It is estimated that 20% of all businesses fail in their first year of operation. By the 5th year, that number jumps to 50%. There are many factors that go into running a successful business, but one that entrepreneurs must take note of is the importance of proper planning and execution of ideas. In other words, having standard operating procedures is a must. In this article, we will discuss the importance of having a SOP, it’s benefits, and how to create one. What is an SOP? Standard Operating Procedures (or SOP) can be defined as “established or prescribed methods to be followed routinely fo ..read more

For most entrepreneurs, their main focus is in getting their business, making it profitable and ensuring it runs smoothly.  However, having an exit strategy is just as important. The day may come when an entrepreneur wants to retire, change direction have some more free time, or they pass away suddenly. For the sake of the business, having a plan in place for when the entrepreneur is no longer in charge (or able to lead) is critical. Here are a few of the top reasons to have an exit plan:         Reduce or defer potential tax implications on the spouse, family, or est ..read more

With globalisation and the rise of social media like LinkedIn and Facebook, sales conversations have undergone dramatic changes. Earlier, salespeople talked about their products (or services) and customers listened. Prospective customers were less aware of the options they had, and relied on the salesperson’s knowledge. Online marketing has changed the way people approach sales. Now, they rely on websites, customer reviews and third party opinions to research their options and understand the solutions. Customers are thus more prepared when they are at the sales table. Their expectations are di ..read more

Business Investment Tools For many small businesses, a key component to their survival is having adequate funding. Not only is money needed for launching a business, it is essential for expansion as well. But not everyone is pitching & investment savvy. So finding the right tools to help you learn about how best to approach investors & what to say when you meet them is crucial. What is Pitching and Investing? Pitching and Investing is the process of businesses owners and entrepreneurs meeting with banks, organizations, or individuals to obtain funding for their company. While there is ..read more

Have you ever asked.... How do I start a successful business? One of the most common questions for new and aspiring entrepreneurs is “how do you start a successful business?” There are many factors involved, but here are the top ways to increase the probability of success. The first step is to write your ideas down. Putting ideas to paper helps the mind see them as a reality. It also reinforces the belief that this is real, prompting you to take action. Create your One Page Guide by writing down the following: What Is Your Purpose?  What do you want to do? Summarize the following:   ..read more

The employment landscape is dynamic, and there is an increasing demand for qualified workers across different industries to work for short term periods. Despite the growing number of opportunities for skilled people, employees often face exploitation at the hands of employers or service providers. Labour hire and temporary staff are an intrinsic part of many businesses. The ability to scale up and down as demand requires is crucial for businesses with seasonal demands, or business peaks. What is Victorian Labour Hire Licensing? The Victorian Inquiry into the Labour Hire Industry and Insecure W ..read more

How to get business funding One of the most common questions business owners and entrepreneurs  ask is “how can I get more money to fund my business?” There are many ways to get the cash your business needs. Here are the top sources of funding and how to get it. Top Funding Sources Friends and family.  Simply ask those close to you for funding. This is where most people start.    Bootstrapping.  This type of business is self-funded. Entrepreneurs use their own money to grow the company. Facebook, Shopify and GoFundme all started out bootstrapping. Equity Financing ..read more

Running a profitable business doesn’t just happen. The most successful companies and organizations have specific steps and procedures in place that increase their probability of success. In this article, we will discuss the importance of understanding and tracking your sales cycle. Sales Cycle Defined In its simplest terms, the sales cycle is the steps or phases a company goes through to complete the sale of a product or service. The number of steps can vary, depending on the company or industry, but the end goal is the same: closing the deal. Understanding the Sales Cycle In order to track sa ..read more

How to Use Online Templates to Save Time and Money in Your Business As businesses become more competitive, the need to find ways to stay one step ahead is critical. One way to increase odds of success is by taking advantage of all the resources available to you. Why reinvent the wheel, when someone has already done the hardwork, and used their tools and templates as part of a successful business. One strategy (and very cost effective way) is to use online templates. Benefits of Online Templates There are many reasons to use online templates: Templates provide basic structure to documents. This ..read more

"The art of life lies in a constant readjustment to our surroundings,” Kakuzo Okakura This phrase is more important today than ever before. For entrepreneurs, this is key to their success. 2020 has been a year of pain and uncertainty like never seen before. Thanks to the Covid-19 pandemic, everyone has seen their lives impacted in one way or another. As a result, many struggle to adapt to the new normal. This can drastically affect a person’s buying and spending habits. This means entrepreneurs must pay close attention and be able to adapt as well. Here are the top ways entrepreneurs can be st ..read more