If you’ve just appointed your first fresh-faced Gen Zeds to your staff (anyone who’s just out of school and are aged 15-19), you could have up to five different generations to manage at work. In fact, these days, it’s not at all uncommon to have a wide range of generational diversity.
Grow your business through marketing and advertising!
Whether you’re a personal trainer or a large computer repair shop, if you want to grow and build your business, you’ll need to attract new customers and keep them coming back for more.
Effectively marketing your business is one way to grow your brand and your business.
As an SMB, you’ll never have a shortage of sources for tips and insights. From retail websites (such as this one) to mentors and fellow retailers, there’s always somewhere to turn to for business advice and best practices.
We’ve all been there before. You’ve called about those overdue invoices once, maybe twice, maybe three times, and payment still hasn’t been made.
What to do next? Throw up your hands in despair? Give up on it as a lost cause? No way, Jack. Not in this economy.
Personalization is one of the most important aspects of retail and one of the biggest industry trends for 2017. The key to building lasting relationships with customers, personalized shopping experiences generate satisfaction and loyalty on the part of the consumer — and increased revenue for the retailer.
Seven vehicles on the road. Ten electricians in the field. One business owner working overtime, all the time...
Such was the norm for L&L Electrical, a versatile electrical services company in Campbelltown, Victoria, and proud owner John Libroaperto.
Proud and successful owner he was, yes – but at a hefty cost in a most valuable currency: time.
It’s often how you say something that determines whether you get the result you want. This applies in financial services, marketing and even tax collecting.
In one experiment by the Nudge Unit they improved the payment of vehicle taxes by using simple plain language, “pay your tax or lose your car”. In fact HM Revenue & Customs attributes the recovery of an extra £210 million a year from taxpayers by using behavioural insights in its letters i.e. changing the words to influence behaviour.
With more than 350 million products on Amazon.com it becomes more and more difficult for sellers to get their products in front of the customer. Thus, Amazon’s “Sponsored Products” ads (“Amazon PPC”) are becoming extremely popular among sellers as they offer an (allegedly) easy way to bring their products on the first page. The following tips will help Amazon sellers avoid some common mistakes and get the most out of Amazon Sponsored Products.
While any time of year is a great time to pause and reflect, many people find January is a great opportunity to understand how well their business has performed for the past year and what their targets are for the year ahead. To do that, you need to understand the difference between a budget and a forecast.
Time and again you hear that being overstocked is bad and a situation to avoid, however sometimes this is just not possible. And when it is not possible, you need to be in a position to handle it properly and turn the situation into something the company can benefit from. There are a number of ways to do this in fact, let’s look at them more closely.
We’ve worked with thousands of small businesses over the past few years and managed over $1B in receivables, so we’ve learned a few things when it comes to getting invoices paid earlier with less effort and stress.
“There’s more reasons for an invoice to be paid late than there are for it to be paid on time…” – Debtor Daddy Survey
The problem is that when it comes to getting paid on time there’s more reasons for an invoice to be paid late than there are for it to be paid on time. This means that you’re going to need great systems and great people to keep your receivables under control.
Efficient omnichannel strategies used to be the ultimate goal for retailers — a milestone to work toward on a continuous basis. But times have changed, and both shoppers and retail itself have evolved. Omnichannel is now the standard.
There are several things that go into managing a business and optimizing its performance. These are often reflected in the balance sheet, customer satisfaction and low staff turnover amongst other factors. One component of managing the business effectively and which has a big impact is inventory control. To better achieve inventory control, there are specialized software packages such as Unleashed. However, before purchasing a package, you need to be sure of the benefits to your company’s performance.
I was catching up with a friend over the holidays who was telling me about one of his friends getting made redundant from a small family business just before Christmas. The basic premise of the story was that the bank had told them they needed to make cutbacks, and as part of this they had to reduce staff numbers. They didn’t want to do this, but they had no choice…
Let’s face it, concepts like paperless office and cloud computing are not ‘new’ concepts anymore. It still surprises me when I encounter businesses that are not paperless and in the cloud. It just makes sense. I’ve been running businesses as ‘paperless offices’ since I co-founded Business Fitness back in 2001. My current business, PARADOX, has been ‘paperless’ and had 100% cloud-based IT and business systems from day one, almost 8 years ago now.
