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   Profit Strategies

Profit Strategies

10000 hour rule

10,000 Hour Rule

In the book ‘Outliers’, the author Malcolm Gladwell mentions the ‘10,000-Hour Rule’, claiming that the key to achieving world class expertise in any skill ...
Employee share schemes

Advantages and Disadvantages of Giving Employees Share Ownership

Employee share schemes are designed to give employees a share ownership in the company they work for. This can be structured in various ways ...
advisory board thumbnail

Advisory Board

The value of expertise from outside of the company without diluting control An advisory board is a body that provides non-binding strategic advice to ...
Affiliate marketing

Affiliate Marketing

Performance based marketing invented in 1989 and now in widespread use Affiliate marketing is a type of performance-based marketing in which a business rewards ...
Asic Audit

Audit

Company record keeping and audit requirements All companies are required under the Corporations Act 2001 to keep financial records. These records are also used ...
Asx listing

Australian Stock Exchange Listing

Advantages and disadvantages of ASX listing The Australian Stock Exchange (ASX) has 2,200 listed companies, an average daily turnover of A$5 billion and a ...
benchmarking

Benchmarking

Benchmarking is the process of comparing one's business processes and performance metrics to best practices from other companies. Dimensions typically measured are quality, time ...
australian institute of company directors thumbnail

Benefits of Joining the Australian Institute of Company Directors

The origins of the Australian Institute of Company Directors (AICD) can be traced back to the United Kingdom’s Institute of Directors, formed by Royal ...
benefit of non executive directors

Benefits of Non-Executive Directors

Creative contributions and improvement, and objective criticism A non-executive director (NED) is a member of the board of directors of a company who is ...
Black Swan Event

Black Swan Event

Develop robustness against negative events and exploit positive events The black swan theory describes an event that comes as a surprise, has a major ...
Malcolm Turnbull body language

Body Language

Nonverbal signals affect how people trust, respect and like you Body language is a type of non-verbal communication, where thoughts, intentions, or feelings are ...
branded products

Brand

Branded products can command higher prices A brand is a name, term, design, symbol or other feature that distinguishes one seller's product from those ...
brand licencing

Brand Licensing

Licensing means renting or leasing of an intangible asset under a licence agreement. A licensing agreement authorises a company which markets a product or ...
break even point

Break Even Point

The easiest way to destroy a business’s profits is discounting prices The break-even point (BEP) for a business is the point at which total ...
international business awards

Business Awards

Gaining attention and credibility through awards All businesses can, and should, enter a business award. There are a huge variety of awards to choose ...
business exit strategy

Business Exit Planning

Exiting your business – 52% of owners have no succession plan! Business surveys show that 33% of independent business owners plan to exit their ...
business-process outsourcing thumbnail

Business Process Outsourcing

Advantages and disadvantages Business process outsourcing (BPO) involves the contracting of the operations and responsibilities of a specific business process to a third-party service ...
business process reingeneering

Business Process Reengineering

Business process reengineering is defined as the redesign of core business processes to achieve dramatic improvements in productivity, cycle times and quality. It is ...
Business valuation

Business Valuation

Find out if you are creating a more valuable saleable asset Business valuation is a process and a set of procedures used to estimate ...
buy sell agreements tax

Buy-Sell Agreement

What happens if a co-owner dies, retires, leaves or becomes disabled A buy–sell agreement, also known as a buyout agreement, is a legally binding ...
Customer value

Calculate The True Value of a Customer

Calculating the true value of a customer, or potential customer, puts a value on the total sales and profits generated by one individual customer ...
Dowlais Ironworks

Cash Flow Statement

A business’s most critical resource is cash The cash flow statement (CFS) shows how changes in balance sheet accounts and income affect cash and ...
cloud accounting

Cloud Accounting

Cloud accounting is accounting data and software that is accessed online (like internet banking, for example). With cloud accounting access is available anytime from ...
fremantle festival community engagement

Community Involvement

Stand apart from your competitors – be active in the community Surveys show that 98% of consumers will use a business that is active ...
Competitor

Competitor Analysis

Learn about your competitors and identify threats Competitor analysis involves assessing the strengths and weaknesses of current and potential competitors. This enables the identification ...
contingency plans

Contingency Plan

Three steps for planning for the ‘what happens ‘if’ scenario’ Contingency plans are used for risk management when an exceptional risk that, though unlikely, ...
Conversion marketing

