Buying an existing business can be a great entryway into being a business owner – but it does come with challenges. Following these steps might make it easier for you to make sure that the business you buy is right for you. Understanding if you are ready for business: This doesn’t just involve the financial…
The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when it comes to the choices you make and how you manage your business. However, there are some which you should always avoid due to the…
n Australia-wide survey asked employees what benefits they would most want from their employers. The following are the top 10 benefits: Flexible working Discounts on electricity, gas and water Continued education options Petrol discounts Free meals Supermarket discounts Mental wellness initiatives Subsidised massages, yoga, and gym memberships Special company deals on loans, mortgages, health insurance…
There are three types of partnerships. The partnership type you choose will depend on what best suits the partners involved. General Partnership (GP) All partners involved will be equally responsible for the management of the business. Each member has unlimited liability (personally liable) for the debts and obligations that the business incurs. Limited Partnership (LP)…
Customers trust businesses with a lot of personal information and it is the business’ responsibility to maintain confidentiality. Businesses should take relevant precautions to ensure that the privacy and personal information of their customers is not compromised. Encrypting the information you receive from customers: There are programs available which encrypt information that customers send to…
Effective shipping is essential in a world where online shopping is so popular. Businesses can suffer if their orders are not being shipped on time or if they are not regularly updating their customers. The following are some ways you can improve shipping. Improve your communication with your shipping facility: Communicating with your warehouse and…
The internet and social media have made it all too easy for customers to relay their feedback to businesses. This can be a great thing because it shows other customers or potential customers why they should choose your business. However, this also means that if a customer has a negative experience, then their public feedback…
Businesses can gain a lot from collaboration, regardless of the industry they are in. The following are some reasons why businesses should care about collaboration. Get inspired As a business, it is important to build a routine and figure out day-to-day operations. However, this might mean that you stop trying different techniques which could be…
For businesses operating in a fast-paced and dynamic environment, the task of keeping records can fall secondary to everyday business operations. However, failing to efficiently keep up-to-date and comprehensive records can hurt your business’s long term operations. Probably the most important reason behind sound record-keeping is that it allows you to learn and grow from…
As a business owner, you need to continually update various different skills. Improving these skills will enable you to improve all aspects of business operations. Financial skills Being an owner means being able to manage finances. You should be able to effectively forecast your cash flow, monitor profit and loss, create budgets and make financial…