Tag - business planning

analytics

Digital Marketing: How small businesses should measure their efforts

In 2020, digital marketing is a must for any small business. Yes, time and money can be a barrier to being competitive online, but the alternative – not having a digital presence whatsoever – has the potential to harm your offline marketing efforts, as many consumers will search businesses online after being exposed to more traditional forms of advertising. But once a digital marketing strategy is in place, how do you measure whether it’s working for you? Regardless of the [...]

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hiring apprentice

Hiring an apprentice? Here are five things you need to know

Whatever stage your business is in, an apprentice or trainee could be what you need – particularly if you’re expecting to grow soon, or are simply looking for an employee that’s enthusiastic about knowing the industry inside out. Before hiring an apprentice, here are five things to keep in mind. 1. Know exactly what an apprentice is – and where to find one For a worker to be considered an apprentice, there must be learning involved on the job. This learning [...]

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Business growth

Growing your business in a post-pandemic era

Few events have as big an impact on the global economy than a pandemic. Almost every industry has been affected by COVID-19, whether negatively or positively; and for some, it simply prompted a closer look at how they – or their business – operated. When the initial wave struck, supply chains were shaken, and there were immediate questions regarding how the health crisis would impact consumer behaviour and trade. Small businesses – even those deemed essential, like independent contractors working [...]

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Brand collaborations to boost your business

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 [...]

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Business Planning: Marketing and Sales

The marketing and sales section of your business plan should cover the basics; your target market and competition, defining your product messaging, pricing, and other marketing strategies to maximise sales. Marketing is not just advertising; marketing is an investment in the growth of your business. Like any other investment, money spent on marketing must generate a return. With that in mind, the aim of the Marketing and Sales chapter of your business plan is to answer the question “How will [...]

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Business Planning: Your Competition

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 [...]

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Business Planning: Goals and Objectives

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 [...]

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Business Planning: Executive Summary

The purpose of an executive summary is to outline the company’s purpose and goals. It needs to clearly define each section of your plan so the reader is prepared for the upcoming content. Your summary is considered as the most important part of your business plan, it sets it up for success. Even though your summary is generally at the start of your business plan, it is often written last. Think of it as the trailer for a new Hollywood [...]

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Why business plans are the recipe for success

A business plan is the recipe you are going to follow to construct and develop your business. Have you ever baked a cake without checking what ingredients are needed or finding out the correct measurements? If you have, the chances are it didn’t turn out as you’d expect. Running a business is much like baking a cake, without following the recipe your business can end up crumbling. Companies that write and review their business plan regularly grow 30% faster  than [...]

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Essential Business Planning for Growth and Survival

Structured planning is extremely valuable to small businesses in order to survive and grow, and is a topic very close to Cashflow Manager CEO Tim Millar’s heart. In a 15-minute session at a recent Adelaide SME Association function, Tim presents valuable tips and insights he’s acquired over his career for businesses to follow to stay relevant and competitive in today’s market. Watch Tim’s presentation in the video below. Planning for small business success from Cashflow Manager on Vimeo.

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