Tips to retaining your customers

Tips to retaining your customers

Acquiring new customers can often be simpler than retaining existing customers. However, loyal customers give your business a higher chance of succeeding. Unhappy customers stop doing business with you, negatively affecting your business’ growth. The rate at which your business is losing customers is called churn rate. It can be crucial to address this churn…

Creating a business contingency plan

Creating a business contingency plan

When business is going well, it can be easy to procrastinate planning for the bad times. However, preparing for disaster before it strikes by having a contingency plan can be the key to business survival. A contingency plan can help businesses prepare for possible circumstances such as natural disasters, employee theft, negative publicity or staff…

Growing your business with referrals

Growing your business with referrals

‘Word-of-mouth’ referrals may seem like an outdated concept in today’s digital age of online reviews, but a few credible and positive opinions can still go a long way when it comes to attracting new clients. Customer referrals are never guaranteed, but here are a few methods you can use to increase the number of people…

JobKeeper to be extended

JobKeeper to be extended

The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment reductions compared to the original JobKeeper amounts, as well as revised eligibility requirements. The new JobKeeper flat-rate payment after September will be reduced…

Changes to business practices and TPAR

Changes to business practices and TPAR

COVID-19 has forced businesses to adapt their practices to cater for social distancing measures and sanitary precautions. As a result, many businesses have taken on contractors to assist with these changes. Businesses who have made payments to contractors in the last year may need to lodge a Taxable payments annual report (TPAR) by 28 August.…

Debt financing vs equity financing

Debt financing vs equity financing

Gathering funding is a challenge that almost all business owners face at some point. Financing can come in two forms – debt financing and equity financing. Debt financing is money that you borrow and plan to pay back within an agreed time frame and interest rate. Common forms of debt financing include bank loans, mortgages…