Since employee morale can quickly build or hinder a business’s success, business owners increasingly need to focus on keeping employees motivated and engaged. As low morale is often the cause of increased turnover and low productivity it pays to be proactive when it comes to managing employee satisfaction. Here are some strategies to improve employee…
Staying on top of your records all year round can save time, prevent unnecessary stress and help maximise a small business’s tax return. Although record-keeping can seem like a monotonous job, it is an essential part of running a business. Good recordkeeping makes it easier to meet your tax obligations, manage cash flow and make…
One of the top considerations new business owners face when preparing where to operate is location. Location is one of the most critical decisions as it can determine whether customers will enter your store or shop with your competitors. There are many factors to consider when determining location such as demographics, visibility, supply chain, competition,…
This year’s Federal Budget is based on a ten-year enterprise tax plan designed to stimulate more small business activity by boosting new investment, creating jobs and increasing real wages. One of the key features of this plan is that the small business entity annual turnover threshold will be increased from $2 million to $10 million…
The Budget’s plan to enhance wage subsidies is set to benefit both job seekers and businesses in Australia. As part of Budget reforms, existing wage subsidies (including those for youth, parents, Indigenous, mature age, and the long-term unemployed) will be streamlined to make them more accessible for employers. Wage subsidy arrangements will be simplified to…
Since many businesses experience a boost in profits around holidays and special events, it pays to adjust your marketing based on seasonal sales opportunities. A marketing campaign that capitalises on current trends and upcoming seasons provides businesses with the opportunity to position themselves as an adaptive and quick-to-react business. Campaigns influenced by customer buying patterns…
Businesses that choose only to hire experienced staff are missing out on the energy, drive and creativity of youth. Many employers are reluctant to hire young people because they doubt their readiness to work, abilities and skill level. However, business owners need to realise that younger people do have plenty to offer, and in the…
Categorising the problems and growth patterns of small businesses in a systematic way can increase owners’ understanding of the nature, characteristics and challenges of business. While small businesses vary widely in size and capacity for growth, they do experience common problems that arise at similar stages in their development. For owners and managers of small…
For a small business owner to receive help from their network, they need to know the difference between the right and wrong way of asking for help. Here are five tips to help small business owners write the perfect networking email when asking for help: Do your homework Before reaching out to anyone in your…
Once your business is up and running, you need to identify and understand what works and what doesn’t. Owners need to take a step back and be strategic about how and when they should grow their business. Opportunities for business growth can be exciting, but turning an idea into a practical reality takes careful research,…