Small Business Archives

Small Business Inventory And Inventory Management Tips

Inventory Management: A Short Guide for SMEs

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.

Workers Considering Triple Bottom Line Reporting

Triple Bottom Line and How to Implement It

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.

Multitasking in Business: Why It Doesn’t Work

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 and How to Use Them in Your Business

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.

Team Members Discussing Strategic Human Resource Management

6 Human Resource Management Tips for SMEs

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.

A Business Owner Checking Stock And Considering His Small Business Growth

Business Growth Stages – Where Is Your Business?

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.

Credit Policies and Procedures to Protect Your Business

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.

Tips for Overcoming Family Business Challenges

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.

A Businesswoman Working On Online Reputation Management

6 Tips for Online Reputation Management

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.

A State-By-State Guide to COVID-19 Lockdown Support

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.

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