If you’re a fashion store owner looking to set your sales soaring in 2017, opening an online store might just be the best way to do it. Online sales of clothing, shoes and accessories are booming, with 43% of Australians aged sixteen and over now shopping online for these products, a 14% increase from the previous year.
You’re back at work ready to make your mark in 2017, and your employees are all rested, recharged and raring to go, right?
Wrong. The spectre of financial stress is wreaking more havoc than ever among the Australian workforce and crippling productivity levels in its wake.
Happy 2017, everyone!
In light of the new year, here’s one question you should think about: are you planning to bring anything new to the in-store experience? If your answer is “no” then 2017 could be a rough one for your physical stores.
There’s nothing quite like starting the new Year with a clean bill of health on all your HR documents, systems and processes.
And in 2017, as if you needed further impetus, there are some new, and pretty compelling reasons to put HR compliance on the top of your to-do list!
It’s no secret that smaller retailers face the challenge of their lives against ecommerce giants such as Amazon — and in Britain, this fight has recently been compounded by Brexit and its potential effects on the retail and trade industries.
But there’s hope yet. A recently launched organization called SaveTheHighStreet.org aims to give the power back to high street retailers and local shopkeepers by endowing them with the tools, skills, and digital capabilities they need to compete in the modern age.
Higher levels of personal income are taxed at higher personal rates, while lower levels are taxed at lower rates.
December 31, 2016 is fast approaching. See below for a list of tax planning considerations.
That spa retreat you really really wanted to go to over the holidays is booked out, you can’t get a reservation at any of your favourite restaurants and even the bach you normally go to at this time of the year is fully occupied...how on earth are you supposed to relax?!
Luckily we can help!
Here are 10 different things you can try to re-charge over the break.
The holiday shopping season is definitely in full swing, with just weeks to go before Christmas day. And while some early bird shoppers are probably taking it easy by now, a big chunk of consumers will still flock to retail stores. In fact, you can expect your foot traffic (and hopefully) sales to pick up in the coming weeks and continue til the days leading up to 25th.
The Xero Roadshow is coming to South Africa in February 2017, visiting Johannesburg on 1 February and Cape Town on 2 February to give local advisors an insider’s insight into cloud accounting. We can’t wait to meet partners from across the country at what are sure to be two sellout events.
Trees are up. Decorations are hung. And jingles fill the air. Yup, it’s that time of year again. A time to reflect on the year that was and wonder what more we could have squeezed into those past 12 months. Instead of wondering if you feel the same, we thought we’d just ask.
The summer period can be an interesting time for accountants, bookkeepers and BAS agents. Clients are often away, business can be slower than usual, and the temptation to take a break pulls steadily closer as December unwinds.
As we celebrate the sixth Small Business Saturday this year, SME owners are more integral than ever to the health of our economy as we brace ourselves for uncertain times. SMEs make up an astounding 99.8% of the British economic engine, generating 47% of revenue and employing 60% of the workforce.
In a recent blog, I wrote about preparing your business for the traditionally quiet summer period. But there’s another side to this, where the lead up to the festive season can be the busiest time of year for many businesses.
Govt intervention having little effect: 50,000 UK businesses go under each year due to late payments
A new report from The Federation of Small Businesses (FSB) says that the UK’s poor payment culture forces 50,000 small businesses under and costs the UK economy around £2.5 billion each year.
As a father of three, I often come back to a phrase I once heard. “In life, there are rubber balls and glass balls and you are always juggling.”
It used to be that people needed to live in the technology hubs of the world, like Silicon Valley or London, to accelerate their technology careers, but that’s changing quickly.
David Barrett is the CEO and Founder of Expensify. Named one of the Most Innovative Companies in 2015 by FastCompany, Expensify’s team has a simple goal — expense reports that don’t suck. That ethos made them a popular app in our marketplace.
