision as to whether or not you will buy it. Consequently, you must understand the…  Read more

Running a business comes with countless moving parts. From managing projects and keeping the team on the same page to ensuring profitability, it can feel overwhelming. That’s where a job management system comes in—a single tool that can help streamline your operations, reduce errors, and boost overall efficiency. But how do you know if a job management system is right for you? And if it is, how do you select…  Read more

Workplace policies provide a framework for employers and employees to understand their rights, responsibilities, expectations and standards of behaviour at work. Policies help to create a safe, fair, and inclusive working environment where everyone is treated with respect and dignity. Critically, they provide clear guidelines for employers and employees on how to handle different situations that may arise in the workplace. By having clear and enforceable policies in place, businesses…  Read more

Starting a business is an exciting time. Maybe you’re launching a dream project with a close friend or teaming up with a few like-minded partners to bring an idea to life. But as thrilling as the early stages of running a company can be, it’s essential to think ahead – especially when it comes to setting up a shareholders agreement. Wondering, “Is this something my business really needs?”. The answer…  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

Think about the last time you gave or received feedback. Did it inspire growth and improvement, or did it leave someone feeling deflated? Constructive feedback, when done right, is a powerful tool for driving success. But it’s a fine line – getting it wrong can do more harm than good. For business owners, managers, and team leaders, learning to give and receive constructive feedback effectively isn’t just a nice skill…  Read more