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Small businesses and mental health

Posted on October 22, 2020 by admin

Owning and running a small business often means that you are responsible for most or all of the tasks that need to be completed. Often, owners will find their time being entirely occupied with their business. This can take a toll on their mental health and cause work related stress. Which not only inhibits one’s ability to complete the duties of their role, but also puts them at greater risk of developing mental health conditions. Keeping work hours in check Although it is tempting to focus on your business at all times, this can prevent individuals from participating in other activities which are important for physical and mental health. Business owners may feel motivated and enthusiastic to put extra time into their work, however, long work hours have been associated with poorer mental health, fatigue, burnout, worry, and irritability. Creating a work life balance by setting time limits on work hours might be a necessary precaution at the start. Taking breaks during the work day and setting time aside during the week will be extremely beneficial. Accessing support Running a small business can often be isolating as there is rarely someone to share concerns of the business with. This will […]

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Best practices in business management

Posted on October 15, 2020 by admin

Engage employees in the company vision It is important to share the business vision with employees so that they feel more motivated and enthusiastic. This will not only develop an interest in the work being completed, but also increase productivity. Further, engaged workers are more likely to bring in ideas and contribute to the growth of the company. Reward Effort Continually recognising and rewarding effort will encourage employees to continue putting in the effort. It lets employees know that they are appreciated and builds company loyalty. Being Vulnerable Upholding a stoic demeanour rather than being vulnerable prevents teams from developing strong professional relationships that are effective. Instead, vulnerability assists in team building and allows employees to feel comfortable with making suggestions that could be extremely promising. Encourage differing opinions Businesses should steer clear from creating an atmosphere where people avoid making suggestions because they are in conflict with other ideas. An environment where conflict is welcomed can lead to productive discussions and the generation of good ideas. Company culture Determining the core values that your business holds and sharing them with employees can help with creating a strong team. The dynamic between team members is important in ensuring productivity and […]

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What is Organisational Culture?

Posted on October 6, 2020 by admin

Understanding what organisational structure is can help with making decisions about your business in all areas. Organisational culture is multifaceted, it consists of the shared values, beliefs and norms in the workplace, and determines employee interactions as well as customer interactions. There are four types of organisational cultures. Clan Culture: Focussed on collaboration between teams to form a family-like relationship. Adhocracy Culture: Focussed on creativity and innovation and open to continual change. Market Culture: Focussed on achieving goals through competitive drive amongst employees. Hierarchy Culture: Focussed on formal procedures and guidelines and maintaining power structures. The organisational culture reflects in all aspects of the business. It can help with determining which potential employees may be more suitable than others and the way that those in leadership positions communicate with employees. The way a business communicates and interacts with their customers is also influenced by organisational culture. Businesses may desire friendly and informal relationships, or formal and reserved relationships. Communication methods may also change, such as preferring email interaction as opposed to utilising chat functions. Of course, the culture of an organisation can have overlap of the different types. More important than focussing on one type of culture, is recognising what […]

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How to upscale your business

Posted on October 1, 2020 by admin

Set realistic and actionable goals Businesses should set realistic and actionable small goals which they can work towards, rather broad goals which provide no direction. Setting broad and unrealistic goals is demotivating and makes any progress made seem insignificant. Every person in the business should be given a target to meet over a reasonable timeline which contributes towards achieving a larger goal. Establishing standardised and automated processes Small businesses can make the mistake of ‘doing things as they come’ but this means that as business grows, adjusting to high scale tasks is difficult. To avoid this, business should standardise all processes of work. Any individual placed into a role should be able to follow standardised procedure and yield a product which is of similar quality to the previous one. Investing money into automation tools is worthwhile for this procedure. This can include automating management of social media, email, and customer relationships. Both of these will contribute to creating structures which support growth. Identify competitive strengths and weaknesses Recognising the strengths and weaknesses of one’s business is essential. Strengths will allow businesses to hone in on unique qualities they possess which give them a competitive advantage. Weaknesses will reveal which areas […]

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure. Sole Proprietorship You have complete control of your business. Your business assets and liabilities are not separate from your personal assets and liabilities. Personally liable for debts and obligations of the business Low-cost structure Partnership Share control and management of business Each partner pays tax on the share of net partnership income each receives Minimal reporting requirements + Inexpensive to set up Requires more documentation Company Separate legal entity from its owners – all profit, tax, and legal liability is directly to the corporation Members not liable for company’s debt (only liable if you breach legal obligations) Complex business structure + Extensive documentation and record keeping Wider access to capital Trust Expensive set-up and operation Formal trust deed outlining operation required Trustee responsible for yearly administrative tasks