Conversion Marketing

  Converting site visitors into paying customers In electronic commerce, conversion marketing is the act of converting site visitors into paying customers. The efficacy ...
volunteer

Corporate Volunteering

Raise awareness of your business by being helpful Corporate volunteering is an altruistic activity where a business and its employees provide services for no ...
Crowdfunding

Crowdfunding for Australian Business

Innovative fast growing businesses needing to raise additional capital Crowdfunding is an important source for small businesses to acquire capital for growth in Australia ...
Customer communication plan

Customer Communication Plan

Customer communication with existing customers is generally neglected by businesses as they focus their marketing and advertising on communicating with potential customers. All businesses ...
customer retention

Customer Retention

Existing customers generate 1.7 times more revenue than normal customers Customer retention is the activity that a company undertakes in order to reduce customer ...
Customer Satisfaction

Customer Satisfaction Evaluation

What the customer thinks and not what the business thinks they think Customer satisfaction is defined as the number of customers, or percentage of ...
Customer Segmentation

Customer Segmentation

Understanding differences within your market Customer segmentation involves dividing a customer base into subsets of customers that have, or are perceived to have, common ...
data loss

Data Backup and Recovery

Losing data can cause your business to grind to a halt. All business owners know they should backup their data, but too many never ...
Debt Financing

Debt Financing Rules

Four debt financing rules to factor in Debt financing involves borrowing funds from a lender. The lender is usually a bank but can also ...
debt vs equity

Debt vs Equity Financing

Advantages and disadvantages Business activities and investments are financed by raising funds through owners’ equity, debt financing, or a combination of the two. Most ...
debtor credit

Debtor Management

Assessing customers for credit and minimising debtors The objective of debtor management is to minimise the time between issuing an invoice to a customer ...
digital marketing

Digital Marketing for Accountants

Building brand awareness with a digital marketing campaign Digital marketing uses targeted, measurable, and interactive digital channels to build brand awareness, generate and retain ...
Delegation

Effective Delegation

Delegation is one of the most important management skills and if done well saves you time, develops your people, grooms a successor, and motivates. ...
8 hour work day

Eight Hour Work Day

Happier and more productive employees – Sweden’s six hour work day The eight-hour day movement had its origins in the Industrial Revolution in Britain, ...
Emotional Intelligence

Emotional Intelligence

Guiding behaviour and thinking Emotional intelligence (EI) is the capability of individuals to recognise their own, and other people's emotions, to discriminate between different ...
employee survey

Employee Surveys

Find out what your employees really ‘think’ Employee surveys are tools used by companies to gain feedback on and measure employee engagement, employee morale, ...
Choice employer

Employers of Choice Recruit Superior Employees

A business that meets all of its employee expectations is called an employer of choice. Employers of choice attract, motivate and hold on to ...
Employee agreements

Employment Agreements

Protecting your business with Employment Agreements The terms and conditions of employment in Australia can be defined by an award, agreement or contract. These ...
Elephant on tightrope

Enterprise Risk Management

Enterprise Risk Management (ERM) in business includes the methods and processes used by businesses to manage risks and seize opportunities related to the achievement ...
entreprenuers programme

Entrepreneurs’ Programme

 Business support from over 100 private sector Advisers and Facilitators The Entrepreneurs’ Programme is the Australian Government’s flagship initiative for business competitiveness and productivity. ...
Business website

Every Business Should Have a Website

There are currently 1 billion web-sites on the World Wide Web The World Wide Web (WWW) was created in 1990 by the British CERN ...
export grants

Export Market Development Grants

The Export Market Development Grants (EMDG) scheme is a key Australian Government financial assistance program for aspiring and current exporters. Administered by Austrade, the ...
Exporting

Exporting

You need a product or service which is in demand in overseas markets Exporting can be a profitable way of expanding your business, spreading ...
Facebook

Facebook

Engage, interact and learn about your target business market with Facebook Facebook is an online social networking service founded by Mark Zuckerberg (and others) ...
Factoring

Factoring | A business practice used in England since 1400

A business practice used in England since 1400 Factoring is a type of debtor finance in which a business sells its debtors (i.e. invoices) ...
Flight centre incentives

