Should you hire remote overseas workers?

The rise of the global workforce has opened up exciting possibilities for small business owners whose growing companies could use an extra set of hands. If you’re wondering whether it’s worthwhile to hire overseas workers for virtual admin support or other business services, cost considerations alone can make the prospect quite attractive. Before you decide to hire an overseas worker for your next project, keep these important considerations in mind.…  Read more

Using Scarcity to Make More Sales for your Business

For an online business owner, scarcity is a valuable tool that can turn a failing product into a winner. It is best implemented in a subtle way that does not draw attention to itself, but the urge to purchase remains very potent. Scarcity can be a small part of your sales process that adds some additional revenue, or it can be a major component of your marketing funnel that influences…  Read more

JobKeeper Extension Bill

The JobKeeper Payments Amendment Bill was introduced in the House of Representatives on Wednesday 26th August. We appreciate your patience as we process these changes This Bill introduces the extension of the JobKeeper scheme that was announced last month. The proposed rate changes will see the current $1500 per fortnight payment drop to $1200 for full time workers, and $750 for those working less than 20 hours per week from…  Read more

COVID-19 Business Update – 26 August 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Victoria’s State of Emergency extended for 18 months Victorian Premier Daniel Andrews has announced the State of Emergency will be in place for 18 months and lockdown restrictions will be extended beyond September. Businesses in Victoria that are struggling can access the state’s Business Support Package. Get…  Read more

Moving your business online? Here are some tips

More and more people are leaving their office jobs and setting up an online business these days, especially because of COVID-19/ Running an online business offers a way for you to work from home and be your own boss. It may sound like an overwhelming process, but many entrepreneurs find it fulfilling. Here are some tips to increase the chances your small online business will be a success, and you’ll…  Read more

Ways to keep customer data secure

Cyber crime is a serious concern for business owners. Recently IBM Chair, CEO, and President, Ginni Rometty, called it “the greatest threat to every company in the world”. According to Juniper Research, by 2019 cyber crime will cost businesses a staggering $2 trillion. It’s impossible to put a dollar value on what your customer data is worth – or the cost to your business should sensitive data be compromised by…  Read more

What to do when reopening your business

As many business owners look to life after COVID-19, an important question comes up: how do we plan to reopen our business? For most businesses, the easing of restrictions doesn’t mean a return to business as usual. There are rules and regulations in place about how companies can operate, including how many people can be on their premises at one time and how employees must be protected. Customers may not…  Read more

How to work out which home loan is right for you

Considering home ownership? Congratulations! Buying a home is an exciting milestone and for most people, one of the biggest investments they’ll ever make. Among the many decisions to be made along the way, you’ll need to choose the best mortgage option for your circumstances. In this blog we’ll weigh the pros and cons of fixed, variable, and revolving credit home loans to help you make the right choice. Why choose…  Read more

Why hiring a bookkeeper is a great investment

As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business. So what does a bookkeeper do? Bookkeepers take care of the daily financial…  Read more

Our tips for paying down debt and getting ahead

Debt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you’ll improve the value of your business, its financial situation, and its ability to continue operating into the future. Assess your debt situation Take a detailed look at all of your debts – both current and long term. Evaluate which ones are more urgent and which can be parked…  Read more

Use KPIs to monitor and improve your business performance

The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm.  What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target those…  Read more

Do you share this habit with the world’s most successful business leaders?

What do Warren Buffet, Bill Gates, Mark Cuban, and Arianna Huffington have in common? All of these smart, savvy, successful business leaders share a passion for self-improvement through reading. If you want to improve your skills as a business owner, why not spend a bit of time each day reading books that guide you to greater success? This reading list of 4 inspiring business books will help you get started:…  Read more

What is your succession plan?

According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one…  Read more

How cash flow forecasts can help you

Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank…  Read more

3 Reasons Recurring Revenue is a Good Idea

What is recurring revenue? It’s the revenue you can depend on generating, year after year, with a high degree of certainty. It’s the repeat business or long-term contracts you’ve established with clients who know and trust your business. For example, you might bundle offers into a monthly subscription, or launch a points system that incentivizes loyalty with free gifts or special discounts. Recurring revenue comes in many forms and is…  Read more

COVID-19 Business Update – 22 May 2020

Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update. Easing restrictions Last week we mentioned the government’s state-by-state roadmaps to relaxing restrictions. Most states have started their roadmap and as a result some businesses are gearing up to reopen. If it’s still a little while away for your business – hang in there, and please don’t hesitate to…  Read more

Communicating during a pandemic

Most small business owners face a time in their career when they have to communicate in ways or about topics they aren’t comfortable with. COVID-19 has put small business owners in the position of having many conversations that are uncomfortable and stressful. Whether you’re communicating with employees about business issues during the pandemic, hoping to negotiate a rent reduction or changes to credit terms, or asking customers for help in…  Read more

Tips on creating personal development plans for employees

Hopefully you have long – and short-term plans for your company and you may even have a strategy for your own development, but have you considered having a personal development plan (or individual development plan) for employees? An employee personal development plan is an action plan that focuses on helping staff improve their knowledge, capabilities, and skills in areas related to your business. Creating such plans shows your staff you’re…  Read more

Three ways to speed up invoicing

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client…  Read more

Smart money tips for business owners

Small business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake,…  Read more

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