Turning your business into an industry leader means constantly optimising and improving your business to better serve your market. Trying to do that without collecting feedback is like trying to drive a car at night without headlights. The key to understanding your customers and providing them with the best service possible is getting and properly managing that feedback. But this begs the question: What is good feedback, and how can we use it to help a business succeed?
As economies across the world become increasingly intertwined, it can feel suffocating for a small business to only operate domestically. Unreliable demand, stiff competition, or market saturation can make exporting look like an attractive solution. Indeed, in many smaller countries, international expansion may be the only option for growth in the long-term.
Small businesses can save big this year with the Australian Taxation Office’s immediate write off for assets valued at less than $20,000. The measure was originally introduced in 2015, and was set to expire on June 30, 2017, though it’s now been extended to run through the 2018 fiscal year as well.
Customer satisfaction is the foundation of any business’ referral network. By focusing on providing consistently positive experiences for customers, businesses can develop mutually beneficial trust relationships with their clients. That trust is essential, because referring a business to a friend or other business partner is an act of faith that demonstrates their confidence in you and your business.
Turning an idea into a functioning enterprise requires foresight, planning, communication, investment, and time. By the time we’re ready to launch, we feel excited, relieved, anxious, and determined. The one feeling no one escapes is the nagging sense that we’ve forgotten something important, that all our hard work might fail to pay off.
More than previous generations, modern workers are coming to pursue work-life balance above more traditional motivators like wages or long-term job security. This comes as a result of a general loss of confidence in the global economy. After the global financial crisis, wage growth has slowed in Australia and New Zealand, while real wages actually decreased even as economies started to grow in the UK and Ireland.
With a PhD in Philosophy from the University of Frankfurt, and an early career as a money manager for high net-worth individuals, Alexander Karp isn’t the type of person you’d expect to run a top-tier American data analytics firm. He famously likes to list off all the reasons he isn’t qualified for his own position, from not holding a technical degree of any kind to his hippie parentage. Today, however, he and and co-founder Peter Thiel preside over Palantir, a $20 billion dollar intelligence operation with far-reaching ties to government organisations, banks, and corporate powers. Karp himself is estimated to be worth over $1.2 billion dollars.
In recent years, advancements in digital technology, concerns about the environment, and globalisation have triggered periods of rapid and disruptive change in a host of industries. Rapid development is a good thing in general, but it also poses major challenges for businesses of all sizes. Businesses who can’t adapt to meet changing expectations, and who don’t find a way to innovatively compete, don’t survive long.