Flight Centre Incentive Schemes

Recognising and rewarding hard work Flight Centre Travel Group is an Australian-based international travel company and the largest retail travel outlet in Australia. It ...
hedging currencies

Foreign Exchange Hedge

Reducing risk by implementing a foreign exchange hedge A foreign exchange hedge is a method used by companies to eliminate or ‘hedge’ their foreign ...
Nandos Franchising

Franchising

Franchising has its origins in the Middle Ages; well before McDonalds! Franchising is a business relationship that allows the use of a firm's business ...
Green

Green Business

‘Green’ businesses are favoured by employees and consumers Sustainable businesses or green businesses have minimal negative impact on the global or local environment, community, ...
high performance

High Performance Teams

Take a quantum leap in business results with a high-performance team High-performance teams (HPTs) are teams, organisations, or virtual groups that are highly focused ...
Holiday

Holidays

Not taking at least three weeks annual leave? Time for change! Australian small business owners are struggling to get some much needed time away ...
Customer flow

Improving Customer Traffic Flow

Golden rules for optimal store layout and customer traffic flow The layout of your retail store determines the way that traffic (customers) flows through ...
Sales funnel

Increase Conversion Rates

Conversion rates are the percentage of prospective customers who take a specific action you want. For example, the percentage of website visitors who purchase ...
office design

Increase Staff Productivity by up to 20% with the Right Office Design

Productivity studies show that the most significant factor in determining an employee’s ability to focus is their physical environment. A well-designed office can increase ...
Innovation airbnb

Innovation Is The Catalyst to Growth

Innovation is a new idea, more effective device or process. Innovation can be viewed as the application of better solutions that meet new requirements, ...
Ancient Egypt

Internal Control

Internal fraud can be damaging or even precipitate business failure Internal control involves everything that controls risks to a business. Internal controls have existed ...
inventory management

Inventory Management Software

Don’t suffer the same fate as Dick Smith Holdings Ltd Inventory management software (IMS) is a computer-based system for tracking inventory levels, orders, sales ...
Scalable business

Is Your Business Scalable?

Scalability describes how easy it is to expand a business model and grow its revenues significantly with minimal incremental cost. A software product like ...
cost accounting

Job Costing

Quoting and the advantages of using a job order costing system Job costing is an order specific costing technique used where each job is ...
law breaking

Keep Everything Legal

Be informed and get professional advice To start and operate a successful business it is necessary to understand your legal obligations and ensure one ...
kpi

Key Performance Indicators

Key performance indicators (KPIs) are a set of quantifiable measures that a business uses to gauge or compare performance in terms of meeting their ...
Key person

Key Person Insurance

Four categories of coverage Key person insurance, also commonly called key man insurance, is an insurance policy taken out by a business to compensate ...
lifelong learninig

Lifelong learners typically find higher-paying occupations

'Lifelong learning' is the ongoing, voluntary, and self-motivated pursuit of knowledge for either personal or professional reasons. Businesses should encourage lifelong learning by employees ...
likable gatsby

Likability

Customers prefer to do business with people they like In business, and also our personal lives, making people like you is very important. Anywhere ...
LinkedIn

LinkedIn

Business owners without a LinkedIn profile are damaging their business LinkedIn is a business-oriented social networking service that is primarily used for professional networking. ...
management

Management by Walking Around

Finding out the ‘real morale’ in the business workplace Management by Walking Around (MBWA) is a classic management technique used by managers who are ...
market research

Market Research

Using research to determine how best to market a product or service Market research is any organised effort to gather information about customers, competitors ...
Effective Frequency Bart Simpson

Marketing – Effective Frequency | The Importance of Repetition

The importance of repetition for successful marketing results In advertising, the effective frequency is the number of times a person must be exposed to ...
Mentally Healthy Workplace

Mentally Healthy Workplace

Staying healthy and calm Mentally healthy workplaces work better for everyone – employees and business owners. Why a workplace should be mentally healthy: At ...
Mentorship

Mentorship

Mentoring has existed in Europe since the Ancient Greek times Mentorship is a personal development relationship in which a more experienced or more knowledgeable ...
multi level marketing

Multi-Level Marketing

A concept that dates back to the 1920s with California Vitamin Company Multi-level marketing (MLM) is a marketing strategy in which the sales force ...
Occupational burnout

Occupational Burnout

90% of burned out workers meet the criteria for depression Occupational burnout or job burnout is a type of stress characterised by exhaustion, lack ...
occupational health and safety

