A majority of small businesses in Australia are run by their owners and have no employees. If you’re one of these business owners, you probably wear many hats. But as your business grows, you will start thinking about when to hire employees and what roles are most important. To answer these questions we consider the key roles in a small business.
The pandemic threw many of us into remote working, but now that workspaces have been opening up, 'hybrid work' – working partly from the office and partly remote – has become more common. While we’ve become more familiar with the pros and cons of working remotely, hybrid work has its own challenges. Here we consider the pros and cons of hybrid work and how to make it work.
Market research is an important function if you are starting or developing a business as you create a marketing strategy. The challenge for small business owners is to conduct market research when time and money are limited. The good news is that conducting your market research doesn’t have to be expensive. Let’s consider how you can benefit from researching your market without breaking your budget.
If you're a business owner, a breakeven analysis will help you determine when you will reach a breakeven point from the sales of your products or services.
What is a growth mindset and how does it impact SMEs? This concept has become popular in recent years among owners and managers wanting to grow and develop their businesses. Here we’ll provide a growth mindset definition and explain how you can develop the basic qualities to develop a growth-minded organisation.
The three most crucial statements that businesses use to check their financial performance are the income statement, cash flow statement, and balance sheet. Learn what an income statement (also known as a profit and loss statement (P&L)) is and what it can tell you about the financial health of a business.
For many SMEs, through COVID-19, it became much more difficult to access finance. But in May 2021, it appears things are finally starting to turn around. There are green shoots…
The abbreviations EBIT and EBITDA are commonly used by financial analysts when looking at business performance. These metrics can also help small business owners and investors, so here we’ll explain what they are and how they are calculated.
Small business has a big impact on Australia’s economy, including employment and overall contribution to GDP. Given the important impact of small business, it’s important to have a clear definition of the term.
You often hear the terms ‘gross profit’ and ‘net profit’ in relation to business results. Here we provide a brief explanation of these terms – plus gross profit margin and net profit margin – in relation to small business.
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