Business Essentials

Are you suffering from AI FOMO? There are so many potential benefits from adopting artificial intelligence, but is it just hype? Aaron McEwen, Vice President of Research and Advisory at global research network, Gartner, gives a grounded, down to earth assessment. He discusses the potential benefits small businesses could gain from adopting AI and he highlights how smaller enterprises may increase the pace of progress by avoiding the complex change management challenges faced by larger companies. But he also cautions against the risks of moving too quickly.

Business Essentials Daily is produced by:

SoundCartel
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+61 3 9882 8333

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Simone Tsigolis saw a gap in the home-cleaning market: time-poor and exhausted families returning from overseas trips. That was just before Covid hit. She then pivoted her high-quality cleaning service, Jetlag Remedy, and has seen sales soar beyond $3 million. She puts it down to the quality and dedication of her 45 professional cleaning staff, whom she hires with a unique onboarding process. The sky’s the limit for Jetlag – she’s keen to expand into the major centres on Australia’s east coast.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

The small business retail sector is collectively holding its breath ahead of this holiday shopping season. The economic indicators don’t look good. So how about some practical advice to keep your head above water? CEO of Fifth Dimension Research and Consulting, Lyndall Spooner, shares achievable strategies to help businesses stand out during this competitive time. From offering higher-quality products and personalised service to easing the stress of holiday shopping, she explains how businesses can create memorable customer experiences that go beyond simple discounts, fostering loyalty that lasts well into the new year.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

The convenience of listening or reading almost anything from your hand-held device is convenient, simple and it’s big business. Steve Potash is CEO of OverDrive, the largest distributor of ebooks and audiobooks to libraries in the United States. OverDrive began in the mid-1980s by digitising reference books and documents for law firms. Today, as he expands overseas, including Australia, he discusses the success of OverDrive and the business opportunities in new media. 

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

As if the economic situation for small businesses wasn’t bad enough, an enormous number are now facing closure due to soaring insurance costs. Sometimes it is seemingly not available at all.

Small Business and Family Enterprise Ombudsman, Bruce Bilson, addresses the burden of rising insurance costs, exacerbated by a hardened insurance market due to pervasive natural disasters. Bruce offers solutions, including actively managing your insurance policies, working with brokers for specialized advice, and implementing risk mitigation strategies to lower premiums and ensure comprehensive coverage.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

There are indications that this holiday season will be far from a happy one for many small businesses. With Australians feeling the pinch from inflation and rising living costs, Deloitte's 2024 Holiday Period Survey reveals a tightening of consumer spending, with 90% of consumers planning to stay home and cut back on holiday shopping. Deloitte Partner Elise Shapley shares her insights from the survey around the importance of offering value, enhancing in-store experiences, and building trust. She also highlights how flash sale events like Black Friday and Cyber Monday can help businesses make the most of a difficult economic climate.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

Some people come to work full of beans ready to take on the world, while others can’t get going without beans – coffee, that is. Productivity expert Les Watson encourages bosses to take their employees’ chronotypes into consideration when it comes to their peak performance. Early birds work best in the morning, he says, while night owls are better later in the day. Les is a big believer in setting alarms, including one to remind him to go to bed.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

Prime Minister Anthony Albanese has made himself abundantly clear: credit card surcharges will be banned. But what does it mean for small businesses? CEO of the new Australian Restaurant and Café Association, Wes Lambert, discusses the current inquiry into credit card surcharging and merchant fees, and how it could significantly impact businesses. In an increasingly cashless society, the association continues to lobby government to ensure small businesses aren't unfairly burdened by credit card fees, which could wipe out already slim profit margins. And Wes outlines what small business owners can do to protect their bottom line and stay compliant, amidst these changes.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

The CEO of Hatch Brands, Todd Foot, is carving an impressive niche into the e-commerce landscape. With his focus on acquiring and investing in ‘Mum-and-Dad’ small businesses, particularly those in the homewares space, Todd discusses his strategies to help these businesses thrive in the digital age. He emphasizes the importance of e-commerce and highlights common pitfalls and missed opportunities in social media marketing.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.

Business owners who choose to deliberately underpay workers will face criminal charges from the first of January 2025. The new criminal measures are the latest to take effect, after the Federal Government’s “Closing the Loopholes” legislation passed at the end of 2023. But businesses shouldn’t be afraid, according to Fair Work Ombudsman Anna Booth. In this episode, the Ombudsman reassures business owners that it must be proven that the underpayment was deliberate. Anna also says that compliance can be straightforward, by following a voluntary code designed to protect those who make honest mistakes. Some of the other resources being made available include an advisory service, self-audit tools, and webinars to help businesses stay on track, avoid penalties, and foster better workplace practices.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.