Business Essentials

Employers who fail to respond to a formal flexible work request within 21 days, can find themselves being taken to the Fair Work Commission. Paul Cott, Principal at Law on Lydiard, discusses this new rule change to the Fair Work Act. Employees can formally request changes to their work patterns, such as altering hours, location, job sharing, or splitting shifts. These requests must be made in writing, and employers are required to genuinely consider them and respond within 21 days. The process aims to balance employers’ business needs with employees’ personal commitments and circumstances.

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It might be that you meet someone that comes across as your new best friend, but the charming behaviour of a sociopath is merely a front for their own selfish intentions. The best thing you can do, says Professor Gary Martin, is not hire them in the first place – but it's not always easy to spot someone with sociopathic tendencies. Professor Martin, CEO of the Australian Institute of Management in WA, takes us through six signs to determine if there’s a sociopath lurking in your business.

Business Essentials Daily is produced by:

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One of the best sales opportunities that's too often ignored is customer enquiries from inbound phone calls. Colin Pearce explains how to win long-term loyal customers with his six-P's approach. When the phone rings in your business, Colin insists, be prepared to answer promptly. And then, be positive from the outset, be precise when scheduling an appointment, be personal, and – most importantly – be polite.

Business Essentials Daily is produced by:

SoundCartel
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In a world of increasing uncertainty, it’s not enough to just keep one eye on change, you need to know how to adapt quickly and effectively to stay in the game. Adam Bennett, a former CEO and big-4 bank CIO, has written a book on how to turn your plans into reality: ‘Great Change: The Way To Get Big Strategy Done’. He says there are three key tasks leaders need to undertake in order to make change happen: scanning the horizon for disrupting events, planning a strategy, and executing the strategy.

Business Essentials Daily is produced by:

SoundCartel
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The fear of being left behind is driving AI adoption without businesses having a clear understanding of it. Brad Kasell, Principal Technology Strategist for data experience platform, Domo, says ChatGPT for example can provide powerful capabilities for analysing data, but that many businesses only use it for basic tasks. He says, using unstructured AI data can expose hidden biases and deficiencies, making data quality a significant risk. Brad says, AI needs to be applied thoughtfully, focusing on solving genuine business problems rather than embracing it because it’s on trend.

Business Essentials Daily is produced by:

SoundCartel
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Retailers that are looking to open to new shopfronts are being hamstrung by huge construction costs and a lack of builders. Business is going so well for Dr. Vivek Eranki’s Cosmetique that he is planning to open 30 new beauty, injectables and laser hair-removal clinics across the country in the next 12 months. The problem is that construction time and costs are blowing out. He says he prefers buying a property, rather than leasing, as it reflects well on the balance sheet, and he can plan more easily because he knows what the expenses will be.

Business Essentials Daily is produced by:

SoundCartel
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A lot of businesses have a 12-month plan, but if you want to achieve quicker and more focused results, you’re better off combining that with a hundred-day rolling business strategy. That’s according to Michael Fingland, CEO of Vantage Performance, which helps turn around underperforming businesses. He says the 100-day strategy focuses the team on what they should be prioritising for the quarter, which can change from the 12-month roadmap depending on the market dynamics, leading to traction and momentum.

Business Essentials Daily is produced by:

SoundCartel
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By employing what she calls her “Critical Alignment Model” for both herself and her clients, Remi Pearson has built an expanding, international coaching institute. In one of her many books 'Disruptive Leadership: Four Simple Steps to Creating the Winning Team', she explains how to question the status quo, to build better businesses.

Business Essentials Daily is produced by:

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Customer service is not for the faint-hearted – it requires everyday attitude, mindset and commitment. So how do you find the right frontline staff and nurture them to be their best? Customer service expert Monique Richardson says it comes down to you and your leadership ability. Monique is author of ‘They Serve Like We Lead: How to take care of your people, so they take care of your customers’. She describes the ideal hiring and onboarding process, and also an off-boarding strategy for those who decide to move on from your business.

Business Essentials Daily is produced by:

SoundCartel
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To be a successful negotiator, it’s not so much about what you say, but how you say it. Negotiation specialist Glin Bayley’s new book, 'The Negotiation Playbook', offers practical strategies to help you boost your communications skills in everyday situations. She says there are five keys to being a good negotiator: understanding value, analysing data, recognising leverage, embracing discomfort, and executing a strategic plan. Effective negotiation skills can lead to personal and professional growth, helping you become more confident, influential, and capable of managing conflict.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.