Business Essentials

How are you supposed to make money from your savings in this ridiculously low interest rate environment? That’s a question many investors have been asking themselves when they look at the measly returns they get from term deposits or money in the bank. Wise investors could be looking elsewhere and our wise advisor Greg Keady suggests where.

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As painful as it is, like ripping off a Band-Aid, sometimes you just need to have a chat with a difficult staff member.

It’s never easy to confront an employee with an ongoing problem, but putting it off could lead to the issue worsening over time. Marita Ryan, Director of Marita Ryan Consulting, has some useful tips on how to conduct a critical conversation, which can actually help build trust and respect from the employee and indeed the whole team.

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Former Westpac CEO, Brian Hartzer, has spent more than 30 years in financial institutions in Australia and overseas observing and applying lessons on how to build highly engaged teams. He’s developed a five-point framework which he outlines in his new book, ‘The Leadership Star: a practical guide to building engagement’. He shares what he’s learnt to help businesses increase customer satisfaction, employee productivity and ultimately improve the bottom line.

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The labels marketers use to describe consumers no longer serve the purpose they used to. That’s according to customer engagement expert, Michael Solomon, whose new book, ‘The New Chameleons’, outlines how consumers defy the categories in which businesses often put them. The world today has made our lives more complex and so too the job of the marketer. Michael says the first step is recognising that demographic dichotomies are disappearing, and that technology has eliminated the need to deal with large, homogenous segments.

Reference

Michael Solomon’s book, The New Chameleons, is available for BE Daily listeners for a 20% discount. Enter the code ‘CHAMELEON20’ at checkout:
https://www.koganpage.com/product/the-new-chameleons-9781398600041

 

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

Writing down your goals is one thing, but following through on them to achieve success is quite another. You could do worse than follow the advice of entrepreneur Matthew Michalewicz. He has developed and grown several technology companies in the US and Australia, his last achieving revenue from start-up to $20m in just 7 years. A much sought-after speaker and now co-founder and managing director of Complexica, Matthew shares his secrets to business and life success.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

After 30 years of experience, one of Australia’s best real estate agents knows exactly how to navigate the "fee reduction?" question.

If you can explain why your service is better than your competitors, you shouldn’t have to compromise on price. James Tostevin’s passion for his job and disciplined work ethic helps explain why he is so good at what he does, which translates into phenomenal success. And the lessons he gives to Business Essentials can be applied to any business.

Business Essentials Daily is produced by:

SoundCartel
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+61 3 9882 8333

See omnystudio.com/listener for privacy information.

Those mavericks in your business who do their own thing might be just the people who make changes for the better.

Darrell Hardidge of SAGUITY calls them 'positive deviants' and if you think you don’t have any in your business, you might be surprised. Once you find them, Darrell says, you first need to properly engage them to make the most of their talent.

Business Essentials Daily is produced by:

SoundCartel
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+61 3 9882 8333

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If you’re considering retiring in the next few years, will you be passing on your business to the next generation? If so, now’s the time to start the process, advises Greg Griffith, CEO of Family Business Australia. FBA in partnership with Australian Small Business and Family Enterprise Ombudsman has developed, ‘Download ‘An Introductory Guide to Family Business Succession Planning'. Greg outlines the key points owners should think about when handing over a business to the next in line.

Reference

Download ‘An Introductory Guide to Family Business Succession Planning':
https://www.familybusiness.org.au/resources/introductory-guide-to-succession-planning

 

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

Promising your employees bonuses or promotions, but never following through is known as “breadcrumbing”. The term originates from modern dating, where someone is being led-on with small morsels of interest, like phone calls and texts, but nothing eventuates. Karen Gately of Corporate Dojo says breadcrumbing in the workplace is dishonest, disrespectful and unfair. A more effective way to motivate staff, she says, is by being proactive and clear about individual expectations.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

The bigger the project, the harder it can be to stay focused – but there are strategies to tackle procrastination.

Productivity expert, Dermot Crowley, walks us through those exercises. He says learning how to reduce or eliminate distractions will help keep you focused. Dermot insists on having a plan, otherwise you might be tempted to react to whatever or whoever comes your way.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.