Each year, the World Health Organization sponsors World Mental Health Week. In Australia, the mental health and wellbeing of SME owners and employees have been recognised as an important issue in recent years. Now, with the COVID-19 pandemic, business owners and staff are under more pressure than ever. Here we take a deeper look at this issue and provide tips for promoting better mental health for business owners, managers and staff.
One of the biggest challenges for growing businesses is hiring the right staff. Creating an effective job description is an essential step in ensuring you hire the right person with the right skills. In this short guide, we offer tips for creating job descriptions for some of the most common roles for growing businesses.
With the challenges raised by COVID-19, community involvement is a key to ensuring long-term recovery and cohesion. While large businesses often support high-profile charitable organisations and large scale social responsibility initiatives, small-to-medium enterprises can get involved and give back to their local communities. Here are a few ways for small businesses to give back to their communities. Many don’t require spending money, so they’re an option if you don’t have extra funds budgeted.
Do you ever feel like a fraud? Do you ever feel like you lucked out or that you don’t deserve your success? Or that you’ll be found out by your family, friends or colleagues? You’re not alone. Such feelings relate to what is called imposter syndrome – sometimes known as “impostor phenomenon”. It can hold us back in many areas, especially in business and professional life.
Inventory management is a crucial process for many businesses. It involves managing completed or semi-completed products or components, or raw materials, that are used to make finished products. It also must have been purchased to be considered inventory, also called stock. For example, if you are selling something on consignment for another business, it’s not classified as inventory.
While there are many ways to measure results in business, the triple bottom line (TBL) is used by businesses to assess the results they are getting based on the sustainability measures they have implemented. Large corporations and governments are more likely to implement this approach, but small-to-medium enterprises (SMEs) can also consider implementing it as well. In this overview of TBL, we’ll define the concept and triple bottom line examples.
The popularity of multitasking in business is a result of a misconception that it is a way to get more things done. The truth is that multitasking reduces productivity by up to 40 per cent and lessens the limited supply of attention that employees have to offer. It can even lower intelligence and negatively affect decision making. With COVID-19 lockdowns and more people working from home, it can be even more challenging to stay focused. Given the impact of this problem, it’s important to understand what multitasking is and what you can do to overcome it.
QR codes have become part of everyday life with COVID-19 contact tracing, but this is just one of many ways that this technology can be used. Uses for QR codes in business are used in a range of ways to connect and share information with customers. Here’s a quick overview of how this technology works and how to leverage it in your business.