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For a business to thrive and grow, it essentially needs two things: a strategic plan and an ability to continually find new customers and tap into promising markets. Here’s how you can do that. The untapped potential in existing markets Start by re-evaluating your existing customer base. Profiling them will help you to more accurately define who your target consumers are. Explore different distribution channels that could be more effective…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian house prices poised for record surge in 2024, predicts Commonwealth Bank economist Australian homeowners may be in for a windfall this year as the country’s largest bank, the Commonwealth Bank of Australia (CBA), anticipates a significant surge in house prices. Belinda Moore, a senior economist at CBA, made the…  Read more

As a business owner, you often find yourself pulled in different directions by competing responsibilities. It can feel daunting to classify tasks and tackle the most time-consuming ones first. But why is it so hard for us to start – or even finish – seemingly insignificant tasks? Why do these tiny tasks become the bane of our existence, tempting us into procrastination limbo? Let’s explore why we get stuck on…  Read more

Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy. Data Privacy Day 2024: Aussies want transparency, businesses need action On Data Privacy Day, observed each year on January 28th, Australians and businesses are reminded of the vital importance of privacy. “Ironically, Data Privacy Day is a reminder that data privacy isn’t something a business can achieve in a…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. NAB CEO’s 2024 economic outlook NAB CEO Ross McEwan says Australia is well-placed to recover in 2024 as Australians respond quickly to sharp cost of living increases. Blockchain start-up backed by major banks collapses into liquidation owing $14 million An Australian blockchain start-up lauded as the future of banking…  Read more

When you’re ready to take your business to the next level, you might start thinking about “scaling”. No, it’s not just a fancy term for growth, it’s about doing more with less. Scaling is about increasing your revenue without needing to proportionately increase your resources—pretty cool, right? It’s like sending an email: whether you send it to 100 people or 100,000, your effort is the same. The trick to scaling…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. High chance’ of RBA achieving its goals in 2024: CBA Commonwealth Bank of Australia chief economist Stephen Halmarick has predicted that the central bank’s desired outcomes from increasing interest rates are likely to come to fruition this year. Australian capital city rents up 13% over year as further hikes…  Read more

So, we’re officially in the thick of a cost of living crisis. This presents a challenge for entrepreneurs and is a nerve-wracking time for many small business owners. If you’ve had sleepless nights worrying about how you’re going to pay your suppliers or support your staff, you’re not alone. It’s likely you’ve already looked at where you can cut costs, but it seems like an impossible task when suppliers are…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia-India trade deal a win for exporters In December, Tim Ayres, Australia’s assistant trade minister, visited India to evaluate the advancements in the pact. The Economic Cooperation Trade Agreement, signed in April 2022 and effective from December 29, 2022, has already demonstrated positive outcomes. Australian economy predictions 2024: Grim…  Read more

Inflation – it’s a word that’s been on everyone’s lips recently. Rates are on the rise, and our small business community is feeling it the most. Increased supply costs, a lack of workforce, and dwindling profits are among the challenges faced.  Let’s demystify inflation and delve into its impact on small businesses. Grasping Inflation In essence, inflation is the uptick in the cost of goods and services. Whether it’s a…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. House price growth ‘way better than expected’ as further rises expected in 2024 REA Group Economic Research Director Cameron Kusher says the growth in house prices has been “way better than expected” as it was predicted last year’s price falls would continue. According to NAB forecasts: Sydney, Melbourne, Brisbane…  Read more

For small businesses in today’s competitive market, outsourcing can offer a range of advantages. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. By working with external professionals or firms who work in certain areas, small businesses have the opportunity to streamline operations, increase productivity and…  Read more

Welcome to our Weekly 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…  Read more

As a small business owner, it can be incredibly difficult to maintain a healthy work-life balance. The obligations and responsibilities of running your own business often take priority over any personal pursuits, no matter how important they may be for your overall well being. But, with the right strategies and mindset in place, it is possible to strike an effective balance between working hard on your business and making time…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Jim Chalmers welcomes OECD prediction RBA has reached interest rate peak The treasurer, Jim Chalmers, has welcomed a projection by the OECD that the Reserve Bank has probably reached its interest rate peak but played down the prospect of the government posting a second successive budget surplus. $392 million Industry Growth…  Read more

AI (Artificial intelligence) has been both a huge disrupter and enabler for businesses of all shapes and sizes. (AI) is no longer just a pipe dream of science-fiction. It has become a vital aspect of today’s world and has meant businesses or employees can and are becoming more productive by leveraging the many AI tools for business activities.  In the past, the application of AI was limited to big corporations…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s unfair contract terms rules have changed: Here’s what you need to know Unfair contract terms in standard form consumer or small business contracts are now illegal after after new laws took effect on 9 November 2023.  Businesses are encouraged to review their standard form contracts and remove or…  Read more

In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your brand image, sales, and customer loyalty. Boost your brand image Online reviews are the first…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How much Aussies plan to spend on Christmas presents this year Australians are set to spend more on Christmas presents this year despite high inflation, interest rate hikes and cost of living pressures on households. The Christmas Retail Trends Report, conducted by Monash Business School’s Australian Consumer and Retail Studies,…  Read more

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective…  Read more