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Optimising budget for digital marketing campaigns

Posted on August 26, 2020 by admin

Maximising returns on investments is the primary goal for every business owner who invests in a marketing campaign for their brand. Learning how to properly test and troubleshoot your budget according to your business needs can help you save a failing campaign from costing you money. ObjectivesThe first step to budget optimisation is being clear with the goals you are trying to achieve through this campaign. These can include generating qualified leads, driving content downloads or building awareness of your brand. Understanding your objectives can help you decide what aspect of your campaign needs more finances. TestingDeciding how to set […]

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Creating a business contingency plan

Posted on August 20, 2020 by admin

When business is going well, it can be easy to procrastinate planning for the bad times. However, preparing for disaster before it strikes by having a contingency plan can be the key to business survival. A contingency plan can help businesses prepare for possible circumstances such as natural disasters, employee theft, negative publicity or staff injuries. Having a plan for these contingencies can help your business react faster to unexpected events to prevent ongoing damages, recover from disruptive events, and resume regular business operations as quickly and easily as possible. When writing a contingency plan, consider incorporating the following tactics: […]

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What to consider when developing a sales strategy plan

Posted on August 12, 2020 by admin

A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goals What’s your business’ mission statement? What are the goals and objectives that will help you achieve this? Your mission statement should define what your business stands for and what it aims to achieve, while your goals and objectives should be aimed at executing your mission. Consider using the S.M.A.R.T. framework when developing your goals to ensure that they are specific, measurable, achievable, relevant, and time based. Identify your ideal customer Knowing your ideal customer […]

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Growing your business with referrals

Posted on August 7, 2020 by admin

‘Word-of-mouth’ referrals may seem like an outdated concept in today’s digital age of online reviews, but a few credible and positive opinions can still go a long way when it comes to attracting new clients. Customer referrals are never guaranteed, but here are a few methods you can use to increase the number of people who will remember and improve the chances of a client recommending your business to another. Remind customers you existMaintain high levels of brand awareness and make sure your customers can easily remember your business and products. Use a mailing list database and keep in touch […]

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JobKeeper to be extended

Posted on July 29, 2020 by admin

The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment reductions compared to the original JobKeeper amounts, as well as revised eligibility requirements. The new JobKeeper flat-rate payment after September will be reduced from $1500 per fortnight to $1200 a fortnight for eligible employees who were working an average of 20 hours per week in the four weeks before 1 March 2020. The rate for employees who were working less than 20 hours per week for the same […]

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The Government introduces JobTrainer and wage subsidies

Posted on July 22, 2020 by admin

The Government has introduced a $2 billion JobTrainer scheme, which aims to help businesses train or re-skill workers in Australian industries of high demand. What is JobTrainer? The new scheme will create 340,700 job opportunities nation-wide and will be open to recent school graduates and workers looking to re-skill in a new industry. Industries that will be covered by the JobTrainer scheme include: healthcare and social assistance Transport Postal Warehousing and manufacturing Retail trade and wholesale trade The JobTrainer job positions will be distributed in proportion to unemployment levels per state, with New South Wales receiving the most training places […]

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Changes to business practices and TPAR

Posted on July 15, 2020 by admin

COVID-19 has forced businesses to adapt their practices to cater for social distancing measures and sanitary precautions. As a result, many businesses have taken on contractors to assist with these changes. Businesses who have made payments to contractors in the last year may need to lodge a Taxable payments annual report (TPAR) by 28 August. This applies to the following contractor services: building and construction, courier, delivery or road freight, cleaning, information technology, security, surveillance or investigation. In response to COVID-19 restrictions, providing additional cleaning and courier services to customers have become particularly popular for businesses. For example, businesses with […]

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Debt financing vs equity financing

Posted on July 8, 2020 by admin

Gathering funding is a challenge that almost all business owners face at some point. Financing can come in two forms – debt financing and equity financing. Debt financing is money that you borrow and plan to pay back within an agreed time frame and interest rate. Common forms of debt financing include bank loans, mortgages and credit cards. This may appeal to business owners that wish to maintain complete control and ownership over their business, without having to manage the expectations of investors. Debt financing also means that business owners do not have to share any profits made by the […]

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How to keep employees safe as they return to the workplace

Posted on July 1, 2020 by admin

Enforcing health precautions is an essential step to creating a safe workplace and giving your employees peace of mind, especially during the current pandemic. Businesses looking to invite their employees back into the office after the easing of lockdown restrictions should implement safeguards to ensure their workplace is a safe one. Conduct a COVID-19 risk assessment Before opening your office to employees, conduct a COVID-19 risk assessment with Safe Work Australia. A risk assessment will include an evaluation from Safe Work Australia regarding your business’: responsibilities and leadership, worker engagement, alternative means of communication and participation levels, COVID-19 hygiene principles […]

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What to consider before opening another business location

Posted on June 24, 2020 by admin

Expanding your business to open in multiple locations can offer more opportunities and profitability. However, managing one location can be challenging enough, so it is crucial to examine and prepare for the implications of opening up a second store. Here are some considerations that business owners need to keep in mind before deciding to open up a new branch. How successful is your current business? Your current business should be stable and successful before you open up multiple stores. If your business is struggling in key areas such as cash flow, sales, employee skill sets, and customer retention, then it’s […]

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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