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Evaluating risks in business  

Posted on August 19, 2019 by admin

Business owners are faced with constant challenges and tough decisions to make on a day-to-day basis. Risk-taking is often necessary to achieve more in the business, but owners need to make informed choices to avoid potential damages. To manage risk effectively, a proactive stance needs to be taken in identifying and responding to risks before a crisis strikes. Identify risks:Risks can be hazard-based, uncertainty-based or opportunity-based, with both tangible and intangible items posing risks for your business. Owners may find it easy to list the physical items at risk such as assets and infrastructure, yet neglect intangibles such as injury to staff, loss of important business information and more. It is important for business owners to be aware of the risks they could face in their business. Calculate your risks:Making an educated assessment of both the likelihood and potential severity of risks can help prioritise your responses. Once the risks have been identified they should be ranked on the likelihood of occurrence and the severity of consequence it might impose on the business. Risk ranking can help you to determine what situations need more time, attention and resources. Manage your risks:Finally, the risks need to be managed effectively. Avoidance is […]

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Deduction rules for small businesses

Posted on August 12, 2019 by admin

Spending on capital assets usually cannot be deducted immediately. Instead, small businesses claim the costs over time in accordance with the asset’s depreciation. There are many different processes that businesses can employ to make claims on their assets. For small businesses with lower-cost assets, methods such as simplified depreciation or the threshold rule can help to make more effective claims. Simplified depreciation:Under simplified depreciation rules, business owners can immediately deduct the business portion of each depreciating asset that was first used or installed ready for use up to: $30,000 from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020. $25,000 from 20 January 2019 until 7.30pm (AEDT) on 2 April 2019. $20,000 before 29 January 2019. Owners can also pool the business portion of most other depreciating assets that cost more than the relevant threshold in a small business asset pool. Then they can claim a 15% deduction in the first year, regardless of whether they were purchased/acquired during the year, and then a 30% deduction each year after. The threshold rule:The threshold rule allows owners to claim an immediate deduction for most expenditure of $100 or less, including any GST, to buy physical assets for the business. The […]

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Boost employee productivity

Posted on August 6, 2019 by admin

All businesses need to look at ways to increase the productivity of their staff. When your employees get more work done, it will ultimately lead to the business making a bigger profit. As well as increasing productivity, employers should also aim to improve the happiness and wellbeing of their workers. Here are some ways to boost employee productivity without losing staff engagement. Use feedback:Collect as much data as you can from your employees. This can inform how you create the workplace to best suit their needs. Data you might collect could include information on their performance levels by installing productivity tracking software on their devices. You could also regularly survey your staff to gain more qualitative data on their personal insights and happiness levels at work. Provide good tools:A business can only foster a productive environment when employees have access to the best tools. Provide your staff with excellent hardware, software and office supplies. This includes laptops, office furniture, and amenities. The more comfortable that your employees feel at work, the more work they will get done. High-quality software will also help your business to achieve work more efficiently. Allow flexibility:Having an employee schedule in place may be one way […]

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Supporting mental health in the workplace

Posted on July 29, 2019 by admin

Business owners have a responsibility to look after their staff and ensure they have a healthy working environment. This extends to mental health as well as physical. With one in five people experiencing a mental health issue at some stage in their life, there is a greater need to have mental health support specifically within the workplace environment of small businesses. While most workers can successfully manage their illness without it impacting on their work, some may require support for a short period of time and others may require ongoing workplace strategies. Employers should be aware of mental health issues they can encounter and how best to approach them. Research is key in helping to understand what your employee is going through, how to recognise the illness and ways to successfully manage it. Employers need to recognise the role in which work can play in an individual’s mental health. An ‘unhealthy’ work environment or a workplace incident can cause considerable stress and possibly contribute to or worsen mental illness. Under the Disability Discrimination Act 1992, employers must make changes to the workplace to enable someone with anxiety and/or depression to remain at or return to work, provided they can continue […]

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Managing business growth

Posted on July 22, 2019 by admin

It can be exciting and reassuring when your new business venture achieves growth and success. When things reach a certain threshold, however, you may no longer be able to oversee everything as a business owner. Here are some key things to consider in order to manage the development of your business. Key performance indicators:As your business expands, determine some key performance indicators (KPIs) to evaluate certain tasks and how you will get regular data for each. Some examples include: Absenteeism: by creating a great working culture and attendance perks, you can encourage your staff to take less time off. Sales: offering bonuses or other perks to employees who exceed sales expectations could improve overall performance. Complaints: Implement a system for dealing with complaints individually to help ensure they don’t happen again. Develop your skills:In addition to making changes that improve how your business operates, you should also focus on adjusting your own leadership style. In areas where you recognise you could improve on, think about delegating tasks to your employees to maintain growth. Brainstorming with your staff and other advisors may open you up to different perspectives and insights, facilitating a diversity of ideas within your organisation. Anticipate competition:Growth will […]

