For small business owners, figuring out the difference between annual leave and long service leave can feel like trying to crack a secret code. Whether you’re trying to keep your business compliant, or foster a happy, productive team; this guide will break it all down so you’ll know exactly how Australia’s leave entitlements work, how they accrue, and how best to manage them in your business. What are annual leave and long service… Read more
In a move that was widely anticipated by banks and markets, the RBA announced a reduction in the cash rate from 4.35% to 4.1%, a reduction of .25%. The RBA stated that a lower inflation rate and a tightening in private demand, provided justification for reducing the rate. However, the RBA noted that conflicting labour market signals may prevent further reductions in the near term. For the full RBA statement,… Read more
Often in business, the focus is on increasing sales to boost profit. However, there are other ways to enhance profit without acquiring new clients or making extra sales. Improvements can always be made at the margin. Enhancing your systems and processes can significantly impact the bottom line. Here are 11 strategies to improve your profit: 1. Negotiate Better Prices with Your Suppliers Look along your entire value chain for opportunities… Read more
Dealing with risk is an inherent aspect of business management. The way you prepare for risk is the most important factor in determining the longevity of your enterprise. Businesses of all sizes have to contest with the possibility of unexpected events occurring, but it’s how you plan for and react to such scenarios that influence your handling of them. These five methods of controlling risk will provide you with the… Read more