One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do. When your business is struggling, cutting your marketing budget will … Continued
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Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons … Continued
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When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do. If you charge too much and you could scare away potential customers, charge too little and you could run yourself out of business or face liquidation or bankruptcy. … Continued
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Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business … Continued
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What is it? Illegal phoenixing involves the transferring of an entity’s assets, thereby denying creditors’ access to those assets to meet unpaid debts. This usually happens when company directors transfer the assets of an existing company to a new company without paying true or market value, leaving debts with the old company. The old company … Continued
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When you’re an entrepreneur, your to-do list is often long and constantly growing longer. There are an overwhelming number of things you need to do, and it can feel like they’re all urgent. In such cases, it’s easy to push important tasks to the side and focus on less-vital activities, but that often means you … Continued
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In these difficult times, you may find your business slowing down and sales harder to come by. Given this trend, establishing and maintaining connections with existing and potential customers have become more important than ever. Here are some simple tips to help you step up your marketing game: 1. Strengthen your social media presence With … Continued
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Having a healthy cash flow in business is incredibly important, especially for small to medium businesses or those family run. The Australian Securities and Investments Commission’s report into business failures found that 44 percent of failed businesses had inadequate cash flow or high cash use. The report, based on 8354 reports from external administrators, found small to medium-size insolvencies … Continued
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When you’re a small business owner, you get used to people giving you advice. Sometimes you seek out their insights while, other times they share whether you want them to or not. While the advice is usually well intended, it’s not always good. In fact, sometimes it can lead to a negative effect. Here are … Continued
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Most family business owners have a similar goal in mind – to grow the business and pass it on to the next generation of their family. While keeping the business in the family and getting to work with your parents, siblings, or children who share common goals can be a fun and rewarding experience, running … Continued
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According to the SME Growth Index, Australia’s small businesses are saying they don’t want to use personal assets to fund their business – yet 9 out of 10 of them continue to do so. While there are many alternative funding options out there, some, like unsecured lending (Fintechs) can often be both expensive and daunting. … Continued
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“Sales are contingent upon the attitude of the salesman – not the attitude of the prospect.” – W. Clement Stone Do you agree? Sales is about addressing your customers’ needs and problems. By understanding the issues clients face, you can show them how your solution solves their problem. Here are some tips for asking the … Continued
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Networking can be a key way to keep your business growing. Regardless of your industry or business size, it is hard to ignore the benefits of forming professional networks for potential partnerships, expanding your client base, and scaling up. However, while we are all constantly reminded about the importance of networking, reaching out to … Continued
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Are you a morning person? Or on the other hand, are you the stumble down the stairs, hit the coffee machine whilst checking your emails type? (Guilty as charged on the second point for me). Your morning routine says a lot about you as a person, and while there is probably not one routine that … Continued
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Over the last few months, we as business people have learnt that everything is adaptable. We have changed the way we work, the places we have conducted business from and how we communicate. Sure, there have been many challenges that have been associated with the changes, but we can also take away some valuable lessons … Continued
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It is amazing to think that in the near future we will start to return to some sense of normality in our everyday lives. Finally, supermarkets will be able to keep toilet paper on the shelves for longer than an hour, you will be allowed to leave your house and workplaces will be inhabited again. … Continued
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COVID-19 has affected all of us both personally and financially. The biggest issue arises for many of our clients who have been affected in both cases, because they run a small business. Suppliers slowing or shutting down, debtors not paying or having to modify their own operations all of which heavily affect their bottom line. … Continued
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Have you reached a point in your career where you don’t necessarily want to leave your job and start fresh on a new path, but at the same time want to boost your income? Maybe you have thought about it, but are put off the idea because you thought it would cost too much, or … Continued
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“Never get so busy making a living that you forget to make a life.” —Dolly Parton, Singer. Famous words or famous last words? Our world today is a busy one. Regardless of the role you play and what your ‘job’ is, we as a society put a lot of pressure on ourselves to achieve and … Continued
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Entrepreneurs are unique. They have brilliant business ideas, often with a natural ability to think outside the box and deliver products and services that reflect their creativity. Some of the best businesses in Australia have come from entrepreneur minds such as John Illhan (Crazy Johns), Dick Smith (Dick Smith electronics, Dick Smith Foods &Australian Geographic) … Continued
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