Business Essentials

Whether we like it or not, artificial intelligence, including ChatGPT, will have a transformative impact on the accounting profession. These tools are like employing a junior accountant, says David Smith of Smithink. Don’t be afraid of it, he insists. Use it, it saves you time, and it’ll provide you extra resources that accounting firms are increasingly finding it hard to access. See omnystudio.co...

To differentiate your accounting practice from others is the way you service your clients. That’s according to Brad Turville, a coach and consultant to accountants. Word-of-mouth is a powerful marketing tool, and if you offer an exceptional service, he says, they’ll tell their friends, family and peers. Brad Turville https://bradturville.com/   See omnystudio.com/listener for privacy information.

It’s always hard for businesses to secure finance at any point, but it’s getting increasingly difficult these days as banks tighten their lending requirements. So how can accounting firms help their business clients obtain finance? It’s something that Peter Angelini and his team take quite seriously. Peter’s the CEO of accounting firm Stannards Accountants and Advisors in Melbourne’s eastern subur...

A lot of businesses and accounting firms are happy that 2022 is over. It’s been a brutal few years with Covid, and now many practice owners are looking forward to a more prosperous 2023. That observation is from advisor to the accounting industry, Mark Holton of Smithink. Mark outlines what accountants can do to have a profitable rest of the year. More: https://smithink.com/   See omnystudio.com/l...

With so much compliance work available, many accounting practices don’t have the time or inclination to set up an advisory service. The problem is they could be limiting their potential for higher growth and profits. That’s according to Emily Splatt of Mindshop, a company which consults practices with providing advisory services. If you’re thinking of implementing advisory services or want to igni...

One of the biggest challenges for practices around the country right now is the shortage of accountants. A shrinking talent pool is indeed a headache, but it’s also an opportunity to reassess which of your clients provide the best value. That’s according to Alan FitzGerald, founder of Practice Connections Advisory. Other opportunities for accounting firms include ever-improving cloud t...

Now's an opportunity to invest your time to understand your employees and develop a way to communicate with them on a regular basis. That's according to business coach, Paul Matthews, who explains why it's important to have better engagement with staff. He outlines how that's achievable for the entire organisation. See omnystudio.com/listener for privacy information.

A strong and consistent brand is much more than your logo – it's what people say and feel about you. That's according to brand specialist, Darion Teoh of Bless Agency, who has strategies to build a strong brand so that you're constantly in the mind of your target customers. He gives examples of companies that have strong brands and how they've achieved market recognition. See omnystudio.com/...

Behaviour and ability are two overriding qualities of great leadership, which helps to build better performing teams. That's according to Jake Bridges of Leading Teams who helps business owners nurture their staff's potential. In order to build a culture that works, he says, it's important to agree upon acceptable and unacceptable behaviours amongst the team members. See omnystudio.com/listener fo...

How effective really is your website? If you haven't thought about it that much, then you're not taking advantage of one of your best sales tools. Irwin Hau is not just any website designer. He matches the psychology of consumer behaviour with the magic of website tools to create a first-rate customer experience – all of which translates to sales. For the average business owner, you don't ne...

Former AFL footballer Wayne Schwass has spent decades dealing with depression and anxiety and so he knows first-hand the debilitating effects it can have on one's personal and professional life. Today, Wayne's a mental health advocate through his organisation, PukaUp, helping to spread the word and provide support about mental health issues in the workplace. He tells his own story and what can be...

Failure isn't something we should avoid at all costs – on the contrary, failure is a powerful force for the journey to success. Entrepreneur and key-note speaker, Gabe Zichermann , says if you don't feel the fear of failure, then you're not pushing yourself hard enough. In other words, fear often indicates you're on the right track. http://businessessentials.com.au/ See omnystudio.com/listen...

How does motivation play in success and achieving goals? Those are the questions Craig Harper is exploring in his quest to further understand self-development. As a business coach and motivational speaker, Craig believes it’s emotional and social intelligence that make a great leader. If your role is to coach and mentor, he says you need to understand the people you work with, and that comes...

Sales isn't just about turning up and relying on your instinct or other skills. Each customer is different with his or her own wants and needs, and you need to prepare for each one. Rachel Bourke of SalesSPACE says salespeople should go through checklists before even stepping into a sales meeting. Rachel's sales meeting preparation pack includes a personal checklist to ensure you look the part and...

There has been a steady rise in interest in listed property trusts – or REITs – since a shakeup in the market following the GFC. Are they worth considering now? Greg Keady explains the current REIT market as part of a well-diversified investment portfolio. He says, do your research and don’t limit yourself to the Australian market. It's also important to remember, he says, that p...

There are massive opportunities for businesses looking to expand into China, particularly with food, beverage and health products. Despite the current trade wars, Andrew Kuiler says there’s enormous interest and activity from overseas companies expanding into China. Andrew's The Silk Initiative helps the process. He shares his thoughts on how to make the most of business opportunities in Chi...

You don't want to be caught underpaying staff, for all the obvious reasons. But inadvertently overpaying staff can also lead to expensive consequences. There are so many things to consider when running a business that it makes sense to automate as much as possible. But according to Tracy Angwin of the Australian Payroll Association, employers should beware the ‘set and forget’ approach...

Many business functions have completely changed in the last 20 years including marketing, customer experience and supply chains. Yet the sales function has stayed very much the same, resulting in poorer business returns. Business consultant Steven Norman says that with so much information at the customers' fingertips, it's getting harder to sell. A paradigm shift is needed for many sales teams to...

Holding a pair of car keys in your fist in a dark street might make you feel safer, but won't help you much if the assailant is twice your size. That's what Stephenie Rodriguez thought when she designed the personal security device, WanderSafe. She’s now taking the handheld beacon and accompanying app to the world, raising a million dollars from investors already and about to raise more to a...

More Australians are listening to podcasts on a daily basis, and many of the high-quality ones are produced by businesses. BE's Nick Schildberger highlights the reasons why you should seriously consider podcasting to build audiences and engage more deeply with your customers. http://businessessentials.com.au See omnystudio.com/listener for privacy information.

It's hard to know all the rules around employing casuals, but to protect you from the courts it's important that you do. Cheryl Disher says it’s easy to mistake a casual with a part-timer or a permanent employee, because the rules are complicated and confusing. But, if a casual worker suddenly decides to report you to the Fair Work Commission, don’t expect much forgiveness from the cou...

Lee Squire bought herself a business – and quickly discovered that running one is a much different beast to managing a team in a company she didn’t own. The day-to-day stresses, including the constant worry about pay role, all played their part in her increasing reliance on alcohol. She was sinking fast. But she pulled herself up, quit drinking, and today is a much-admired business wom...

The millennial generation today makes up a large share of the Australian workforce and it's important to understand how to attract them for future business success. Luke Faccini says they're more likely to put emphasis on social and environmental issues when choosing a place to work. To win the hearts and minds of the millennial generation, it's worth evaluating how your business is run and whethe...

Business names can sometimes have a use-by date. If you’re thinking about a name change, there are important things to consider. Brand strategist Luke Faccini says sometimes a name change is unavoidable, when you move into new markets, for example, and your current name won’t work. Luke takes us through some of the biggest mistakes businesses make when changing their names. If you&rsqu...

The frontline of business is customer service. That's where we engage and – hopefully – persuade people to buy. But, why do some do some frontline staff fail? It comes down to a lack of empowerment, according to customer service expert, Michael Carrick. When people are empowered, they're much better at helping others. When we take care of our own people, Michael insists, our peopl...