Business Essentials

Payroll tax returns for the 2024 financial year are due very shortly. Steve Baxter of Forvis Mazars advises businesses to start getting prepared now due to complexities around the tax. After all, a return may be required for each state and territory where a business has employees. Plus, he says, in the short period after the end of the financial year, the different classes of employees, wage categories, and connected entities will all impact on payroll tax.

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It’s a new world of communication for small business, with customers able to make contact on multiple platforms, often in very demanding terms. But according to Elise Balsillie, Head of Thryv small business software, Australia, those businesses who don’t respond in a timely manner are being left behind. She says it’s critical to build channels that ensure frictionless communication and, to embrace change that sustains your business into the future.

Business Essentials Daily is produced by:

SoundCartel
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Part of being able to communicate effectively as a leader is to understand and empathise with your team. Karen Gately, CEO of Corporate Dojo, says emotional intelligence involves self-awareness, making conscious choices about emotions and actions, and understanding and influencing the emotions of others. She says high emotional intelligence can improve team collaboration and responses to change. To develop your own emotional intelligence, Karen says, you need to start with self-awareness and be willing to make changes.

Business Essentials Daily is produced by:

SoundCartel
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Consumers are spoilt for choice. Confronted with so many shopping options every day, people perform shortcuts when making purchasing decisions. But building brand value is more important than short-term sales results. Troy McKinna, Co-Founder of Agents of Spring, identifies four keys to building brand value: find your consumers' most valuable problem; design a clear solution that delivers results; sell experiences that drive profits; and embed memories that last a lifetime.

Business Essentials Daily is produced by:

SoundCartel
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It’s a staggering statistic: one in seven cyber security attacks is made on small businesses. And according to the CEO of the Small Business Association of Australia, Anne Nalder, the situation is likely to worsen.

With an average cost per attack of $36,000, it is prudent for small business owners to shore up their security, but perhaps more importantly, train their staff. Anne emphasises the necessity for small business owners and their staff to stay updated and vigilant, advising them to be cautious of opening unfamiliar emails or engaging with suspicious phone calls. She underlines the need for proactive measures and a tech-savvy approach to protect against cyber threats.

Business Essentials Daily is produced by:

SoundCartel
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Poor cashflow management can damage relationships with customers and suppliers, inhibit business growth, and increase stress, potentially leading to poor decision-making and low employee morale. That’s according to Werner Botha, Senior Manager at Forvis Mazars. Some of the cash flow warning signs he says, include over-reliance on major customers, overdue invoices, and excessive short-term debt. Werner shares his strategies to getting a handle on cashflow, including streamlining invoice processes and conducting credit checks on customers.

Business Essentials Daily is produced by:

SoundCartel
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Lawyer Tracey Mylecharane has had plenty of distressed business owners come to her with cease-and-desist letters, following a new product or service launch that’s infringed on existing registered trademarks. Tracey insists, that before launching a new offer, ensure that the words aren’t already registered by a competitor. She explains how to do your due diligence and the consequences if you do infringe on a registered trademark.

Business Essentials Daily is produced by:

SoundCartel
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New businesses that survey potential customers, and established businesses that establish a customer blueprint, are setting themselves up to become a customer-centric success. That’s according to Ruchi Gupta, Founder and CEO of The Launchpad Co.. She says that too many small businesses fail to do their due diligence and can rapidly improve their prospects by increasing the value of their customer experience.

Business Essentials Daily is produced by:

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With just seconds to grab people’s attention and make an impact, intrigue marketing is one way business owners can cut through the daily advertising clutter. James Smith, CEO of digital agency, Smith Brothers Media, says any business can do this, just think creatively, be brave and give something new a go!

Business Essentials Daily is produced by:

SoundCartel
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Have you noticed an increasing sense of entitlement among your employees? You wouldn’t be the only one, according to Roxanne Calder, Managing Director of recruitment agency, EST10, who says there are more entitled employees today than in previous generations, largely a result of societal trends that are possibly over encouraging individuality. And while not everyone is entitled, with many deserving employees, showing appreciation and team engagement, you need to distinguish between the two and have strategies to deal with behaviours that don’t favour the group.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.