How profitable should your business be and how to get there
The answer to the question of how profitable your business should be is: it depends.
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Business
Generational succession: Do your kids really want to take over your business?
Generational succession – handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes – you need to make sure that everyone understands what the transition will mean and everyone is aware of their role and responsibilities.
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Four common mistakes SMEs make with their data and how they can be avoided
Australian businesses are behind their international counterparts in employing data analytics, but this isn’t because they don’t want to. The unspoken problem is the lack of information provided informing businesses about how they can use their data correctly. Sadly, it isn’t as simple as analysing customer numbers, sales or demographics data. While this information is
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Australian Federal Budget 2023/24: the wins for small business
On Tuesday evening, Federal Treasurer Jim Chalmers handed down the 2023-24 federal budget. A surplus of $4.2 billion is forecast in 2022-23, but an underlying cash deficit of $13.9 billion is expected in 2023-24 (and a $35.1 billion deficit for 2024-25). The budget papers note that the global economic outlook has deteriorated and is highly
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Why you should invest in a marketing strategy and how to decide on a budget
Investing in a clever marketing strategy and giving careful consideration to how much you want to spend will reduce stress and provide greater returns for you and your business.
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Ways to transform your business
Transformation of your business is more than just developing a strategy for growth or improvement; it’s about completely rethinking how you conduct business. The need to transform your business can be driven by changes in the industry, technological improvements, changes in regulations or responding to competitive pressures. Any innovation or transformation involves a marked shift
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Top tips for best practice payroll compliance
Payroll is a workplace function that usually occurs in the background and simply just “happens.” Any business who adopts these top tips for best practice payroll compliance, should find that payroll is invisible to the rest of the business. It does however remain one of the most preventable areas of risk for many businesses. With
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Reducing the financial risk of launching a new business
There’s no doubt that starting a new business has risks. While it may be tempting to remain positive and ignore them, you need to know how to reduce the financial risks when launching a new business. Risk management is the process of identifying and assessing risks and developing strategies to mitigate them. A risk management
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Queensland Government round 3 small business grants – updated
The Department of Employment, Small Business and Training administers grants and programs to help Queensland small business continue to recover, grow and thrive by committing grant funds for businesses to increase key capabilities, embrace innovation and assist high-growth businesses to capitalise on opportunities. Round 3 of the small business basics grants program opens on Wednesday 4
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