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Evaluating your social media campaign

Posted on October 16, 2019 by admin

The evaluation part of a social media campaign is often just as important as the campaign itself as it provides insights of consumer behaviours, sales data, and the failures and successes of the strategies and tactics implemented. This is crucial to your company’s future as it will help determine how the next campaign should run based on an analysis of previous campaigns. People typically associate evaluations with the end of a project, however, it is important to have regular, ongoing evaluations of your social media campaign to see if any changes should be made earlier. Ongoing analytic tools can be already integrated into the social media platform such as Facebook insights, Youtube and Twitter analytics, or can be third-party apps such as Buffer Analyse, Sprout Social, and Zoho Social. It is also useful to gather qualitative data by reading comments and replies to understand the overall customer sentiment towards your business and releasing customer feedback surveys. Survey questions could ask customers what they thought about the company, products, or services before and after the campaign, what they think could be improved, and how likely they are to recommend the company to a friend. After gathering data, it is a good […]

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Start saving for the Christmas period early

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If shopping centres aren’t even putting up their Christmas decorations yet, then the holiday period may seem to be a concern of the distant future. However, the season has a tendency to creep up on people and can often come with financial burdens. Planning your holiday expenses early can cut out one of the biggest stresses of the season and allow you to focus on enjoying the festivities and spending time with your loved ones. If you’re worried you’re going to be tempted to dip into your savings, it can be a good idea to set up a Christmas saver account. This is typically done at the start of the year and is offered by some banks. You can make deposits throughout the year, but can only withdraw from the account when the festive season arrives, usually around 1 December. While interest is offered on these account savings, it should be noted that you can generally find better interest rates with other savings accounts such as a bonus saver or online savings account. Alternatively, you can manually set aside an amount weekly or fortnightly in the months leading up to the holiday period. Setting up an excel sheet can help […]

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Knowing when to cut a product

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Businesses looking to improve their profitability may need to consider cutting under-performing products and services that are unnecessarily draining resources. It might be time to discontinue if a product fits the following scenarios: Low profitability. Stagnant or declining sales volume or market share. Maintaining your market share is too costly. Risk of technological elimination. Poor fit with business’s strengths or declared mission. When deciding whether to discontinue a product, there are a few ways you can examine your services and make the decision that is best for your business. 80/20 rule:This rule states that businesses should focus their attention on the 20% of the products that generate 80% of revenue. Using this principle, companies should compile a shortlist of the products and services that bring in the most profit and scrutinise the products that fall short of this mark. Trial run:Try going a week to a month (no longer) removing all promotion and marketing for a product. This can help the business to visualise what it would look like without that service and see if there are any clients who miss it. Harvesting:Cutting the costs associated with the business or increasing the price of the product without increasing production or […]

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Super law changes to NALI and LRBA

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Integrity measures included in Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 have now been enacted with an effective date of 1 July 2018. There have been amendments made to non-arm’s length income (NALI) provisions and Limited recourse borrowing arrangement (LRBA) amounts will now be included in total superannuation balance (TSB) calculations. NALI provision amendments:From the 2018-19 income year onwards, the ordinary or legal income of a super fund will be NALI and taxed at the top marginal rate. This has been introduced to ensure SMSFs and other complying superannuation entities cannot evade the NALI rules by entering into schemes involving non-arm’s length expenditure, including where expenses are not incurred. Any capital gains from a subsequent disposal of an asset may also be treated as NALI. LRBA amounts included in TSB calculation:Where an SMSF has an LBRA that was made under a contract that has been entered into on or after 1 July 2018, the calculation of an individual’s TSB will now include any outstanding LRBA amount attributable to each member’s interest. This will apply if: The LRBA is with an associate of the SMS. In this case, all members of the fund whose interest is supported by […]

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GST margin scheme

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The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. The amount of GST normally paid on a property sale is equal to one-eleventh of the total sale price. If the margin scheme is used, the GST is calculated on the difference between the sale price and your purchase price of the property or the property’s value. You can only apply the margin scheme if the sale of the property is taxable. When purchasing a new residential property with the margin scheme being apart of the property transaction, withhold 7% of the contract price, including GST and the market value of non-monetary consideration. This amount will then be paid to the ATO at settlement. The margin scheme is not an automatic concession and the sale must be eligible for it to be applied. The margin scheme can be applied to subsequent property sales depending on the original date of purchase and how GST was applied at that time. Property purchases prior to 1 July 2000 are eligible, as the property had not been subject to GST previously. For property purchases after 1 July 2000, the margin scheme […]

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What to do when your employees don’t get along