Occupational Health and Safety

Creating a safe work environment Occupational health and safety is the promotion and maintenance of the highest degree of physical, mental and social well-being ...
training and development

Ongoing Employee Training and Development

Employee training and development is part of human resource management and is concerned with improving the performance of each individual employee and the business ...
Online customer review

Online Customer Reviews

The importance of testimonials The number of internet users reading online reviews has risen dramatically in recent years. For example, the Local Consumer Review ...
Online shopping

Online Shopping

Convenience is a compelling factor in online shopping Online shopping is a form of electronic commerce which allows consumers to directly buy goods or ...
organizational culture

Organisational Culture

Nine characteristics for a healthy business culture Deal and Kennedy (1982) defined organisational culture as the way things get done around here. Culture includes ...
organisational structure

Organisational Structure

  Use the right structure to meet business objectives An organisational structure defines how activities such as task allocation, coordination and supervision are structured ...

Outsourcing

‘Do what you do best and outsource the rest’ – Peter Drucker (1989) Outsourcing involves the contracting out of a business process to another ...
Overtrading

Overtrading

Alarm bells for overtrading Overtrading occurs when companies expand their business too quickly or aggressively. It results when the rapid increase in revenue requires ...
Paperless

Paperless Office

Going digital – what is your target date? A paperless office is a work environment in which the use of paper is eliminated or ...
partnerships

Partnership Agreement

A ‘written’ partnership agreement is highly recommended A partnership is a business entity in which two or more individuals or entities combine their skills, ...
personal brand trump

Personal Branding

Personal branding is the practice of people marketing themselves and their careers as brands. Personal branding is essentially the ongoing process of establishing a ...
positve reinforcment

Positive Reinforcement

Reward good behaviour or results and it will be repeated In behavioural psychology, reinforcement refers to an enhancement of behaviour that occurs whenever that ...
work theft

Prevent Employee Theft and Fraud

An employee is 15 times more likely to steal from an employer than the general public Employee theft and fraud takes many forms including ...
Pricing

Pricing

Finding a good balance between price floor and price ceiling Pricing is the process whereby a business sets the price at which it will ...
product bundling

Product Or Service Bundling

Product bundling for high volume and high margin products Product or service bundling is offering several products or services for sale as one combined ...
profit loss

Profit and Loss Budget

Budgets are an essential management tool that allows business owners to monitor the financial impact of their business decisions and operational plans. Business results ...
asset protection

Protecting Assets if a Negative Event Occurs

Asset protection is the strategies put in place to protect your business and personal assets if something goes wrong. During the good times and ...
Public Relations

Public Relations (PR)

Gaining exposure by providing information of public interest Public relations (PR) is the practice of managing the spread of information between a business and ...
business premises

Purchasing Business Premises

Buying premises will be one of the best decisions for most business owners Most businesses will require their own premises and are generally faced ...
power of four

Quarterly Review – Power of Four

The Quarterly Review process known as the 'Power of Four' is a process to improve business profitability, revenue growth, and ease of management. Without ...
efficiency

Reducing Overheads

Keep overheads the same or lower than competitors To remain competitive businesses need to ensure their overheads are the same or lower than their ...
referral marketing

Referral Marketing

Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously ...
warren buffet

Reinvesting In Your Business

Putting profits back into your business Warren Edward Buffett is an American business magnate, investor and philanthropist. He is the most successful investor in ...
Research and development tax agents

Research & Development

Tax off-set for eligible research and development activities Research and development (R&D) is a valuable tool for growing and improving your business. R&D involves ...
business location

Selecting Your Business Location

Location, location, location! Selecting the business location to operate your business from is a key factor that affects your success, failure, and profitability. This ...
Self development

Self-Development Courses

An investment in yourself Self-development courses include personal development courses, success seminars and personal/executive coaching. The self-development field is very broad and covers activities ...
Sensitivity Analysis

Sensitivity Analysis

Improving the usefulness of business budgets and forecasts Sensitivity analysis is the process of recalculating outcomes under alternative assumptions to determine the impact of ...
servcice garuntee

Service Guarantee

Benefits of reducing the risk the customer takes A service guarantee is a marketing tool used to reduce consumer risk perceptions, signal quality, and ...
Shareholder agreements

