Customer satisfaction is critical when it comes to running a successful business. But what happens when an unhappy customer does make a complaint? In the age of social media, customers can share their thoughts about your product or service in an instant.
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.
Human resource management might seem like something for large businesses that have large staff numbers. But small and medium businesses with lower staff numbers can benefit from strategic human resource management as they grow. With that in mind, here we consider some of the top HR challenges and provide some helpful HR tips for small businesses.
Business growth can be tricky. Although each business is unique, researchers have uncovered common growth stages of small businesses and the challenges that are faced at each stage. Here we’ll look at these growth stages and what the choices that need to be made at each one.
Would you like to provide loans to people you didn’t know very well? It doesn’t sound too wise, but many businesses are in the finance business by default. In effect, when you offer invoice payment terms to your customers, you're providing short-term loans to them. Companies that don't have sound credit policies and procedures are assuming unnecessary risks and can jeopardise their existence. Here we’ll look at ways to minimise your risk with credit policies and procedures.
Family businesses provide a foundation for the Australian economy, employing half of the country’s workforce. Around the globe, around 80% of businesses are run by families. In Australia, this figure is 70%. Unfortunately, only 30% stay in business after the transition to the second generation. Even worse, only 12% of family-owned businesses survive to the third generation. Here we’ll uncover some of the challenges a family business can face and ways to overcome them.
The online reputation of your business is something you might not think about until a problem arises. But how you are perceived online will influence whether potential customers will purchase your products or services. Let’s look at how you can protect your brand online and enjoy the benefits of online reputation management.
We’ll send the results to your inbox right now.
Check your inbox for your repayment schedule PDF. If you have any questions, you can give us a call on 1300 88 09 72 or start a live chat from 9am to 5pm AEST.
Your repayment schedule email was not sent. Please call us on 1300 88 09 72 for assistance.