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It has been found that 60 percent of Australian businesses fail within their first three years. There are many factors at work in this, but the human factor always plays a significant role. Maybe the wrong person was hired for the job or maybe a proper company culture wasn't properly established.
Out of the range of reasons why businesses fail, mismanagement of people is both one of the biggest and one of the most avoidable. And one of the first major mismanagement potholes you risk falling into is ineffective rostering.
Managing time: it's a core component of a successful business. Whether you need to manage - or track - your own time as a small business owner, or accurately record the hours worked by your staff and contractors, the best way is via an app.
While the terms 'clocking in' and 'clocking out' are outdated and few businesses still use punch cards, the concept and process of tracking hours is just as relevant. But why is it needed? Simply put, as the old saw goes, time is money.
Inventory is a key concept at the heart of any business: it's what you, as a business owner, use to make money. In simple terms, inventory refers to all the items, goods, merchandise and materials held at hand for the on-selling stage that generates your cash flow.
As a major asset for any manufacturing or trading business, it's important for business owners to understand what inventory is really about and why it's so important to keep track of it.
Retail outlets, restaurants and other fast-paced B2C enterprises share the common business trait of receiving many payments over the course of a day. Sometimes big amounts, sometimes small, but always a high transaction volume and always worth tracking.
Using a point of sale system, or POS, is the way to do this effectively. A POS is the platform by which your customer makes a payment for your product or service. Simply put, every time a customer makes a purchase at your store, they're completing a 'point of sale' transaction.
Do you want your business to be known as a modern and environmentally friendly organisation? Are you still printing out copious sheets of paper … and filing … and storing … and reprinting when needed? If so, there is a better way.
There has been a lot of talk about Self-Managed Super Funds in recent years. You will have noticed there has been mixed media coverage about whether SMSFs are a good choice for managing the average person's superannuation.
Remember Walkmans? And later, portable CD music players? And VHS video players? And fax machines?
These were all once considered the very latest in technology but are now obsolete.
Times sure change.
Worried about a recession? 11 steps to meet a coming recession with confidence
17/11/2020 by Andrew Stubbs
It's no secret that a slowdown or contraction in economic activities happens from time to time.
Many business owners reading this will have experienced the Global Financial Crisis and/or the COVID-19 outbreak.
A cash flow forecast is a plan that shows how much money a business expects to receive in and pay out over a given period of time.
If a business runs out of cash and is not able to meet its obligations such as paying suppliers, creditors and staff, it will become insolvent. It is never an excuse for management to claim that they didn't see a cash flow crisis coming.
With organisations around the world looking for more effective ways to work remotely and keep their teams connected, the spotlight has fallen on web meeting tools to provide an edge for companies.
Most readers will already be familiar with at least some of these tools. The COVID-19 pandemic forced many businesses that previously operated entirely with on-site teams to look at remote work options to remain productive.
