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  • Cashing in on the Christmas calm | Business Spectator
    of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Most businesses shut down over Christmas but many of the small and family ones will still be operating over the holiday season For some it will be business as usual Others will be putting in time to catch up on administrative work Surveys over the years have found that while more than 90 per cent of Australian small business owners will be taking time off most will still spend the down time dealing with old emails general administration finances writing business plans updating website content or looking at budgets for the next year Many family business owners who shut down over Christmas make the most of the break by performing regular maintenance and repairs to equipment during the quiet period without dipping into their work time They also use the down time to do the budgeting and planning for the year ahead and marketing the business through fliers phone calls and direct mail But what about operating as usual It s a dilemma business owners face in the lead up to the festive season For some shutting down could see a drop in revenue and productivity For others apart from bars and restaurants it s the sensible thing to do when clients have shut down over the break Deciding whether or not to stay open over Christmas is a decision every family business owner has to make based on what their clients are doing and what they are offering So what are the steps to working over Christmas The most obvious one is to find out what customers are doing If they re shutting down too there s no point staying open But if they re not it s an opportunity to make inroads during a quiet time of year and get one up on competitors A well targeted well planned Christmas campaign could help boost sales to new and existing customers With Christmas it s important to become Scrooge with debtors Chasing up debts is imperative and it has to be done before Christmas because it s almost impossible to recover money in January when people are away The March quarter tends to be the toughest cash flow quarter of the year for most businesses so the rule for chasing debts is to do it now before Christmas And because the March quarter is so tight family businesses should have some sort of buffer going into 2014 Second is staffing Because payroll is the biggest cost staff rosters need to be reviewed carefully to ensure that only absolutely essential staff will be working over the break The rest should be directed to take leave so that the business can balance the books by not allowing large banks of leave to accrue The

    Original URL path: http://www.businessspectator.com.au/article/2013/12/18/family-business/cashing-christmas-calm (2014-01-13)
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  • The 8 step guide to holiday business success | Business Spectator
    and business practices In the rush to make the most of the explosion in consumer spending leading into Christmas the lack of a clear strategy can mean missing out on the spoils But just as important is to know how to approach Australia s summer holiday period as a whole Here are a few holiday dos and don ts every business owner needs to consider Do think about hiring temporary staff for the holiday season This is the time of year when many businesses need extra help especially considering most regular employees will want to take time off Make sure you know who is working and when and set a deadline for employees to submit for annual leave Check the days that your employees work so you know you re paying the correct rates Even family businesses should be wary of hiring family friends or relatives as temporary staff during the holiday season While this arrangement can work for many businesses it s easier to hire a temporary worker if you don t think the working arrangement will continue It s easier to hire someone that you can fire without damaging any relationships Before you approach a temp agency for additional staff define the type of employee you want Are you looking for an employee that will be willing to work just for the holiday season or one that might consider transitioning into something more permanent Even if they may only be temporary staff take the time to suitably train them and offer feedback and encouragement Don t forget about banking regularly Campbell King Partner at mi fi says Don t let your cash accrue in your store or office Be mindful of new trading hours for banks during the holiday season He also recommends that his clients bank cash takings regularly and systematically to assist with reconciling to their POS systems Do consider your stock For retailers ensure that you have sufficient stock to sell over the holiday period and note if your wholesalers are taking time off King advises retail clients to look at what has worked in the past and buy accordingly He also says planning stock purchases in advance will ensure you can get the best price and improve your margins Do price accordingly Paul Meissner Director at 5Ways Group recommends bundling products together as a good way of upselling especially if the products are complementary dips and biscuits jams and sauces etc Think about the popular price points for last minute Christmas shopping 15 20 for Kris Kringle presents 40 50 for family gifts Position these products at the front of your store for visibility and convenience Think about stock beyond Christmas Consider what you can do with the stock that you had planned to sell as Christmas gifts Can they be repackaged and sold Retailers would be wise to keep Christmas ornaments and decorations on display days after Christmas to clear out excess stock and for savvy shoppers looking for a discount Any type

