Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s economy: A mixed bag with signs of slowdown Amidst a backdrop of economic intricacies and evolving market dynamics, Australia’s fiscal landscape is both nuanced and volatile. As the Reserve Bank of Australia (RBA) maintains a cautious stance, retaining the cash rate in its recent deliberations, the nation’s economic… Read more
Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has its merits, but it’s important to review which are which to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on additional benefits. Contractors generally look after their tax obligations. It’s against the law to treat an employee… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Startling images reveal the truth about who owns most major brands found in the big two supermarkets A compelling illustration by a graphic design enthusiast has revealed the sheer concentration of ownership of popular brands found in Australian supermarkets. Strolling through the aisles of a Woolworths or Coles, shoppers… Read more
If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing the financial aspects of our business. As a business owner, you have the best chances… Read more
Customer service is the heartbeat of any successful business. It’s the unsung hero, that transforms a potential disaster into an opportunity, and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist. Your approach to customer service has the power to attract and retain customers. Why stellar customer service is key The importance of customer service for loyalty and retention cannot… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s job boom sees unemployment rate fall Australia’s unemployment rate has fallen to 3.7% in February, according to data released by the Australian Bureau of Statistics (ABS), with around 116,000 people starting jobs in February. Resilience of Australian Households and Businesses In its latest Financial Stability Report released today, the… Read more
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
Marketing can feel like a daunting task for small business owners. If you’re new to the game, or maybe you’ve been in business for a while and just haven’t quite cracked the code, navigating the world of marketing can be overwhelming. But it doesn’t have to be. Your business deserves to be seen, heard, and thriving – and with the right guidance, you can make marketing work for you. Let’s… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian economy grows ‘a little but not a lot’ Australia’s economy grew by 0.2 per cent in the December quarter, the smallest increase in more than a year but one that nonetheless pushed the nation to nine successive quarters of growth. Almost 1 million Australians are working at least two… Read more
The Australian Government has introduced its annual budget for the year, with the goal of stimulating economic growth, addressing long-term challenges, and enhancing social services. The budget is primarily focused on assisting with the cost of living by providing tax cuts to middle and low-income earners, while also allocating funds to areas such as health, education, small businesses, and various other sectors. If you have any inquiries regarding the impact… Read more
Having debt can greatly impact one’s financial well-being, leading to stress, anxiety, and hindering the achievement of financial goals. Nonetheless, with careful planning and commitment, anyone can establish a system to repay their debts and embark on a path towards financial freedom. Here are some valuable suggestions for effectively managing debt and establishing a debt repayment system: Assess Your Debt Situation The initial step in managing debt is gaining a… Read more
Small business cash flow is the movement of money in and out of a company over a certain period of time. It is an essential aspect of a small business’s financial health, as cash flow issues can severely impact a company’s ability to operate and grow. Many small business owners struggle to manage cash flow effectively, which can lead to financial difficulties and even bankruptcy. Unlocking the secrets of small… Read more
Small business bankruptcy occurs when a business is unable to pay its debts and is forced to declare bankruptcy. There are several reasons why this can happen. Bankruptcy can be devastating for small businesses, leading to closure, loss of jobs, and damage to personal credit scores. With good planning and strong business practices, you can avoid the pitfalls and drive your business to financial success. Learn the top reasons why… Read more
Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration. 1. Give the project the time it needs… Read more
When it comes to hiring temporary staff, business owners can be divided into two categories. Some eagerly embrace the idea, recognizing that seasonal workers are necessary during specific business seasons. Others view it as a necessary inconvenience to cope with heavy workloads when the regular workforce is lean. Unfortunately, there is often a prevailing attitude that temporary employees are less skilled and knowledgeable compared to permanent employees. It’s time to… Read more
It’s an inevitability in every business – you have to raise your prices to continue making a profit. There are many factors that go into deciding how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to reevaluate its rates regularly to stay competitive (and to stay in business). While it… Read more
Most people need some help when it comes to financial planning and investing. That’s when we turn to financial advisors. With many options available, it’s important to ensure you choose a financial advisor that you can trust and feel comfortable with. So what are some signs that a financial advisor is a good fit for you? Here are some things to look for when deciding who is best for you… Read more
With the potential for business life to return to something resembling normal, it’s a good idea to take a look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve, or took you away from, your overall goals. Considering how your business and your employees functioned… Read more
You can be great in your job but the hard truth is that without customers there won’t be any work. Many tradie businesses experience hard times or fail before they even start not because there is a lack of clients looking for the service, but simply because clients do not even know the business exists. In this blog, we look at simple marketing strategies to get more tradie jobs. 1.… Read more
Team alignment – one aspect of running a successful business that keeps all its moving parts working together. Aligning every member of your team to a common cause keeps everyone in stride together, motivated by each other and working towards the same goal, confident in how their day-to-day impacts the big picture. And this alignment doesn’t happen by accident. The magic lies in rallying your team around a common cause… Read more