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
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
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
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
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
The Australian government has made some important announcements over the past few months with regards to e-invoicing. In the 2021-22 Budget, the government committed $15.3 million to increase the adoption of e-invoicing, which guarantees accelerated payment terms. In this article, we will look deeper into what e-invoicing is and how any type of business can benefit from it. What is e-invoicing? Over 1.2 billion Business to Business (B2B) and Business… Read more
Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority. Debtor days refers to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients… Read more
Venturing into a new business is both exciting and terrifying in equal measure. On one hand, you’ll finally be the boss, the master of your own destiny who’s pursuing success in something that you’re truly passionate about. On the other hand, you now have a laundry list of things that you need to tick off before you even start to ensure everything kicks off smoothly. Whereas working for someone else… Read more
Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters. Before you read further, Click HERE to understand why is Bookkeeping important in building your business especially if you are a startup. Here are 4… Read more
Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons. Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success… Read more
Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes to increasing salaries and wages. Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to find, hire and train… Read more
When it comes to the financial management of any business, it’s often said that Cash Is King! Whether your business is growing or struggling, managing the flow of cash in your business effectively is absolutely essential, and for many, it’s the key to business survival. You’ve probably heard the statistic that over 60% of businesses that fair is still profitable, but just ran out of cash. If you’ve used a… Read more
The unfortunate reality is most business owners don’t take proper holidays. Usually, this is because their business relies on them and they don’t have the support to keep the business running without them. As a business owner, have you ever considered what would happen to the business if you had to take a six months break because of a serious illness or injury? Would the business survive? How would the… Read more