    Original URL path: http://www.businessspectator.com.au/article/2013/12/18/family-business/8-step-guide-holiday-business-success (2014-01-13)
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  • Chris Ridd | Business Spectator
    is needed to restore confidence Politics Australian Election Federal Budget International News Asia Europe USA National Affairs Latest stories Gagging visas are an attack on democracy The skyrocketing price of a journalist visa for Nauru will limit coverage of Australian prisoners on a vassal state It is an insult to the democratic principles this country stands for Britain will be poorer for Scotland the brave The economic case for Scottish independence is far from settled with doubts hanging over volatile oil prices and uncertainty over future revenues One thing is certain it would be a disaster for Britain Technology NBN Buzz Mobility BYOD Smart Devices Emerging Tech Applications Big Data Cloud Computing Data Management Reviews Social Media Start ups Security Data Security Identity Management Wireless Security Telecommunication Latest stories Google v Facebook Who knows wins The unparalleled Google Analytics service means Google knows more about internet users than anyone else And runner up Facebook must go further to mine precious user insights if it wants to compete Will Twitter s founder strike social gold twice Biz Stone is looking to tap into the selflessness of others with his latest venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Goldman s coal shoulder The investment bank giant has sold its stake in what would be the largest coal terminal on the US west coast in the wake of its report outlining the fall of coal globally The nuclear renaissance is stone cold dead There is no nuclear recovery with the industry last year flailing to stay above water in key markets and its share of global electricity continuing a seemingly inexorable decline Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Chris Ridd The 8 step guide to holiday business success Staff stock customers and cash flow can yo yo over the holiday period and the unprepared owners may waste a golden business window A few vital factors properly considered can help spread the spoils by Chris Ridd 9 54am December 18 Search Markets Global Indices Index Last Chg Chg DOW JONES 16437 05 7 7 S P 500 1842 37 4 2 0 2 NASDAQ 4174 66 18 5 0 4 FTSE 100 6739 94 48 6 0 7 NIKKEI 15912 06 31 7 0 2 Hang Seng 22846 25 58 9 0 3 The Spectators Goldman s coal shoulder Ari Phillips

    Original URL path: http://www.businessspectator.com.au/contributor/chris-ridd (2014-01-13)
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  • NAB SPONSORED CONTENT: A game plan for the future | Business Spectator
    t a solid succession plan in place A small business owner needs to ensure there s a replacement for them if the business is to be an ongoing concern says Palmer That includes the day to day running of the business as well as ensuring there s someone available to sit on the board where appropriate Careful estate planning is also important for maintaining family harmony Above all it s about clear communication Palmer suggests it may be appropriate to get your children involved in the estate planning process at some point allowing them to attend meetings or at least walking them through your estate plans once they ve been implemented There are external conflicts to consider as well Says Palmer If you re in business with another individual and your business partner passes away what happens to his her equity in the business If you don t have a properly constructed business succession plan it may well be that your business partner s share passes to a beneficiary who doesn t understand your business In that situation you really need legal boundaries around what they can and can t do Then there are tax implications to consider proper estate planning can help ensure tax and asset protection advantages for beneficiaries says Palmer Not enough thought is given to the issue of incapacity either You may accept that eventually you ll die But what thought have you given to the future of your business if suddenly you can no longer work or indeed function Or what happens to your related self managed superannuation fund if you lose capacity to act as a trustee Palmer says it s critical to consider who ll make all the decisions for you if you no longer have the capacity whether from a financial medical or social guardianship perspective What s mine is not yours Before you plan to devolve your assets however you need to understand who they belong to Do you hold