Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration between…
Being a contractor offers flexibility, choice and more control over your own schedule. It also means that you have different responsibilities from other employees that you may have to fulfil. For employers, knowing the difference between a contractor and an employee is a must. It can lead to costly penalties if the two get confused.…
With the demanding conditions that have plagued the retail industry over the past twelve months, business owners need to be aware of all the restructuring options available before it is too late. COVID-19 has unfortunately resulted in reduced foot traffic, store closures, the accumulation of legacy creditors and significant deteriorations in working capital positions. Even…
Making decisions as the owner of a business can be a world of difficult choices, but none so much as deciding that your business requires a partner. It’s a critical, strategic decision for the business that you won’t want to get wrong. Approach your search for the right business partner to suit your business as…
Sometimes you might want to set up a structure where you will share in the spoils with everyone that deals with that structure. There is a specific type of structure for this and it is known as a Co-Operative. A co-operative business structure (or co-op) is a legally incorporated business entity that is designed to…
More and more Australians bought local products during the past year and rallied behind smaller businesses, which buoyed many shops that may have otherwise struggled to stay afloat. To create this kind of loyalty and support it’s crucial to develop and maintain a strong connection with your customers. If you are a small business, this…
Feel like your business is stuck in a rut? Unable to solve a problem that you know is going to cost you in the long run? It might not be financially tanking, and it’s highly likely that your revenue stream isn’t down, but if you’re not sure what direction to take, it could also mean…
With the end of the 2020 financial year rapidly approaching this month, many businesses will be reflecting on how they managed to navigate and meet the challenges of a turbulent time (namely, the COVID-19 pandemic). By taking what they have learned, what worked and what failed, businesses should be able to plan for their future…