Posted on October 9, 2019 by admin

Workplace tension between employees can be difficult and uncomfortable to manage, but ignoring them will only lead to the situation worsening. Harmony between staff is key to a positive work environment, as disputes between employees will often affect everybody, not just those directly involved. Discord can disrupt productivity, make an awkward environment for team members and increase stress levels. Identifying areas that can be improved and effectively managing issues will get your workplace harmonious in no time. Define the problem:Communicate with the affected employees to understand the problem and see if any solutions are available. Acknowledge the interests and emotions of both parties and question them about the issue and the impact it is having on work and relationships. Identify resolution points:Finding areas of agreement and problem-solving through generating possible alternatives can help resolve the dispute. Determine what necessary actions should be taken, and ensure that the involved parties agree on the resolution points. Monitor:It can be helpful to schedule a follow-up meeting with the affected employees after a few weeks to assess how they are going and if the solutions are working. This allows for any further communication and problem-solving to take place.

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What employment type is best for your business?

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Each employment type has different entitlements and obligations that must be met by both the employer and employee. Before hiring a new worker, take the time to look at what each employment type would mean for you and your business. Full-time and Part-time employees:Though both permanent employees, a full-time employee will work an average of 38 hours a week whether as a part-time employee would work on average less than 38 hours a week, usually at regular times. The specific working hours in a week are agreed upon in the employee contract. Under the National Employment Standards (NES), there are 10 minimum entitlements that need to be provided to employees; Maximum weekly hours. Requests for flexible working arrangements. Parental leave and related entitlements. Annual leave, 4 weeks of annual leave are given every year based on ordinary hours of work. Leave that is left over at the end of each year carries over to the next year. Personal/carer’s leave, compassionate leave and unpaid family and domestic violence leave. Employees receive 10 days of this leave every year. Community service leave. Long service leave. Public holidays. Notice of termination and redundancy pay. Fair Work Information Statement. Casual employees:A casual employee does […]

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Treasury Law Amendment for super measures moves forward

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The Treasury Laws Amendment (2018 Superannuation Measures No.1) Bill 2019 has passed both Houses of Parliament and reached royal assent on 2 October 2019. First announced in the 2018-19 Budget, the Bill allows eligible individuals, whose income exceeds $263,157 and have multiple employers, to nominate wages from certain employers to not be subject to the superannuation guarantee (SG). Individuals with more than one employer, who expect that their compulsory super contributions will exceed the annual concessional contributions cap for a financial year, will be able to apply for an exemption certificate to release some of their employers from their SG obligations. Individuals will still need to receive SG payments from at least one employer. From 16 October 2019, eligible individuals will be able to download an application form from the ATO. The application will need to be submitted at least 60 days before the start of the quarter in which you wish to receive the exemption. The lodgment period for the quarter commencing 1 January 2020 has been extended. Applications lodged on or before 18 November 2019 will be accepted. The application form provides the Commissioner of Taxation with the information required to make an assessment. This includes which employers […]

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Breaking down business industry codes

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A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business activity. BICs come from the Australian and New Zealand Standard Industrial Classification (ANZSIC) codes and are added to by the Australian Tax Office (ATO) for tax return reporting purposes. Employers must use the correct business industry code on their tax returns to ensure their return is lodged in the right category. Using the correct code for your business helps to reduce the risk of being incorrectly targeted for compliance activities, avoids processing delays and ensures employers receive services and information relevant to their business type. The business industry code describes the main activity of the business. This can change over time if your business diversifies its products and services. The code is broken down into sections: ANZSIC system is first divided into 19 divisions, described by one letter (A to S). Divisions are broken down into subdivisions numbered with two digits. There are a total of 96 subdivisions. Subdivisions are broken down into groups. Each group is numbered with three digits, with the first two digits derived from the subdivision to which it belongs. Groups are broken down […]

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Cleaning your business’ online presence

Posted on September 30, 2019 by admin

Spring cleaning your business isn’t limited to its physical space, you should be cleaning your online presence too. Whilst it is best to be constantly monitoring your online activity, a regular assessment and clean up can be beneficial. Here are a few areas of your online presence you can renovate. Content pruning:Social media accounts and websites work best when constantly updated, however, this can create a backlog of content that could be hindering your SEO efforts. Content pruning is the process of running an audit of your website or social media account and removing or updating the low-value content. This can help you identify outdated pages, gaps in content and areas you have overworked. Review security settings:Online threats not only affect your business but can be passed onto website visitors too. You will need to check both the software you are using and the server operating systems are up-to-date to ensure all areas are covered. Consider also using a commercial service that will scan your website on a regular basis to check for malware and vulnerabilities. Once you’ve performed a security health check, update employees on any changes that may affect them. Employees need to be alert to the warning […]

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