them individually or are they held jointly or by a company or family discretionary trust Quite a few clients don t understand how their assets are held says Palmer Unfortunately it matters Who gets your superannuation for instance Palmer points out that super is in effect a type of trust This means that should you pass away a will won t automatically dictate where your super death benefits will pass to or who will inherit them It depends whether you have a self managed super fund or an industry type retail fund says Palmer and whether you have binding or non binding nominations in place to cover off who the beneficiaries of your super will be Then there are the complexities of a family discretionary trust I have a number of clients who will hold X amount of assets in that trust and they want to leave them to persons A B and C says Palmer They can t do that That s because they don t own these assets They

    Original URL path: http://www.businessspectator.com.au/article/2013/12/19/family-business/nab-sponsored-content-game-plan-future (2014-01-13)
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  • NAB | Business Spectator
    conditions undershoot again by NAB 9 24am November 11 NAB SPONSORED CONTENT Recruiting good people in a competitive environment A successful business needs quality employees but in agriculture skills are in short supply by NAB 6 40am November 04 NAB SPONSORED CONTENT The seven keys to a successful e commerce website Your website can be a real revenue earner if you build it the right way We share some very simple but crucial elements to include in your website by NAB 9 57am October 28 NAB SPONSORED CONTENT Quarterly Business Survey September Businesses become more confident in the September quarter This appears to be driven by political factors the lower AUD and rates and stronger asset markets by NAB 9 26am October 21 NAB SPONSORED CONTENT Mary Queen of Shops top tips for small businesses Mary Portas shared her top tips for small businesses during her recent visit to Australia to promote Support Small Business Day by NAB 12 09pm October 14 NAB SPONSORED CONTENT Responding to the seismic shift in Agriculture With bigger farms and more sophisticated owners to contend with service providers need to prepare for a new and challenging landscape by NAB 9 39am October 08 1 comment NAB SPONSORED CONTENT The numbers game Economic data can be baffling Bombarded with numbers headlines warnings and opinions from all directions it can be hard to know just what to focus on So what do you really need to know We explain by NAB 10 03am October 01 1 comment NAB SPONSORED CONTENT The first carbon neutral wine As Managing Director of Taylors Wines Mitchell Taylor is steward of a family owned company which was founded by his grandfather His passion for handing on a sustainable business inspired the creation of the world s first carbon neutral wine by NAB 7 03am September 23 1 comment NAB SPONSORED CONTENT Practical ways to improve your cash flow Good cash flow is the lifeblood of every business yet many owners feel uncomfortable about chasing the money they re owed by NAB 8 48am September 17 NAB SPONSORED CONTENT Collaboration creates a family farm with a corporate mindset Four years ago John Gladigau joined forces with fellow farmer Robin Schaefer to create Bulla Burra The collaboration has led to improved efficiency and even a better lifestyle by NAB 10 59am September 09 NAB SPONSORED CONTENT Recipe for an icon It was a tough sell but Cyril Callister inventor of Australia s beloved spread Vegemite overcame a disappointing beginning to shape the taste of a nation Read how Vegemite went from being spectacularly unsuccessful to remarkable by NAB 11 21am September 01 NAB SPONSORED CONTENT Technology supports exponential growth in a family farm Thirty years ago Rushel Farm was a bare and uneven block of dirt Today Russell and Helen Chapman head a family farm selling over 550 000 cartons of produce every year by NAB 9 54am August 27 NAB SPONSORED CONTENT Stepping back from total control A business that depends on one person for its success is a business at risk but stepping back is rarely easy particularly for the founder of a family business by NAB 2 20pm August 19 NAB SPONSORED CONTENT Could you be spending less on compliance Researchers say tax compliance is costing small businesses 28 000 a year but Sue Prestney spokesperson for the Institute of Chartered Accountants believes that many are spending far more than they need by NAB 10 30am August 13 NAB SPONSORED CONTENT Harnessing the value of an ageing workforce As the war for talent intensifies business owners with an eye on the future are nurturing older workers by NAB 2 29pm August 05 NAB SPONSORED CONTENT Five steps that lead to a purchase Understanding the steps that lead to a purchase can help you to market your business more effectively Map the customer journey for your target markets and make the most of the insights this provides by NAB 8 32am July 30 Page 1 NAB SPONSORED CONTENT A game plan for the future What thought have you given to the future of your business if suddenly you can no longer work or indeed function There s more to preparing for the future than