Word of mouth is one of the most powerful drivers of traffic and sales for retailers. According to McKinsey, it’s the primary factor behind 20 – 50% of all buying decisions and can influence purchases in ways that traditional advertising can’t.
Technology has the power to make our lives easier, and small businesses have the flexibility and the creativity to take advantage of this power. By staying lean and agile, a small business can adapt quickly in a moment and use new technology to power into emerging markets.
Pulling aside thick velvet curtains, you nervously step inside the fortune teller's tent. Leaves crunch under your feet and the smell of perfumed incense hangs heavy in the air.
If you’re a tradesperson looking to build your business and win more work, improving your online visibility is key. Homeowners will often research extensively online before making a decision, and it’s important you can earn customers’ trust from the get-go.
When gauging the health of your business, employee retention is a pretty important measure. Generally speaking, the lower the turnover number, the better it is. Though the number alone is only half the story.
The Christmas period is always a hectic time for anyone working in hospitality. With Christmas celebrations and client functions galore, it should be the busiest time of the year for you and your staff.
Let’s discuss something we already know: Most tradespeople didn’t enter the tradie game because they love spreadsheets — usually, the case is quite the opposite.
It makes sense then that plumbers, electricians and other tradies can have a tendency to let some of the more elaborate number crunching required to run a business fall by the wayside. It’s understandable; you’re busy and you’re focused on the job at hand, so the temptation to only measure the bare minimum — ‘profit’ for example — can be strong.
There’s a lot to love about the holidays — family, food and a blessed reprieve from the rigours of work.
It’s not all baubles and eggnog for SMBs however. Along with those inappropriate secret Santa presents and inadvised mistletoe moments, the period also brings its own unique challenges to business owners. Many SMBs find themselves under economic stress as clients and suppliers shut up shop over the break — often well before the those statutory holidays arrive — leaving phones ringing, emails unanswered and often, invoices unpaid.
The end of the year brings a lot of victories and challenges to eCommerce businesses and Amazon sellers…and sometimes those victories/challenges show up in the exact same package!
HomeRetail Tips & Trends How to Create a Workplace Culture that Attracts and Retains the Best Employees
Workplace culture.” This phrase is easy to throw around at HR meetings or interviews, but actually understanding the concept and building a strong culture in your organization is whole other story.
Rob Nixon has 22 years of experience as an advisor to accountants, with clients in over 30 countries. In his current role, Nixon is helping define and execute how PANALITIX’s cloud-based accounting solution software helps thousands of accountants improve their firm’s position across profit, capacity and growth through a connection with the ultimate accountant membership community. With a belief that accountants are the naturally trusted advisors to effective business through innovative technology, quality content and transformative methodology, Nixon empowers accountants to a position where they are able to exert a tremendous impact on their client’s conditions.
Having worked with several trade contracting businesses, I’ve observed a very common, but inefficient, behaviour: going after big contracts before thinking about the fit.
Often, companies will spend months preparing a proposal only to see it rejected.
A few months ago we set up an innocuous little survey on the WorkflowMax blog to help us understand our customers’ pain points better. We wanted to create more targeted and relevant content that would address their issues directly (and maybe even bring a smile to their face as they scrolled past the occasional GIF and bad pun).
If you’ve never heard of just-in-time, don’t worry—it’s not too late. The just-in-time manufacturing model was introduced by Toyota in the 1960s and has become a popular way for manufacturers to manage their inventory, raw materials and the other supplies they use in the manufacturing process. Of course, manufacturers aren’t the only small businesses that can benefit from this approach.
Millennials are now the largest living generation in the U.S.. An acute understanding of the entrepreneurial individuals in this group is growing to be a necessity for accountants and bookkeepers in order to provide services that will meet their needs and wants.
As Chancellor Philip Hammond’s first Autumn statement was announced yesterday to focus on “preparing and supporting the economy as we begin writing a new chapter in our country’s history”, I wanted to share what I believe are most interesting proposals for businesses – and whether they are the best investments to reflect current needs.
