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.com/listener for privacy information.

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 suburbs. He explains what banks require these days and what Stannards does to help their clients prepare for those applications. It takes time, but done properly many of their clients are able to secure much needed funds. MORE Stannards - https://www.stannards.com.au/ See omnystudio.com/listener for privacy information.

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/listener for privacy information.

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 ignite higher performance with your current offering, Emily has eight keys to help you get there.See omnystudio.com/listener for privacy information.

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 technology, particularly artificial intelligence and CRM software which help accountants better service their clients. Practice Connections Advisory: https://www.practiceconnections.com.au/  See omnystudio.com/listener for privacy information.

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/policies/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.

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.

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 necessarily have to build a website from scratch. Irwin provides some practical tips you can use today to improve your current website.

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 done to alleviate the difficulties people can have with depression and anxiety.

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/

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 first from understanding yourself. http://businessessentials.com.au/

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 are speaking the language of your prospects. Rachel Bourke, SalesSPACE 1300 777 223 Support@SalesSPACE.com.au SalesSPACE.com.au Access 'Your Sales Success Kit' at https://salesspace.com.au/your-sales-success-kit/   http://businessessentials.com.au/

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 past performance doesn’t always indicate future performance. http://businessessentials.com.au/ 

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 China and how to avoid any big mistakes along the way. http://businessessentials.com.au/

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 when it comes to payroll. The rules can be complex and if you’re not thoroughly on top of them, you could end up putting yourself and your staff through a lot of pain.

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 achieve more tailored and professional sales skills.

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 aid its global expansion.

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

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 courts. It happens, she says. And you could be severely penalised. http://businessessentials.com.au

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 woman, with a cabinet full of business awards. She shares her ideas and experience on running a successful business. More essentials business information at: http://businessessentials.com.au

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 whether your brand reflects the values millennials hold dear. For more business insights from Business Essentials:  http://businessessentials.com.au

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’re going to embark on the process, he says, it’s a big step and you may as well get it right. http://businessessentials.com.au

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 people will take care of business. businessessentials.com.au

With the summer holidays well and truly behind us, it's often now that key staff leave for another company. That's according to recruitment specialist Geoff Balmer of Richard Lloyd Recruitment, who explains why they might head out the door and what you can do to prevent that from happening. richardlloyd.com.au businessessentials.com.au

When Fiona Whatley and her husband James took over her parents' business, they hadn't fully planned for 10-fold growth in less than a decade. Springhill Farm makes and sells delicious bite-size treats under its own brand as well as manufacturing food – especially health food – for other brands. Its reputation has grown from lucrative partnerships with well-known companies, including Virgin, Officeworks, Qantas, AccorHotels and Hudsons Coffee. Fiona shares the lessons and challenges of a family business handling fast growth. springhillfarm.com.au businessessentials.com.au

What's likely to drive customers away from your door, never to return? Research shows some underlying factors which will eventually mean survival or not for your business. Neville Christie uncovers the reasons why customers become cynical about who they buy from, and he suggests ways to make sure that cynicism doesn’t apply to you. It's all about innovating and ensuring you're implementing ethical business practices that reflect the behaviour people expect from the businesses they deal with. ceomentorroundtable.com

You may not wish to taint a blossoming relationship by introducing lawyers at the courting stage, but a co-ownership agreement is worth its weight in gold. Andrew Henshaw and Scott McKenzie of Velocity Legal explain what a business "pre-nup" looks like and why you should organise one. And if it’s too late for a pre-nup, it's still a good idea to get an agreement in place in case things go pear-shape. Business Essentials

If you want your team to be fully committed to your idea, first it's worth spending time with them to connect and develop a level of trust. That's according to Simon Dowling, business coach and author of a new book, Work With Me: How to get people to buy into your ideas. You’ll achieve the best results, he insists, if you have a team who’s as enthusiastic and willing as you are about your idea. businessessentials.com

Have you thought about your voice and how others might perceive you based on the way you talk? Like most business people, probably not. According to voice coach Anouska Taylor, we're so concerned with what we say, that we ignore the power of how we speak, which can influence the perceptions others have of us. Anouska provides examples and techniques for getting the most out of your voice for a business meeting or a presentation. businessessentials.com.au

Property's a complicated beast at the best of times, but political upheaval certainly doesn't help. What is the current state of property as an investment option and how should you respond in a market under stress? To help answer those questions and more is property expert Andrew Fawell, who says a big challenge these days for investors is a tightening up from lenders. Borrowers need to jump through a lot more hoops. And for sellers, he warns, you need to be realistic about what you can expect to get for your property. http://www.businessessentials.com.au

Entrepreneurship is in Liam Ganley's DNA – he brought it with him to Melbourne from his home in Ireland. Liam now runs three successful pubs and restaurants in one of the world's most competitive and renowned foodie capitals. A city with shortages in hospitality staff – especially chefs – hasn’t stopped Liam expand his range of venues with a focus on craft beer matched with good food. businessessentials.com.au

If you and everyone in your industry is slowly sinking to the bottom, how do you get back on top? By taking a radical shift in the way you do business. That's what Steve Layton, CEO of the Layton Group, has done as other furniture companies across the country discount their way to oblivion. Steve's new Sofa Brands company offers affordable luxury furniture to Australian and Chinese markets. Steve's aim? To break the discounting cycle in Australia and create a sustainable future for his business.