just writing a will by NAB 10 42am December 16 NAB SPONSORED CONTENT Sanctions and embargoes how they can impact your business It s important to understand your obligations with domestic and international sanctions before entering into arrangements by NAB 10 29am December 09 NAB SPONSORED CONTENT Online retail sales index Indepth and special report Australian online retail sales rose to 14 4 billion for the year to October 2013 a level that is equivalent to 6 4 per cent of traditional retail spending by NAB 9 41am December 02 NAB SPONSORED CONTENT Reduce the risk when offering credit to customers If you re looking to grow your business offering credit to your customers can be a smart business move as long as the process is carefully managed by NAB 2 21pm November 25 NAB SPONSORED CONTENT Getting your product on the shelves of major retailers Daniel Flynn s Thankyou products are sold in Australia s leading supermarkets and helping thousands of people in need It s an inspiring story of hard work and persistence by NAB 11 51am November 18 NAB SPONSORED CONTENT Monthly business survey October 2013 Firms reassess their confidence on the outlook as business conditions undershoot again by NAB 9 24am November 11 NAB SPONSORED CONTENT Recruiting good people in a competitive environment A successful business needs quality employees but in agriculture skills are in short supply by NAB 6 40am November 04 NAB SPONSORED CONTENT The seven keys to a successful e commerce website Your website can be a real revenue earner if you build it the right way We share some very simple but crucial elements to include in your website by NAB 9 57am October 28 NAB SPONSORED CONTENT Quarterly Business Survey September Businesses become more confident in the September

    Original URL path: http://www.businessspectator.com.au/contributor/nab (2014-01-13)
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  • Walking the work-life tightrope | Business Spectator
    in the car out on the golf course or around the dinner table What makes it even more complicated is that the needs of the business can be at their greatest at times when the needs of the family are at their most intense The challenge is making an effective trade off between leadership of the business and leadership of the family It s about developing systems policies procedures and structures to manage it Then again the evidence suggests some are better equipped to handle it than others The usual rule of thumb is the bigger the firm the better prepared it is Also larger businesses tend to have boards and family councils two mechanisms crucial for managing work life balance A recent survey by Family Business Australia and KPMG found that time poverty was indeed a big issue for family businesses Not surprisingly the survey found that two out of three respondents believed family members worked longer hours than their non family counterparts Although this was less the case at larger firms which have more formalised work practices Significantly large and multi generational firms were more likely to be satisfied with their achievement of family oriented goals On the plus side the commitment shown by family members to the business would explain why family businesses tend to have higher productivity than non family businesses However this comes at a price Balancing of business and family issues was seen to be the biggest challenge Family business members were less satisfied with regard to what they were able to achieve around family oriented goals i e spending time with the family and quality of work life balance Only 49 per cent were mostly or completely satisfied about how much time they spent with the family and 55 per cent were satisfied with their level of work life balance In other words work life balance is an issue for about one in two family business owners This is important because a lack of balance between family and business needs might have an impact on the performance of the business not to mention the family and it could also undermine any advantage of family members working together for now and for future generations This is actually where the unique strengths of family businesses can come into play Family businesses tend to be more flexible creating more room for work life balance Obviously there would have to be many constructive problem solving conversations between family members and the best place to sort that out is through the family council Clearing out the messy communication blockages June 19 which basically acts as a contact point between members of the family and the business and moderates problem issues The family council acts like a board of directors for the family An example of this in action would be if a family business leader became distracted the company s board and the family council needs to sort out how to manage their absence and still keep the

    Original URL path: http://www.businessspectator.com.au/article/2013/12/11/family-business/walking-work-life-tightrope (2014-01-13)
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  • How to cash in on the Christmas rush | Business Spectator
    Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Christmas is well and truly upon us And while many people will leave their Christmas shopping until the last minute rest assured everyone will be shopping as they get into the spirit of giving and buying presents for their loved ones So how can you make the most of the opportunities and have a prosperous Christmas season with a register full of sales Whatever family business you are running you can capitalise on the silly season Tips for retailers If you are in the retail business such as food or variety stores now is the time to bring in the seasonal items that people are looking for This may seem like a no brainer and you have probably already done this but it s important to keep asking What can I do to make sure customers maximise the variety and amount of items they purchase when in my store Think about special locations in your store that are destination areas What are the staple items people buy in your store Find some spare space to put a special display of your Christmas items where there s foot traffic Stock complementary items together on the display That way when customers see one item they will more than likely purchase the other as well Load items for sale Do a pre packaged bundle of several items together and offer it at a special price clearly marking the savings of buying the items together It is hard to resist saving money when Christmas spending is on People are time poor so they always want gifts that are easy to select and give Offer pre packaged gift hampers at a range of price points with different gift options available You could even offer to deliver for people by engaging with a courier company to support you The easier you make it for the customer the greater the chances of achieving a sale Arrange a special shopping night If you have some loss leading items this is a good way to use them People will come to get a bargain and buy other items while there Offer a minimal cost gift wrapping service Alternatively you could dedicate an area for free gift wrapping where customers can wrap presents themselves Focusing on the customer will ensure they come back for the next gift purchase Tips for those in hospitality If you are in the hospitality industry now is the time to ensure every seat in your café or restaurant is full Capitalise on the social nature of the season where colleagues friends and relatives all want to catch up and enjoy each other s company before the year is out Some of the things you can do to maximise sales are Send out an offer to your loyal customers and reward them A free bottle of wine to

    Original URL path: http://www.businessspectator.com.au/article/2013/12/11/family-business/how-cash-christmas-rush (2014-01-13)
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  • Caroline Ruddick | Business Spectator
    Tech Applications Big Data Cloud Computing Data Management Reviews Social Media Start ups Security Data Security Identity Management Wireless Security Telecommunication Latest stories Google v Facebook Who knows wins The unparalleled Google Analytics service means Google knows more about internet users than anyone else And runner up Facebook must go further to mine precious user insights if it wants to compete Will Twitter s founder strike social gold twice Biz Stone is looking to tap into the selflessness of others with his latest venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Goldman s coal shoulder The investment bank giant has sold its stake in what would be the largest coal terminal on the US west coast in the wake of its report outlining the fall of coal globally The nuclear renaissance is stone cold dead There is no nuclear recovery with the industry last year flailing to stay above water in key markets and its share of global electricity continuing a seemingly inexorable decline Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Caroline Ruddick How to cash in on the Christmas rush Shoppers and diners are cashed up but will they spend in your store this Christmas Follow these holiday trading tips to make the most of the season s rewards by Caroline Ruddick 10 57am December 11 The five rules to working with family Family businesses are prone to a long list of potential stumbling blocks Taking care with a few key areas can help keep the business productive and the family happy by Caroline Ruddick 12 53pm September 10 Top tips for marketing your family business There are all sorts of offers that can tempt segments of consumers to choose you over the competition The key is getting the offer that suits your business best by Caroline Ruddick 7 37am June 05 How to cash in on the Christmas rush Shoppers and diners are cashed up but will they spend in your store this Christmas Follow these holiday trading tips to make the most of the season s rewards by Caroline Ruddick 10 57am December 11 The five rules to working with family Family businesses are prone to a long list of potential stumbling blocks Taking care with a few key areas can help keep the business productive and the family happy by Caroline Ruddick 12 53pm September

    Original URL path: http://www.businessspectator.com.au/contributor/caroline-ruddick (2014-01-13)
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