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.
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.
With current and recent lockdowns in several states affecting half of the population, state governments have stepped up with support packages to help businesses that have been negatively impacted. Here’s a summary of what’s available in states where businesses have felt the negative impacts of lockdowns.
Accounting for 61 per cent of all businesses, sole traders are the engine of the Australian economy. While much of the media focus is on larger businesses traded on the ASX, small businesses run by sole traders provide a range of products and services to both consumers and businesses. Many sole traders provide trade, creative and professional services. Here we consider the sole trader definition, the most common questions asked about this business structure, and its advantages and disadvantages.
On 13 July 2021, the NSW Government announced a comprehensive support package for businesses across New South Wales to help them get through the COVID-19 lockdown. The total commitment will be up to $5.1 billion, which includes more than $1 billion in support from the Commonwealth Government as part of a program supporting businesses and employees.
Invoice finance is one way businesses can improve their cash flow. Also known as debtor finance, cash flow finance, invoice discounting and accounts receivables finance, the dollar amount of invoice financing at any one time in Australia is around $75 billion, which is 3 per cent of GDP. While more businesses are using debtor finance to unlock the value of their unpaid invoices to improve working capital, it doesn’t come without a cost. Let’s look at the basics of invoice finance and unpack the elements that make up its cost.
The question of business structure does not come up too often. It’s usually when starting a new business or deciding to change an existing one, that the question of which is the best business structure comes up. Here we’ll consider factors to consider when choosing or changing a business structure and provide a brief overview of the legal business structures available.