Kate Save and her business partner were struggling to grow innovative food business, Be Fit Food, until Kate fronted the sharks on TV's Shark Tank. She faced a grilling, but armed with the right answers Kate encouraged one of the sharks, Janine Allis, to invest a substantial amount of money. The TV exposure helped propel the business to greater heights, but the sudden growth invited a new set of challenges. https://www.befitfood.com.au/  

Rapid advances in technology have delivered us much better access to ideas and human capital than ever before to help grow our businesses. Futurist Steve Sammartino encourages businesses to embrace a collaborative approach to business growth. You don't have to invent new stuff – instead, some of the fastest growing companies are combining existing tools and technology to be "architects of the future". http://businessessentials.com.au

Shopping centres and suburban shopping strips are separate beasts when it comes to retail, each with their own challenges for landlords and tenants. And changes are underway. Site selection expert Peter Buckingham has studied the retail sector for decades and he discusses the big changes confronting Australia’s fashion industry as local businesses succumb to cheaper imports, online sales and the invasion of big fashion houses from overseas. As a result our local shopping strips are undergoing big changes, and our shopping centres too are responding to changing market conditions. http://businessessentials.com.au

Before you do anything, before you take out an ad or write a blog post, understand what your target market wants and needs. That advice is from marketing consultant Hunter Leonard, who has surveyed thousands of business owners and who shares more than 30 years of marketing experience by listing his seven key principles for marketing success. http://businessessentials.com.au

A lot of business owners find it uncomfortable to provide constructive feedback to staff, and when they do it's often ineffective. Business and leadership coach, Mandy Holloway - who has examined numerous businesses across Australia - says feedback should not be about fixing someone. Instead, she says, it's about holding a mirror up to staff to make them aware of their behaviour. http://www.businessessentials.com.au

Millennials contribute significantly to the Australian workplace, and it behoves your practice to find and keep the key performers. That's according to Simon Dennis, Head of Partnerships at MYOB, who examines the advantages Millennials have by bringing crucial skillsets that you would otherwise have to train. The competition to attract these employees is getting fierce, and Simon outlines what you need to do to attract the better ones and ensure they stay. businessessentials.com.au

Achieving a turnover of $40 million in the first five years of founding Job Capital, Jo Burston is one of Australia's leading entrepreneurs. Her latest venture, Inspiring Rare Birds, is a global movement to help women grow their businesses. She says there are real bottom-line reasons why businesses benefit from engaging with female business leaders and entrepreneurs. And she provides her own lessons on how she has found success. businessessentials.com.au

Australian Rules football legend, Rodney Eade, has changed his coaching boots for the corporate sector, offering businesses lessons in leadership, especially around the area of change. Rodney's new venture is called Facing Change, and it's a timely initiative as the world of business transforms as never before. Like team sport, he's found building a strong culture in the workplace helps bring the best out of everyone and improves the bottom line. businessessentials.com.au

Some of the best start-ups are founded by entrepreneurs who have experience and wisdom on their side. A champion for mature age entrepreneurs is business advisor Hunter Leonard who's written a book 'Generation Experience' to help older business people. As older people discard their employment strings, they turn to Hunter for advice on some practical steps in setting up a business. businessessentials.com.au

Mandy Holloway isn't a fan of your typical performance management appraisals which allow managers to hide behind a system. Instead, she says, managers should talk with their staff more often and in a meaningful way. Mandy outlines the seven types of conversations you should have with your team members on a regular basis to help motivate them and ultimately increase the business's performance. businessessentials.com.au

An Australian veteran business leader shares the lessons he's learnt from the rough and tumble of five decades of business life. Geoff Slade built Slade Group to Australia's biggest executive search firm through a combination of hard work and developing trusting and meaningful relationships. He's identified many truths along the way - his personal perspectives on what really counts to achieve success in business and in life. businessessentials.com.au

Throw out the old ideas around consumer behaviour – in the modern world customers don't follow a pattern based on their age, gender, race or economic status. But what does it mean for businesses, and marketers in particular, when traditional market segments no longer apply? American author and acclaimed speaker Michael Solomon explores these issues and tells us why we need to radically re-think the way we market our goods and services, and to whom.

Importers and exporters are keenly watching the new Transpacific Partnership. Russell Wiese from law firm Hunt & Hunt puts things into perspective for business owners, highlighting the broad benefits of the TPP and setting it against the backdrop of a potential US-China tariff war.

Becoming king of the digital marketing world takes ambition, determination and a highly focused client offering - and Sabri Suby’s achieving a right-royal success. Just four years ago, Sabri Suby was working out of a garage with barely enough money to make cold calls. Today his digital marketing agency is winning clients everywhere, with a multi-million dollar turnover and 40 staff. How has he done it? How has he managed such a steep growth path? And what’s he offering clients that thousands of other digital marketers don’t provide? Business Essentials is produced by BE Media Production be.com.au businessessentials.com.au

If merging with another business is part of your succession plan, there’s a lot to consider and you need to plan carefully. Where do you start, what are the risks and how do you find a perfect partner? Mergers can provide a great solution for business owners looking at the next step for themselves personally and for the business they’ll eventually leave to others. But Nick Miller of Hunt & Hunt Lawyers has some wise advice about the process. Give yourself plenty of time, be aware of the risks - because there are plenty - and prepare, prepare, prepare. Business Essentials is produced by BE Media Production be.com.au businessentials.com.au

We've all heard a business is only as good as the people in it – so how do you find and keep great people? Recruitment expert, Warren Howard of Howardco, takes us through best hiring practices. Warren says one of the biggest mistakes businesses can make is not identifying what the business really needs. He advises on what you should consider when advertising for the position; and then how to manage the interview process when you have found a shortlist of candidates. howardco.com.au

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 business valuable and what makes a business sellable. And he provides alternatives to selling for owners who want out. More Information Geoff Green, GRG Momentum 03 9605 0936  grgmomentum.com.au Special 30% discount for Geoff's book 'The Smart Business Exit'. Use code: BUSINESSESSENTIALS at the following webpage: http://smartbusinessexit.com/the-smart-business-exit-book/ Business Essentials is produced by BE Media Production be.com.au