Shareholder Agreements

Shareholder agreements – regulation and protection A company’s internal management is governed by the Corporations Act 2001 (known as the replaceable rules), the Constitution, ...
motorolla

Six Sigma

The doctrine and how it differs from other quality improvement initiatives Six Sigma is a set of techniques and tools for reducing costs and ...
six thinking hats

Six Thinking Hats

Six Thinking Hats is a system designed by Edward de Bono (physician, psychologist, author, inventor and consultant) who founded the term ‘lateral thinking’.  It ...
SMART

SMART Criteria

Specific, Measurable, Assignable, Realistic, Time Related SMART is a management acronym giving criteria to guide in the setting of objectives in project management, employee-performance ...
Business solicitor

Solicitors

Good legal advice from a business solicitor is like ‘insurance’ for a business Under the Legal Profession Act 2004 it is illegal for people ...
Sponsorship small business

Sponsorship for Small Business

Creating positive publicity through sponsorship Small businesses should focus on local sponsorship such as sponsoring the local football club, neighborhood art gallery, or a ...
stick to the knitting

Stick to The Knitting

Stay with the business that you know The seminal management book in ‘Search of Excellence’, by Tom Peters and Robert Waterman, was published in ...
Stoicism Marcus Aurelius

Stoicism | The philosophy of self-control and fortitude

Stoicism is a school of Hellenistic philosophy founded in Athens by Zeno of Citium in the early 3rd century BC. The Stoics taught that ...
business salability

Strategies to Improve Saleability of your Business

As all businesses will eventually be sold, whether in 2 years, 5 years, or 30 years, business saleability is important. Business saleability will maximise ...
suppy chain management

Supply Chain Management

Improve performance by managing your supplies Supply chain management (SCM) is the management of the flow of goods and services and includes the movement ...
strategy

Tax Planning

Would you rather pay 48.5% tax on business profits or 27.5% or less? Tax planning aims to minimise tax payable by taking legal and ...
Leadership

Ten Traits of a Good Leader

Research has found that the democratic leadership style is one of the most effective and creates higher productivity, better contributions from group members and ...
Sales training

The Benefits of Sales Training

Sales training aims to improve the salespersons effectiveness when dealing with a potential customer by improving their product knowledge, communication and presentation skills. Generally ...
power of one

The Power of One

The Power of One is a profit improvement tool that has been developed by Verne Harnish and the team at Gazelles and is explained ...
memberships

Trade and Professional Associations

An investment in yourself and your business A trade association, also known as an industry trade group, business association or sector association is an ...
Trade shows

Trade Shows & Exhibitions

Showcasing your business and uncovering trends A trade show or exhibition is an exhibition organised so that companies in a specific industry can showcase ...
Trademark

Trademark

Distinguish your goods or services from someone else’s A trade mark is a way of identifying a unique product or service and it can ...
unique selling proposition

Unique Selling Proposition

Your USP and convincing customers to switch brands The unique selling proposition (USP) is a marketing concept that states successful advertising campaigns make unique ...
Upselling McDonalds

Upselling

‘Do you want fries with that?’ Upselling is a sales technique whereby a seller induces the customer to purchase more expensive items, upgrades or ...
venture capital

Venture Capital

Peter Thiel’s Facebook shares of $1 billion – a dream investment return Venture capital (VC) is money provided to seed early-stage and emerging growth ...
Video Marketing

Video Marketing

Share insights, connect and call audiences to action Using video or film as a part of a marketing budget is a great way to ...
visual merchandising Apple

Visual Merchandising

A silent selling technique that can motivate your customer Visual merchandising is the backbone of the retail industry and involves displaying goods and services ...
Webinars

Webinars – A Marketing Tool

Training and education, brand awareness, low cost – huge marketing options Web conferencing is an umbrella term for various types of online collaborative services ...
Working Capital

Working Capital Management

The importance of being in a positive working capital situation Working capital (WC) is the operating liquidity available to a business and is calculated ...
mobile apps

Would a Mobile App Benefit Your Business?

A mobile app is a computer program designed to run on mobile devices such as smartphones and tablet computers. Most such devices are sold ...
Zero Budgeting

Zero Based Budgeting

Identifying wasteful expenditure In zero-based budgeting (ZBB) a new budget is prepared every year without reference to last year’s budget with every budget item ...
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