Business Essentials

You've worked hard all your life to build and grow your business. Now you're ready to retire – how do you get the best price for your business? One challenge is that a business owner is often so integral to the business that it's hard to unravel that relationship at sale time, says Geoff Green , a business exit strategist at GRG Momentum. He explains the difference between what makes a busin...

Workload is the number one cause of workplace stress, beating job security, life balance and people issues, according to a survey by The American Institute of Stress. Online technology hasn't made our workload much easier. In fact, email, phone calls, text messages and impromptu meetings all add up to more work and more stress. So, what can be done? Muffy Churches has five ‘brain games&rsquo...

What are those technologies which are changing the way we work? And how do we leverage those technologies for our own business? We hear from British Fintech expert Matthew Gardiner , who is currently in Australia advising the government, business and the education sector on emerging technologies. One of those disruptors is Blockchain, a tool designed for crypto-currencies, but now used in a whole...

It's inevitable that some staff will need time off because of illness. But what are the rules around providing it? Cheryl Disher of HR Advice Online takes us through the rules, including whether personal leave — as it’s now called — is allowed to accumulate year after year and what happens if an employee has run out of personal leave. http://www.businessessentials.com.au   S...

What would you do if your customers’ personal information has been lost or stolen? If you don’t have a process for that, now’s the time to start planning. In early 2017, the Australian Senate passed a law requiring the mandatory reporting of data breaches, which comes into effect in February 2018. Lawyer Ryan Solomons of Bespoke explains what the law requires of you should a...

Not only can the cost and time involved in a legal dispute be prohibitive for a lot of business owners, but the stress can be overwhelming. Is there another solution? Mediation is an option worth considering, says lawyer Alison Shaw of Shaw Mediation Australia. Its benefits, she says, include convenience, privacy, reputational discretion and the ability of each party to influence the outcomes. htt...

The millennial generation – those aged between 20-35 – is the future of your business, but how do you find them and get them to stay? Luke Marshall is a recruitment specialist and, as a millennial himself, is especially attuned to their behaviours and desires. Most important is to not treat them as a commodity – show that you care and have their interests at heart. A business wit...

Businesses which recognise and understand the differences between the sexes can benefit enormously when selling to them.  Amy Fridlund from research agency Kantar TNS says many products are designed and sold for men, alienating potential women buyers. She gives examples of companies like IKEA, which has designed its stores to cater for both feminine and masculine behaviours. As gender issues...

Preparation is so important to telephone sales – have a script, write down key objections, but most importantly "master your mindset". That's the advice from Ashleigh Hoult , founder and owner of The PromoDonna. These days a lot of businesses are reluctant to do cold-calling as a business strategy and have lost the art of speaking on the phone. That paves the way for others who understa...

As business owners, we often get stuck in the day-to-day activities, and neglect working on the business. Systemising business processes will allow us to break free. That's according to Joel Gerschman , who has written a book on escaping the shackles of your business to achieve wealth, freedom and fulfilment. The Mindful Entrepreneur is all about how to make your business run without you, and he p...

The fundamentals of selling still exist, but sales people need to fine tune their skills and techniques to get to their prospects earlier in the decision-making process. That's according to sales and marketing expert and advisory partner of Miller Heiman Group, Rob Hartnett . You need to train your sales staff to be better, he says, in order to create new opportunities, capitalise on them and grow...

Every week The Fruit Box delivers 600,000 pieces of fruit to 8000 businesses across Australia. We hear from founder Martin Halphen about how a simple idea transformed his humble home-delivery service in the bayside suburbs of Melbourne 17 years ago to 30,000 deliveries to corporates across the country today. These days, The Fruit Box takes its social responsibility seriously and gives back to the...

If you're looking to build or maintain your company as a leader in its field, content marketing can amplify your reputation. That's according to Sarah Mitchell of Lush Digital Media, who examines the different kinds of content marketing and what does and doesn't work. Don't expect quick returns – it's a long-term business strategy, Sarah insists, with great rewards for those who perseve...

