Business Update – 20 March 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Cost of living relief coming, just not a big budget cash splash Australians can expect some fresh cost of living relief in May when the federal budget is unveiled, but Treasurer Jim Chalmers has ruled out a big cash splash. Business conditions improve in February February saw an uptick in business conditions as the…  Read more

Business Update – 1 November 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s SMEs outshine global peers in latest Xero report Recent Xero data reveals the ongoing resilience of Australian small businesses despite a deceleration in sales and wages growth. Sales growth remains stronger compared to other XSBI markets. Experts say Australia at 1-in-3 risk of hitting recession next year A…  Read more

How rising interest rates impact small businesses and ways to mitigate those effects

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In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. The implications of rising interest rates for small businesses Interest rates have a…  Read more

Business Update – 11 October 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘No rate cuts’: Horror call on Aussie economy Since the Reserve Bank Australia (RBA) first began raising interest rates in May of last year, the volume of commentary on when they would be cut has become greater with each passing month. With mortgage rates having risen to the largest and fastest…  Read more

Business Update – 4 October 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian house prices smash records, fully reversing 2022 lows Home buyers and sellers have expressed confidence in Australia’s housing market, leading to the full reversal of the most rapid decline in house prices in recent history. Five key changes to welfare and work rules in Labor’s employment white paper…  Read more

10 concepts every small business owner needs to understand

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Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and expenses As a small business owner, it’s important for you to understand how you generate and spend…  Read more

How can social media help grow your business?

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As a business owner, it’s crucial to understand the power of social media marketing. Social media platforms provide an opportunity for businesses, no matter the size, to reach a larger audience, engage with potential customers, and drive sales. So, you’ve heard that your company needs to be on social media. Although this is true, it doesn’t mean your business is going to go from 0 to 100 overnight. Using social…  Read more

Launching a business? Ask these 9 questions before you start

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Starting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business…  Read more

Debt management tips for small business owners

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For a small business owner, managing finances can be a daunting task. Keeping track of expenses, payments, and cash flow can be overwhelming, especially if you’re dealing with debt too. A business loan, line of credit or a business credit card can help your company hire new employees, purchase inventory, purchase equipment, and finance growth, but too much debt can become an unsustainable expense. Debt management is vital to the…  Read more

How to safeguard your business from employee expense fraud

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As a small business owner, you always look to keep your business running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your company’s reputation. Here we discuss what is employee expense fraud, reasons behind it, and most importantly, how to prevent it from happening to your business. What is expense fraud? Expense fraud…  Read more

Business Update – 23 August 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. A survival guide for SMEs in the face of inflation Inflation is a challenge for all businesses, but the sting is especially painful for SMEs. With limited resources, they can find themselves struggling to absorb costs associated with inflation, potentially leading them down the path of price increases and…  Read more

Business Update – 9 August 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Stoking the engine room of the Australian economy The nation’s fleet of small to medium-sized businesses boosting economic growth has been one constant amid the technological and demographic transformation of the Australian economy. Enabling them to be more successful is the focus of ANZ’s new Group Executive, Australia Commercial Clare…  Read more

Business Update – 2 August 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Another 1.3 billion consumers will shop online by 2027 Online retailers should be gearing up for the addition of a further 1.3 billion consumers worldwide joining the ranks of online shoppers by 2027, says market research firm Juniper Research. Not fair on consumers, not good for business’: Financial complaints…  Read more

Adapting your small business to a slower economy – tips and advice

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It’s hard to go a day without reading something in the news about the state of the economy. Whether it’s interest rates rising or the cost of living, there’s no getting around the fact that in 2023 there are many doing it tougher than a few years ago. But while there are some economic challenges for individuals and businesses, it’s important to not go too far down the rabbit hole.…  Read more

Business Update – 19 July 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Tradies say raising pension age “unfair” after a life of hard work takes its toll Hardworking Aussies fear a decision to lift the pension age to 67 means they will be forced to work even longer in labouring jobs. Consumer watchdog says Australians paying too much for electricity As…  Read more

Business Update – 12 July 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. One of biggest defence deals in Australia’s history inked in Berlin Australia will export more than 100 Brisbane-made Boxer heavy weapon carrier vehicles to Germany starting in 2025 under a $1 billion deal. The military vehicles will be produced in Redbank and will secure around 1,000 jobs. Gas ‘plays a…  Read more

Practice Update – July 2023

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Court penalises AMP $24 million for charging deceased customers The Federal Court has found that four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and advice fees from the superannuation accounts of more than 2,000 deceased customers. The Federal Court ordered two of these AMP companies to pay a combined penalty of $24 million for the breaches. Both AMP Life…  Read more

Business Update – 14 June 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Suncorp forced to pay back $32 million to underpaid employees Suncorp’s insurance arm paid $32m to over 15,800 underpaid staff for not paying them the minimum wage. Read More Australian inflation is stubbornly high. Some countries don’t have that problem There is no one underlying cause of inflation across…  Read more

Business Update – 8 March 2023

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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

Business Update – 1 March 2023

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    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…  Read more

7 ways your trades business can market its services

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When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. However, any tradie accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential,…  Read more