Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. ‘Most significant’ scam targeting Aussies Scammers have taken advantage of the secondhand sale market by using a PayID scam to steal over $260,000. The scam involves the scammers creating fake PayID accounts and using them to receive payments from unsuspecting buyers. This has caused a hit to the secondhand sale… Read more
Cybersecurity Best Practices for Small and Medium-Sized Businesses In our digital age, cybersecurity is a crucial aspect of running any business. Cybersecurity breaches could lead to not only data theft but also reputational and financial loss. Hence, it’s imperative to establish robust cybersecurity measures to protect your business and customers’ sensitive information. Here are some cybersecurity practices that could help safeguard your online presence. 1. Invest in Security Software: One… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. First Aussie social media platform for business owners launched A new social media platform, called ‘Business Connect’, has been launched in Australia. It is designed specifically for business owners, allowing them to connect with other business owners, share ideas, and access resources. It also provides a platform for businesses… Read more
Exit Strategy Planning and Implementation in Australia: A Roadmap to Business Success Introduction Running a successful business requires careful planning and foresight, including considering an exit strategy. Whether you’re an entrepreneur looking to retire or an ambitious business owner seeking new opportunities, having a well-crafted exit strategy is essential. In this blog, we will explore the intricacies of exit strategy planning and implementation in the Australian business landscape. EMB Business… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The good, bad and indifferent of the Federal Budget: a small-business owner’s view The Federal Budget has both positives and negatives for small business owners, such as tax cuts and increased access to capital, but also increased compliance costs and a lack of support for the retail sector. Read… Read more
The Australian Government unveiled its annual budget this week, which aims to stimulate economic growth, address long-term challenges, and improve social services. The budget is focused on helping with the cost of living, with tax cuts for middle and low-income earners, while also allocating funding to health, education, and small businesses. If you have any questions about how this budget affects you, please get in touch. Tax Cuts One of… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia to deliver first budget surplus in 15 years Australia is set to deliver its first budget surplus in 15 years, with a small surplus of around A$4 billion for the fiscal year ending June and deficit estimates for subsequent years also decreased. Australia to ban public vaping in… Read more
Starting a small business is both exciting and daunting. While the entrepreneurial spirit may drive you to take the leap of faith, the reality is that you may be entering a market that has already attracted some large competitors. It can be intimidating to think about competing against larger, more established competitors, but it’s not impossible. Here are some steps you can take to help your small business take on… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. AFL appoints Andrew Dillon as CEO Andrew Dillon has been named CEO of the AFL, following a year-long search. Dillon started with the AFL in 2000 as an in-house lawyer and has moved on to various other legal and administrative roles. Australia set for budget rebound, signals fiscal restraint… Read more
Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take Stock of Your Debt The first step in managing debt is… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Why the RBA should not use interest rates to target the housing market or debt A panel reviewing the Reserve Bank of Australia RBA has recommended against using interest rates to target the housing market or address concerns about high levels of debt held by Australians. Collaboration to bring… Read more
Managing family finances can be a daunting task, but with the right tools and mindset, it can be a smooth and effective experience. Here are some essential steps for managing your family’s finances, including budgeting, saving, and planning for the future. Budgeting Budgeting is the cornerstone of managing family finances. It involves creating a spending plan that outlines your family’s income and expenses. A budget helps you to keep track… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Reserve Bank of Australia considers a rate hike The Reserve Bank revealed that it was a “close call” not to raise interest rates at its last meeting due to concerns over inflation and the housing market, but ultimately decided to maintain the current rate of 0.25%. ATO using data-matching… Read more
As businesses grow, managing inventory effectively becomes crucial to staying competitive and maintaining profitability. One key aspect of inventory management is reducing waste and spoilage, which can have significant financial and environmental implications. In this blog post, we will explore best practices for inventory management that can help your business reduce waste and spoilage, creating a more sustainable and cost-effective supply chain. Implement a First-In, First-Out (FIFO) system A First-In,… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Federal Court decision shakes up public holiday rostering rules for employers A recent ruling by the Federal Court requires employers to request their employees’ availability to work on public holidays in advance instead of just rostering them to work. Employers must introduce a mechanism for making such requests before… Read more
When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can help you better manage your cash flow and maintain the financial health of your small business. Remember, the key to success is to… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian house prices surge, but experts are divided over whether this is a real recovery The Australian housing market has surged in recent months, but experts are divided on whether it’s a “dead cat bounce” or the start of a real recovery. Lenders offer incentives to attract home loan… Read more
As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single… Read more
As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays… Read more