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Optimising budget for digital marketing campaigns

Posted on August 27, 2020 by admin

Maximising returns on investments is the primary goal for every business owner who invests in a marketing campaign for their brand. Learning how to properly test and troubleshoot your budget according to your business needs can help you save a failing campaign from costing you money. ObjectivesThe first step to budget optimisation is being clear with the goals you are trying to achieve through this campaign. These can include generating qualified leads, driving content downloads or building awareness of your brand. Understanding your objectives can help you decide what aspect of your campaign needs more finances. TestingDeciding how to set a maximum and minimum spend per day on your campaign can be challenging. A two to four week testing period can help in narrowing down the range that works best to deliver the results set in your objective phase. A common strategy is to start with a mix of ad formats including sponsored content, text and message advertisements. This testing method can help in identifying the types of ads and content that provides optimal results for your brand. Adapting your budgetBudgeting for marketing campaigns may present a range of issues even after the testing phase. It should be noted that […]

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Creating a business contingency plan

Posted on August 20, 2020 by admin

When business is going well, it can be easy to procrastinate planning for the bad times. However, preparing for disaster before it strikes by having a contingency plan can be the key to business survival. A contingency plan can help businesses prepare for possible circumstances such as natural disasters, employee theft, negative publicity or staff injuries. Having a plan for these contingencies can help your business react faster to unexpected events to prevent ongoing damages, recover from disruptive events, and resume regular business operations as quickly and easily as possible. When writing a contingency plan, consider incorporating the following tactics: Identify the risks Think about the key risks that your business could face. This could involve researching your business market, competitors, economy trends, security threats or employment issues. It is a good idea to work with members of different departments in your business in order to foresee potential risks in all sectors. Prioritise Once you have identified potential risks, prioritise the ones that are most likely to affect your business. This will ensure that the most relevant issues are addressed first to provide you with a plan if they occur. One way to do this is by creating a risk […]

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What to consider when developing a sales strategy plan

Posted on August 13, 2020 by admin

A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goals What’s your business’ mission statement? What are the goals and objectives that will help you achieve this? Your mission statement should define what your business stands for and what it aims to achieve, while your goals and objectives should be aimed at executing your mission. Consider using the S.M.A.R.T. framework when developing your goals to ensure that they are specific, measurable, achievable, relevant, and time based. Identify your ideal customer Knowing your ideal customer persona is crucial as it will be the basis of your marketing strategy. Assess your ideal audience by researching their demographics, needs and wants while thinking about how your products or services have to offer them. Don’t limit your demographic research to age, location, and gender, but also consider their attitudes, aspirations, and lifestyle. Conduct a SWOT analysis Assessing your business by using a SWOT analysis can help you identify areas to consider when developing a sales strategy plan, by addressing: Strengths: What are your strongest assets? How skilled is your sales and marketing team? What advantages does your business […]

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Growing your business with referrals

Posted on August 7, 2020 by admin

‘Word-of-mouth’ referrals may seem like an outdated concept in today’s digital age of online reviews, but a few credible and positive opinions can still go a long way when it comes to attracting new clients. Customer referrals are never guaranteed, but here are a few methods you can use to increase the number of people who will remember and improve the chances of a client recommending your business to another. Remind customers you existMaintain high levels of brand awareness and make sure your customers can easily remember your business and products. Use a mailing list database and keep in touch with your clients regularly through email or social media. Make sure to update your clients (personally whenever possible) when you have special offers and new products to keep them engaged with your business. Join communitiesFrom professional organisations to online community groups, getting involved in different activities will give you new contacts, boost your business profile and increase your brand awareness. For example, using community hashtags on your social media posts when promoting a product will direct interested audiences to your business. Simply remaining active in such community spaces can go a long way in indirectly advertising your products and services. […]

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JobKeeper to be extended

Posted on July 30, 2020 by admin

The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment reductions compared to the original JobKeeper amounts, as well as revised eligibility requirements. The new JobKeeper flat-rate payment after September will be reduced from $1500 per fortnight to $1200 a fortnight for eligible employees who were working an average of 20 hours per week in the four weeks before 1 March 2020. The rate for employees who were working less than 20 hours per week for the same period will be reduced to $750 a fortnight. These rates are set to apply until the end of 2020. A further reduction in JobKeeper payments will be administered from 4 January 2021. After this date, eligible employees who were working more than 20 hours per week in the four weeks before 1 March 2021 will receive a flat rate of $1000 per fortnight, while employees who were working less than 20 hours per week for the same period will receive $650 per fortnight. The JobKeeper extension shares a similar eligibility criteria as the initial JobKeeper program, however, it will be […]

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