When we need a job done or have to ask someone for help, the most common response is “I know a guy!’’ Growing your business through word of mouth is the Australian way. However, times are changing. With more and more businesses investing in digital advertising and brand collaborations, it can be hard for people to notice your brand. Whether you’re a new business or have been in the game for a while, if you are wanting to reach a [...]
On average, we spend 90,000 hours at work in our lifetime. So, as a business owner, making sure your workplace has a positive culture, is the best thing you can do for your company. Culture, as defined by the Cambridge Dictionary is “the way of life, especially the general customs and beliefs, of a particular group of people at a particular time”. So, what makes the culture in a workplace positive? Atmosphere Culture in the workplace can make or break an organisation. Without a positive culture, employees will struggle to find value in their work. In turn, this can lead to low productivity, stress, and poor morale, which will [...]
As a small business owner, knowing how to hire is a key step in expanding your business. Hiring a new employee is both exciting and scary. Finding the right candidate based on culture, outlook, and expectation is essential for success. What does this mean? Culture: will their personality and working style fit within the organisation? Note, this is not somebody you would love to have a beer with down the pub. All sorts of personalities can get a job done, so it’s about finding the best match. Outlook: what do they want to achieve? What [...]
Whether you are opening a new business or running an existing one, finding a niche in your market is essential for success. If you’re an existing business, one of the best methods to find a niche is to listen to the requests of your existing customer base. When a customer asks for a product or service, note it down and if it’s not offered by competitors, consider the possibility of including it within your offering. If you’ve not yet started [...]
Over the past few weeks, we have been covering the different sections needed for a successful business plan; goals and objectives, your competition, the executive summary and now, finances. Starting a business is a huge investment for yourself, for investors, partners and for banks. Preparing a financial plan for your business is not only going to show you the costs involved, it will also provide you with an insight to how your business will profit in the future. What you should [...]
Analysing your competition is a key component when writing your business plan. Understanding both your current and potential competitors is critical to ensure your business survives and grows. In this chapter of Business Planning you will learn the key aspects of conducting a competitor analysis. An analysis can be a time-consuming exercise, to make the process easier start with the current businesses you will directly compete with. For example, if you plan on opening a local bakery you should investigate [...]
The next segment in our self-care series is mindfulness for small business owners. This week, the government has released a three-step framework for opening up the country. From the economy and social behaviours through to education and travel, the framework offers an in-depth plan to get us back to normal – whatever that looks like. Throughout COVID-19 there has been a significant impact on the Australian economy, particularly for small businesses. The Australian Bureau of Statistics has reported that 70% of small business will see reduced demand [...]
Goals and objectives steer a new business in the right direction and help to keep an existing business on the right track. Think about it, you need a final destination before you can land a plane. Including your business goals and objectives in your business plan is giving the reader confidence in you and the future of the company. In this section of ‘Business Planning,’ we will cover how to set your business goals and objectives. To start, you need [...]
Australian business owners have been using AUSkey for the past 10 years to access government business services. At the end of March 2020, myGovId and the Relationship Authorisation Management (RAM) system will replace AUSkey and be the only way business owners can access online government services. With the replacement of AUSkey a host of online government services will not be accessible without a myGovId or RAM. These include: ATO: single touch payroll and lodging tax returns Australian Business Register: updating the business [...]
As a business owner, keeping up with the hottest small business trend is important to grow your business. It is unlikely that each trend will have a direct effect on your business as what you do is unique. But, awareness of any major developments that could impact the behaviour of your customers is essential. It will put you ahead of the competition and provide time to plan for potential growth or decline in business. To give you the best chance [...]
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