When we discuss growing a business, the conversation typically focuses on financing, innovation, personnel management, and cost management. Another key factor that’s often under-emphasised is customer service. In a way, the way that businesses interact with customers is a part of the product, and optimising this can often benefit a business as much as any other form of product development.
After examining the General Retail Industry Award 2010, the Fair Work Commission has decided to make some significant changes to penalty rates for retail workers. Specifically, over the next several months, penalty rates for Saturday hours will be increased by 25 per cent, while those for weekday night hours will be increased by 15 per cent. Penalty rates for Sunday hours, on the other hand will be lowered slightly.
Australian businesses often struggle to get paid on their own terms. Instead, they rely on debt solutions to maintain their smooth operation and growth. While that might sound like an elegant way to address the problem, it means that these businesses are forced to pay interest on money that they’ve already earned. Worse, many businesses can’t simply access credit in order to support themselves, which results in unreliable supplier payments, and a potentially unstable supply chain.
Foreign exchange costs are weighing down Australian businesses, and the ACCC has announced a new investigation into the issue. According to the World Bank, Australia is now the third most expensive G20 country for small businesses and consumers to send funds from. Specifically, using traditional exchange services, a $1000 transfer from Australian would cost $9 more on average than one from the UK, and $23 more than one from the USA.
Throughout his career, Jack Dorsey has operated with a laser focus on the power of fast, simple, and effective communication. Reaching well beyond his work in founding and serving as Twitter’s first CEO, Dorsey has applied his passion for good communication to his other business ventures, as well as his personal management philosophy.
In 2018, it might come as a surprise that less than one third of Australian business owners are women. Worse, those figures decrease as businesses become larger, with women representing just 15 percent of corporate CEOs, and an even smaller proportion of tech startup entrepreneurs. For female entrepreneurs, those figures represent a stark reality. Despite ongoing social progress, women are still at a disadvantage when it come to business leadership.
Founding and running a business is a taxing experience, both in the short and long term. Going on to transform a new startup into a successful and growing enterprise is a downright herculean task. The road to success is long, and can often be discouraging. Considering this, it’s understandable that a large majority or new businesses never make it past their first year, and many of those that do never grow to become significant names in their industry.
A survey of 460 Australian hiring managers by Robert Half has found that nearly two thirds have had a new employee resign during their probationary period. This is because many businesses, particularly small businesses, don’t have a clear onboarding process following up on their initial recruitment and hiring strategies. Nearly half of the surveyed managers reported employees quitting in their first month specifically because of this issue.
The Australian housing market in 2018 appears to have finally stalled. Over the course of the last year, Sydney’s home prices have dropped by 5.5 per cent. Other capital cities have seen smaller, but consistent drops averaging at 1.7 per cent. After decades of consistent growth, this slump could have serious effects for small businesses, many of which rely on loans that are secured against private family homes for financing.
2018 has become a tough year for many Australian taxpayers. With the ATO cracking down on a number of common tax errors, many affected small businesses are finding themselves caught by surprise. In many cases, deductions and minor mistakes that were previously accepted without incident are being rejected, often leaving them with significant unexpected costs.