Data-driven decision-making: operations and inventory
Did you know that utilising data can greatly enhance the smooth operation of your business?As a significant portion of your operational processes is now managed through software, there is a substantial opportunity to analyse this data to uncover valuable insights and patterns. Every business strives for increased efficiency, productivity, and cost-effectiveness, and this is where […]
Should your small business adopt AI tools?
We are currently witnessing what the World Economic Forum refers to as the ‘Fourth Industrial Revolution’, with artificial intelligence (AI) being one of the defining technologies of this era. AI is no longer a concept confined to science fiction. AI-driven solutions and business tools are now available, offering innovative ways to manage, operate, and staff […]
Potential threats to your business value.
Once you have established a successful business, it is natural to expect a strong return on your investment. However, in today’s volatile business landscape, a once stable and profitable company can swiftly decline, losing the hard-earned value you have built. If you are a seasoned owner nearing retirement, or an ambitious entrepreneur planning an exit […]
Automation can ease your business workload
Recent research conducted by OnePoll reveals that the average business owner requires an additional four hours each day to complete essential administrative tasks. If your employees are spending 20 hours per week on inefficient and unproductive admin, this can negatively impact both the business’s performance and operational efficiency. However, technological advancements and software automation can […]
Why productivity matters and what you can do about it.
According to Xero’s “Small Business Productivity: Industry and Regional Trends 2023” report, wholesale trade led Australian industries in productivity at $214.20 per hour, while hospitality lagged at $40.20 per hour. Ten sectors, including manufacturing, agriculture, and construction, exceeded the national average productivity of $100.30 per hour. Western Australia was the most productive state at $102.50 […]
How to prepare your business for an audit
Getting ready for an audit is unlikely to be one of your favourite things to do as a business owner. But being prepared, organised and ready can take some of the pain out of an audit. Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption […]
Meeting the environmental expectations of your customers
As environmental consciousness rises, small businesses in 2024 face increasing pressure to adopt sustainable practices and reduce their carbon footprint. But going green means being able to balance your desire to run a sustainable, environmentally conscious business with the pressing need to remain economically and strategically viable. Meeting the environmental expectations of your core customer […]
Holiday cash flow for your small business
Are you heading away for a break from the business this year? This time of year can be hard on small business. Your expenses continue and your cashflow can suffer when your debtors go on holiday. Leading up to the holiday period, is your business cash flow in good health to carry you through? With […]
How to handle temporary shutdowns
Many Australian businesses temporarily shut down at some point during the year, commonly over the Christmas-New Years period. With a bit of preparation and know-how, employers can manage the annual shutdown seamlessly and lawfully. For most of us, the lead up to Christmas is a hectic time. Work and personal commitments can escalate in the […]
Fringe Benefits Tax and Business
Benefits provided to employees or their associates in addition to salary or wages are known as fringe benefits. These benefits are paid for by the employer from pre-tax earnings, making the provision of benefits attractive to employees as it may reduce their taxable income while receiving payment in other forms. Fringe benefits tax (FBT) may […]