Competition is all around us, so why make it even harder for your business by staying offline? A lot of resistance to making the most of digital business tools comes from those who should be leading the charge – that is, the C-suite of top executives in business. John Cleary of Cost Management Specialists warns if you haven't introduced a digital strategy for your products and services, you'...

Online fraud and criminal activity have become more sophisticated and they're a constant battle for authorities to police. It's prudent for businesses to protect themselves from cyber crime, says forensic IT specialist David Caldwell , but he warns that many small businesses continue to leave themselves open to attack. He has practical advice on what we can all do to fight cyber crime within our b...

Fame, fortune and glamour used to sum up high-flying Rod Butterss 's life as he built, sold and bought highly successful businesses through the late 1980s and 90s. His stellar business career was followed by a seven-year stint in the spot-light at the AFL, as President of St Kilda Football Club. Rod seemed untouchable.  By 2007 as his football club presidency dramatically ended, his world col...

Podcasting has helped Australia's largest women's media network to connect strongly with its consumers' "insatiable appetite for content". Mamamia's managing director, Kylie Rogers , explains how the media company has grown rapidly since it created its first podcast in 2014. Today it produces 18 podcasts a week, making the organisation the world’s largest women's podcast network. Kylie expla...

It's easy to get left behind if you don't strive to innovate. But what are the practical steps to achieve innovation? With the world in constant flux, innovative companies can appear out of nowhere to disrupt established players. For anyone in business, it's no longer acceptable to keep doing what you've always done. Change agent and innovation strategist Andrew Hutchinson , of Alchimie, has plent...

As painful as it is, like ripping off a Band-Aid, sometimes you just need to have a chat with a difficult staff member. It's never easy to confront an employee with an ongoing problem, but putting it off leads to worse issues over time. Marita Ryan , of Red Hot Go Enterprises, has some useful tips on how to conduct a critical conversation, which can actually help you build trust and respect from t...

Don't give up - do it regularly and consistently and you'll reap the benefits. Just like an exercise regimen, prospecting for clients can be daunting - particularly the cold-calling side. But prospecting is more than just cold-calling, and if done properly it can be bring real benefits to your business. Ingrid Maynard knows - she's had more than 20 years' experience in sales and she advises busine...

How does a busy business person slow down and take back control in a world of constant noise and interruption? Occupational therapist, Angela Lockwood , addresses those issues in her new book "Switch Off: How to find calm in a noisy world". She has espoused every day activities to cut out the clutter and bring focus back into our lives, including breathing exercises, outdoor play, healthy eating,...

Stephen Scott Johnson encourages companies to evolve their business models to be less top-down and more interdependent, and to take conscious responsibility for their brands; in other words, businesses should aim to be "emergent". It’s the title of his new book "Emergent: Ignite Purpose, Transform Culture, Make Change Stick". He provides tools on how to sustain a culture of innovation. Risk...

Anthea Hammon is CEO and third-generation of award-winning tourist park, Scenic World. She has overseen redevelopment and introduced changes in the way customers experience the park, which has resulted in exponential growth in recent years. Many of the tourists these days are from overseas, particularly from China, thanks to Anthea and her team’s marketing strategies. From the very beginning...

What steps are needed to be a great leader and can anyone become one? Ricky Nowa k has spent much of her career pondering those questions and has some practical solutions on the subject of leadership. She details her thoughts in her book How to make good people great leaders …and reap the rewards. She outlines what she calls the three Rs of leadership, involving great relationships, resilie...

With so many markets in Asia to choose from, how do you know what’s right for you?  Campbell MacKintosh has had more than 20 years’ experience opening up markets in Asia for companies in the West. Now a business advisor, Campbell examines some of the common misconceptions about doing business in Asia. China in particular has potential markets that are mind-blowingly enormous. We h...