These days, cultural fit is an important part of the recruiting process. The prevailing wisdom is that you train for skills, and hire for attitude and fit.
When you’re recruiting, identifying cultural fit in candidates is essential. There is a greater likelihood that employees will stay with a business when the work feels meaningful and the company’s values are in sync with their own.
Peer-2-peer lending is a form of debt financing that allows businesses to borrow money without going through traditional lending routes such as a bank. P2P lending platforms connect individuals looking to lend their money with businesses looking to borrow.
1. a person who sets up a business or businesses, taking on financial risks in the hope of profit.
Being an effective manager is demanding and complex. Aside from thoroughly knowing and understanding your business, you need to understand people and their motivations, be a motivator yourself, and manage emotional and business-related issues at once.
With Thanksgiving around the corner, small businesses are gearing up for what many say is their peak time.
Whatever the size of your venture, whatever you set out to achieve, a strong online presence has become the cornerstone of a modern business strategy.
Are you struggling to motivate your employees? Do you constantly chase after them to get their timesheets in on time or wonder why they aren’t more focused or driven? Is absenteeism, poor morale and failure to meet targets a common occurrence?
Not too long ago, customers walked into retail stores without knowing much about their products. They’d browse the merchandise to discover items they liked, relying on store associates for more details and information.
Are your staff turning up late, grouchy and stressed? Do they have a distant look in their eyes (like they’d rather be anywhere else)? Is your turnover rate on the rise?
Have you ever wondered what makes successful business owners tick? Do you share their good habits? We surveyed 2,000 business owners to help you find out.
Job sheets, whiteboards, clipboards, filing cabinets … these are the communication and information storage tools of old-fashioned, inefficient small businesses. For owners and managers of trades and services companies who are only familiar with these traditional ways of working, and systems that may have been used for decades, it can seem like a difficult task to move to modern, cloud-based job management software.
If you track income and expenses on a spreadsheet, you could be losing sight of how your business is performing and wasting a lot of time on data entry. There are low-cost alternatives that allow you to monitor business cashflow really simply.
Working with family members presents unique advantages, and unique challenges. If you've built up your own business, now might be the time to bring in other family members. Here’s how to avoid some of the pitfalls.
Several years ago, I had a customer who would glower at me as soon as I entered his department. He would say, ‘Fix it right this time, or get it out of here,’ no matter what the problem was.
If I was even one minute later than my ETA, he would be on the phone with my boss, complaining about the horrible service he was getting.
Because he would place a service call for the slightest imperfection or hiccup of the machine, I was going there almost every day.
Marketing. *Cringe*. You can think of a million things you’d rather be doing. The ice bucket challenge in the middle of winter. A half marathon with your ridiculously fit niece, a Toastmasters table topics competition in front of 100 unknown people.
‘I love deadlines…. especially the whooshing noise they make as they go by!’ That’s one of my favourite “Dilbert” quotes about business but it flies in the face of what motorsport stands for. Motorsport is a business of hitting deadlines because it doesn’t matter what reasons or excuses there are, the race will always start on time…. Whether you are there or not.
One of the tougher challenges for many trade businesses today in terms of finance is what’s commonly referred to as a cash gap.
A cash gap is a lag which occurs between income and cost of goods sold (COGS); that is, cash inflows and outflows. Businesses that suffer from a cash gap may be profitable on paper, but have cash flow problems because they have to pay their suppliers (COGS) much earlier than they receive money from their clients (income).
How did trust, that fundamental building block of human behaviour, become a cornerstone of modern business? Once something that required significant time and investment to build, maintain and yield results, trust is now being made and broken by strangers at speed – and that shift is being commoditised.
Good managers can make or break a business. They're essential to developing a positive and productive workforce, which, in turn, improves employee retention levels and ensures everybody in the business is working in line with the company’s strategy and objectives.
Freelancing and gigging are gaining popularity fast. Not only do you get the flexibility to work when and how you want, a lot of these jobs let you work from home. However, if you’ve never worked from home before this can be a challenge.