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What makes a successful business plan

Posted on July 15, 2019 by admin

When starting a new business, there are many elements you need to consider. Careful planning is essential to ensuring the longevity of your business, but what exactly goes into a good business plan? A good business plan is one that is detailed. Sections should include; an executive summary, company description, market analysis, organization and management, service or product, marketing and sales, funding request and financial projections. These topics cover as much of the business as you can in the planning stage. Showing attention to detail in your written plan demonstrates a commitment to the business going forward. When writing a business plan, there are a few ways to ensure you are creating the best guide for your idea. Researching the industry and other companies in the market you are looking to step into can give you an insight into more than just the competition. As a business owner, it is your responsibility to know how and if audiences will respond to you. If you aren’t presenting your plan to investors or potential partners, determine what purpose your business plan will serve. A good business plan can be used not only as a sales document but a map for the business […]

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Using your tax return wisely

Posted on July 8, 2019 by admin

Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught treating your return as extra money when you shouldn’t see it any differently than your regular paycheck. Give the money a purpose by thinking about your personal financial situation and determining your needs. Emergency fund: An emergency fund can make all the difference if a difficult financial situation comes up, acting as a backup in the case of an emergency such as losing your job or medical costs. Building an emergency fund with enough money to cover at least three months worth of expenses is a good starting point. Make sure the money is added to a high-interest savings account to utilise compound interest. If you are contributing regularly to this fund, adding money from your tax return can boost it above schedule. Make debt repayments: With a bit more money at your disposal, now is the time to make repayments on debts you may have. Start with the higher interest debts and work down, your interest repayments will drop when you lower your outstanding balance. These debts […]

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Improving efficiency in your business

Posted on by admin

As a business owner, making the most of your day to optimise productivity is crucial to your success. The most efficient businesses are those that can create more with less and are driven by highly motivated employees and inspiring leaders. To maximise efficiency within your business, it is necessary to understand the importance of time management, organisation, and managing resources. Tackle the hardest things first:Ticking off the jobs that will require the most effort are usually done more effectively first thing in the morning. Also known as ‘eating the frog’, this can help you to avoid procrastination. Once you have done these tasks, all subsequent jobs will seem much more manageable, allowing you to get into a more productive workflow. Avoid multitasking:While trying to do many jobs at once may seem like an important skill for increasing efficiency, in reality, it may have the opposite effect. Attempting to multitask can result in lost time and reduced productivity, as you are not focusing properly on each task. Instead, consider making a habit of committing to a single job, completing it thoroughly, and then move on to the next project. Set manageable goals:It a common problem for business owners is not having […]

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The art of reinvention

Posted on June 27, 2019 by admin

Small businesses often rebrand or reinvent themselves to keep up with marketplace trends. Knowing when to let go of an idea so you can grow is a smart trait for a modern business owner to have. Those who resist change and leave it too late to reinvent risk stumbling behind and even failing. Instead, businesses should focus on a proactive approach to growth for optimal performance and success. Know when to reinvent:A new idea may seem exciting and different but rebranding without properly considering how it will affect the business can doom an idea before it can take off. Look at your reasoning for wanting to change, is it the market? Has the economy shifted? Are you not challenged anymore? All are valid reasons for wanting to reinvent your small business but practicality is key. Know your means and what it will take to rebrand. Continually forecast:Industries are continually shifting, competitors introduce new products, customer needs change and technology is constantly transforming the way business is performed. Anticipating market changes is essential to be a competitive leader in your industry. High performing business owners understand that remaining competitive means you need to expect changes and prepare as such. Focus on […]

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How bullying brings your workplace down

Posted on June 24, 2019 by admin

Bullying is a serious issue in workplaces and can affect your business on many levels. Workplace bullying is where repeated and unreasonable behaviour is directed towards an individual or group of employees. It is considered to be workplace bullying where it poses a risk to health and safety. Reduced productivity:As people don’t perform well in high stress and anxiety situations, businesses will face a loss of productivity due to workplace bullying. When workers are distracted by bullying, research suggests that productivity could decline by 40%. Employees who are being bullied may also experience a loss in motivation, which will cause them to avoid putting in any effort or time into their work. Higher staff turnover:People that do not feel comfortable at work due to the effect of bullying will be inclined to look for work elsewhere. This can cause a business to have high rates of employee turnover, which will have significant economic impacts on the employer. This includes the replacement costs associated with recruiting, hiring and training new staff. A culture of bullying within a workplace can also create low morale, making the business even more susceptible to high turnover rates. Financial impacts:There can be many legal costs and […]

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