Welcome to our Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s GDP is going backwards We have now had three consecutive quarters of falling GDP on a per capita basis. That last happened 40 years ago during the 1982-83 recession. That is not good. And it doesn’t get any better when you break down what drove what little growth there was.… Read more
Small business owners often feel that they have to do something to stand out from the crowd and attract an audience. If that’s how you feel, you’re definitely not alone. Many business owners try to stand out by creating fancy websites that grab attention. Those may work in the short term, but it’s worth considering other ways to market yourself as an industry leader and build relationships with your ideal… Read more
Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead. If you’re wondering where to find business start-up funding, there are a variety of options available to you. Each of these options has its advantages and disadvantages, and it’s important to… Read more
The unfortunate reality is most business owners don’t take proper holidays. Usually this is because their business relies on them and they don’t have the support to keep the business running without them. As a business owner, have you ever considered what would happen to the business if you had to take a six months break because of a serious illness or injury? Would the business survive? How would the… Read more
One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do. When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra… Read more
Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services. The key to benefitting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to… Read more
Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,… Read more
You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5 steps you can take to help your business recover after… Read more