Treating your home like an office can take practice, especially if you don’t have enough space for a dedicated home office. If you’re freelancing and want to work more efficiently, here are some tips to help.
Much like finding an old $20 in those jeans that you’ve had away since last winter, or like realising you’ve ordered your pizza on cheap Tuesday when you go to foot the bill, figuring out that just a small change to the way you work can save you time and money is gold.
Sometimes, it’s the minor details that matter. It might seem like a small win at the time, but it’s one that can make a big difference to your business.
Hiring the right person for the job isn’t always a straightforward process. There are many variables to consider and whether you are a startup looking to hire your very first member of staff or already have a few team members on board and are looking to expand, the right person with the right skills can really enhance your work environment and have a positive impact on production. Hiring the wrong person does just the opposite and can not only be a costly exercise, but it can also be time-consuming and even have a negative impact on employee morale.
It’s been a huge year for M&A in the tech industry. For startups, there are many valuable insights that can be gleaned from this activity. By looking to organizations that have been around for a long time, entrepreneurs can learn what it takes to stay relevant in the coming years.
In the world of small business, the changing nature of competition requires us to constantly adjust and adapt, succeed and remain grounded. Everyday business decisions can be a continuous battle between the urge to stand still and consolidate, or push to achieve more.
So how do you strike the right balance? Multi-medal winning swimmer Michael Klim shares four top tips.
Starting your own business can feel like scaling Mt Kilimanjaro. You dig your feet in, climb, and pray for the best. It’s an exciting, chaotic, and hope-filled journey… But what happens when you reach the top of the mountain? Is there anywhere to go but downhill?
Unfortunately many small businesses grind to a halt - or even start to decline - after climbing their first mountain. This is known as the small business profit plateau. Your company is finally up and running smoothly, but its exponential growth suddenly stops. Your profits start to flatline. It feels like your team is working twice as hard just to maintain the same ROI.
Applying for funding from a bank can be daunting. It’s a lengthy process which involves jumping through hoop after hoop with no guarantee of success.
But it doesn’t have to be that way, follow our guide to ensure you go into the loan process with the correct information and watch your chances of approval soar.
Ah, meetings. With their almost universally hated status, running one can be tough going. You can almost *hear* the groans as you schedule one in the team’s shared calendar (and heaven forbid you try and make it a regular weekly occurrence). Given the enormous amount of pressure you – as the brave meeting organiser – face, it’s easy to default to a boring Powerpoint deck and read off the slides word-for-word. Unfortunately it’s also a great way to send everyone to sleep or to seek solace in tea breaks and lunch.
All too often a brand will launch a new product or service that flops because of a poorly thought through marketing campaign – so here are 8 tips for a successful marketing campaign.
Xero was born to achieve a simple but bold purpose: to build powerful, relevant and beautiful cloud accounting software that would change the lives of its global accounting partners and small businesses.
That’s why we consider it our greatest achievement to know that small business owners and key decision makers have named Xero the most-loved accounting software for a second year in a row, beating MYOB and Intuit Quickbooks, through independent research.
Whether you’re an architect or a personal trainer, you’ll know the importance of using the right tools for the job. When it comes to running a thriving business, cloud-based apps are becoming an increasingly essential item in a small business’ toolkit.
Providing access to real-time information on the go, as well as reducing time spent on manual data-entry are just some of the benefits apps can provide busy small business owners.
How many times have you been on a road trip with children and heard that constant question that gratingly gets on your nerves: ‘Are we there yet?’
If you’re like me, you want to answer with, ‘Of course not or we’d be… there.’ Kids, knowing the potential fun to be had at the destination, get weary in the waiting of the journey itself.
Research suggests it costs a business between 4-10 times more to acquire a new client than it does to retain a current client. As a business owner, you will do well to look for ways to nurture these clients who’ve used you once into not just returning, but spreading the word about your company.
Choosing a bank is one of the most important decisions when starting a small business.
It’s as important as choosing where you’ll set up a brick-and-mortar store, developing a business strategy or deciding who you’ll partner with.
Choosing a bank should be the start of a long and fruitful business relationship.