Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The dream of business ownership is drifting out of reach for young Aussies In the past, starting a business was a young person’s golden ticket to financial independence. Today, however, for many young Australians, this dream is drifting out of reach. August unemployment rate remains firm at 3.7% The… Read more
Creating a robust business plan is crucial to the success of any startup. It not just provides a roadmap for your business, but also helps to attract potential investors. Here’s a practical guide to help you put together your business plan. Gather Relevant Information Start by collecting all the necessary information about your business. This includes understanding who will run the business, who will advise you, and a thorough analysis… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Consumers opt for convenience and money-saving technologies amidst higher cost of living Budget-conscious Australians are redirecting funds towards essential goods and services or savings, and changing their shopping and spending habits in response to cost of living pressures, a new CommBank survey shows. Rethinking taxation for Australia’s future A… Read more
Every business encounters financial challenges at one point or another. But when the going gets tough, just remember that you’re not without options. One practical strategy that can help you weather the storm is asset liquidation. Asset liquidation is a process of converting your business’s tangible or intangible assets into cash, providing you with the vital liquidity to bridge financial gaps until your business recuperates. However, this strategy demands careful… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s inflation rate eased to 4.9% in July, down from 5.4% in June Australia’s inflation rate eased last month to its lowest level in 17 months, led by falling prices for fresh produce and automotive fuel, reducing the likelihood the Reserve Bank will need to raise interest rates again.… Read more
As a business owner, the thought of selling your company can be quite daunting. You’ve poured your heart and soul into building it, and it’s crucial the company continues to grow even after your departure. An attractive option is selling your business to your employees, those who know your business inside and out and have a vested interest in its success. The upside of employee acquisition Selling your business to… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s nervous watch for any great fall of China Economic troubles in China could hit Australian jobs and growth. Treasurer Jim Chalmers said the slump in China’s economy painted a worrying picture. Intergenerational report 2023: six key points for Australian businesses The latest Intergenerational Report has arrived, projecting what the… Read more
Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and expenses As a small business owner, it’s important for you to understand how you generate and spend… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. A survival guide for SMEs in the face of inflation Inflation is a challenge for all businesses, but the sting is especially painful for SMEs. With limited resources, they can find themselves struggling to absorb costs associated with inflation, potentially leading them down the path of price increases and… Read more
As a business owner, it’s crucial to understand the power of social media marketing. Social media platforms provide an opportunity for businesses, no matter the size, to reach a larger audience, engage with potential customers, and drive sales. So, you’ve heard that your company needs to be on social media. Although this is true, it doesn’t mean your business is going to go from 0 to 100 overnight. Using social… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia lags US in beating inflation Australia is lagging considerably behind the United States in combating inflation, with recent data showing a vast disparity between the two nations. ASIC accuses $13.6b Active Super of greenwashing its investments in gambling and coal The Australian Securities and Investments Commission (ASIC) has… Read more
tarting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Stoking the engine room of the Australian economy The nation’s fleet of small to medium-sized businesses boosting economic growth has been one constant amid the technological and demographic transformation of the Australian economy. Enabling them to be more successful is the focus of ANZ’s new Group Executive, Australia Commercial Clare… Read more
For a small business owner, managing finances can be a daunting task. Keeping track of expenses, payments, and cash flow can be overwhelming, especially if you’re dealing with debt too. A business loan, line of credit or a business credit card can help your company hire new employees, purchase inventory, purchase equipment, and finance growth, but too much debt can become an unsustainable expense. Debt management is vital to the… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Another 1.3 billion consumers will shop online by 2027 Online retailers should be gearing up for the addition of a further 1.3 billion consumers worldwide joining the ranks of online shoppers by 2027, says market research firm Juniper Research. Not fair on consumers, not good for business’: Financial complaints… Read more
It seems like the perfect storm has hit, with rising interest rates and inflation soaring. As a result, households are dealing with higher borrowing costs, leaving them with less disposable income to spend. And that means businesses are feeling the pinch. To make matters worse, staff shortages are adding to the pressure. Retail sales decline affects all businesses. Almost every sector is experiencing a downturn. Building companies, property companies, retailers,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why Aussies are ditching cash New data by Reserve Bank of Australia has revealed that the number of Australians paying by cash has more than halved since 2019. Of the people who held cash in their wallet in 2022, the most important reason for doing so was for emergency… Read more
As a business owner, you know that the right people are crucial to your company’s success. The best employees can help you achieve your business goals, improve your productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it’s easy to hire someone who seems okay, rather than taking the time to find the best fit. Here are some steps you can… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Tradies say raising pension age “unfair” after a life of hard work takes its toll Hardworking Aussies fear a decision to lift the pension age to 67 means they will be forced to work even longer in labouring jobs. Consumer watchdog says Australians paying too much for electricity As… Read more
No matter what size your business is, or what industry you’re in, supply chain management is often an essential part of running a successful business. As a small business owner, managing the supply chain can be overwhelming and time-consuming, especially when you have many other responsibilities to worry about. Fortunately, technology has made it easier to manage your supply chain more efficiently and effectively. Here are some pros and cons… Read more