When the future looks uncertain, what can you do to prepare and strengthen your business? Recent times have certainly shown us that the future path of your business can change in an instant – usually, due to influences that are far beyond our own control. The Covid-19 pandemic and the ongoing global economic recession have both had a negative economic impact on the business world – so, when a downturn strikes, you need to be ready. The key is to be prepared,
Every business wants a team of inspired, engaged people working hard to achieve shared goals, but getting and keeping employees motivated can be tricky. Every person is different and what drives one person may not motivate another. For some it may be money, others want recognition, while others find motivation within themselves and just get on and perform. So in order to help keep all your people happy and focused on doing their best, you need a variety of strategies and responses.
Strong relationships with clients, customers, suppliers and staff are a key part of business success. But in a crisis, it’s easy to focus on your own issues and neglect those important connections. Here’s how to stay connected during difficult times – because you won’t get through without strong relationships and ongoing support. Communication and contact Transparency goes a long way in a crisis, so keep the lines of communication open. Let customers know about delays, changes to opening hours or any other issues as
Like everyone, business owners are always looking for ways to save time. Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work. When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology is the answer. Better billing – Billing can be a huge time-waster. Using a digital accounting system to extract data from supplier emails and auto-populate invoices can save hours each week. Streamline expense claims – Use
It’s not easy to request payment right now, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all business dealings right now, a little empathy and a lot of open communication can go a long way. The following tips might be useful to keep in mind when you are asking for payment. Communication – Connecting with your customers is important. Try to make it personal to their situation
Dismissing an employee is never easy. But if you understand and fulfill your obligations, it’ll make the process easier for everyone and help you stay on the right side of employment law. The first step is to make sure you’re well prepared. Under the Fair Work Act, any dismissal must be for good reason and the rationale for terminating employment has to be clear, whether it’s for serious misconduct, continued poor performance, or commercial reasons. Whatever the reason, you must also be
Christmas is a great time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment is generally not a deductible business expense. Entertainment rules can be tricky, but in general, the more lavish the meal or event, the more costly, the later
Changes to superannuation legislation in July 2020 have adjusted the rules around age limits and the work test, allowing older workers to continue making superannuation contributions. Super Contributions Superannuation guarantee contributions made by employers on behalf of employees can be paid into the employee’s super fund, for workers of any age. For other contributions, (after-tax, pre-tax, government and spouse contributions), individuals need to satisfy a work test before the super fund can accept the contributions. For downsizer contributions, individuals must be aged 65 or
Every business starts with an idea. It might be a crazy concept that’s never been done before or a twist on a common product or service. It might be something everyone will want, or it might fill a tiny niche in the market. There’s no single way to find the best business idea – it’s about finding the one that suits you best. So how do you do that? Find your passion The best idea will be something you’re passionate and excited about
We all have the same 1,440 minutes each day, but some of us achieve so much more than others. How can we free up time to help lead a better business and ultimately achieve a happier life? The top 10 time wasters: 1. Lack of clear goals.Start by setting clear 12 month goals, then break these down into 90 day goals. Your actions each day should be steps towards achieving those 90 day goals, which will ultimately lead to the achievement of
