Blog

• Business

In a time of cost-of-living pressures, including the rising cost of insurance premiums, you may be looking at ways to save money or even cut corners! But some things can’t be sacrificed.   

Business operators can't afford not to have adequate Insurance cover. It’s your hedge against unexpected events! 

Read on to find out what, why and how smart small Business operators, set themselves up with appropriate insurance cover. You could say this is an investment in peace of mind and protection for unforeseen actions. 

Yes, unexpected catastrophic events do happen!! We have seen this play out before our very eyes, locally, cyclones, fires and floods. The Los Angeles fires, with many suffering the aftereffects of the devastation. Have you experienced any of these or know of others that have? 

Whatever the cause, extreme weather, factory fire, criminal damage, disasters occur and come with a financial and human cost. This raises the question ‘how well placed are you, can your Business deal with the fallout!’  

As a Business owner you will want to protect what you have worked hard to build and to continue operating. This is where taking out Insurance is a smart move, to plan for the unexpected. It's about minimizing your exposure to potential risks.  

Risks are real, experience a disaster, storms, water related damage, refrigeration breakdown or burglary and theft!  Cyberattacks have surged resulting in financial setbacks, data breaches, and reputational damage. Business interruptions are costly! Without appropriate insurance you may be unable to trade or have substantial out of pocket expenses that could mean you have to close your Business. 

What is Business Insurance and how does it work? 

Business Insurance is a financial protection policy designed for risks Businesses face. Risk of unplanned events that impact your operations, such as fire, theft, natural disasters, and legal claims. Insurance protects your Business from financial losses, so you can recover and continue activities without considerable financial impact. Think of insurance as a safety net to protect you, your Business, employees, customers, premises and documents. 

How much does Insurance cover cost?

Your premiums and what you pay will be set by your Provider and is usually determined by your Business risk profile.

Read more …

• Business
• People & Culture

Are you living a healthy lifestyle?  

Think so! But what does that really take and look like? 

Living a healthy life means being active on a regular basis, eating nutritious foods to fuel your body and having a work-life balance.   

And understanding the connection between physical and mental health is critical. This relationship underpins overall well-being and quality of life. 

Next, take the step, assess your healthy lifestyle. 

6 Questions to ask Yourself to be a Healthier You. 

1. Are you eating well balanced meals? This is about meeting dietary requirements, daily intake, from the recommended essential food groups. Good nutrition fuels your body, builds energy levels to boost productivity and better concentration. If you are consuming lots of processed foods most likely you will feel more tired than usual.  

• Check how well do you eat from the 5 Food groups. Click, https://www.healthywa.wa.gov.au/Articles/J_M/Maintaining-a-healthy-lifestyle/Healthy-Eating 

2. How much water do you drink daily? It's essential to consume sufficient amounts throughout the day to hydrate bodily function. Water is part of a balanced diet, winter or summer we need to replenish our levels. Check your intake regularly to maintain hydration levels and ideally, avoid high sugary drinks.  

• Check your recommended requirements, click, https://www.healthdirect.gov.au/drinking-water-and-your-health 

3. How often do you engage in moderate exercise? How many hours do you sit each day? At a desk, in the car on the couch! Compare that to active movement, steps and walking. Undertaking regular physical activity is vital to maintain a healthy mind and body weight and in preventing chronic diseases. 

• Check, to calculate your activity needs, click, https://www.healthywa.wa.gov.au/Articles/J_M/Maintaining-a-healthy-lifestyle/Active-Living 

4. How balanced is your work-life balance? We know being stretched, pulled and torn between work and personal life demands can cause problems including stress-related issues. Managing both by adopting stress management practices can greatly improve your quality of life. Taking care of yourself such as scheduling time out, time with family, pets, taking up a hobby, reading and relaxation techniques are proven de-stressors. 

• Check Stress, key facts, indicators, resources & supports. Click, https://www.healthdirect.gov.au/stress 

• Need help managing your Business affairs Blackburn Accounting offers a range of related services. Let us take care of business matters to ease your workload and pressures. 

5. How many hours of relaxed sleep do you usually have? adequate sleep is needed to rest the body and brain. Sleeping well keeps everything in tune and allows your ‘body and brain batteries’ to recharge. Insufficient sleep and chronic sleep deprivation comes with a list of adverse effects. 

• Check Sleep, Facts, needs and related information, click, https://www.healthdirect.gov.au/sleep 

6. Do you have opportunities to connect with others? Humans are social beings that need meaningful contact with others. To be a part of and feel included. Reach out!  Chat with a neighbor, volunteer, join a committee or book club. Researchers have found social isolation and associated loneliness can affect our ability to think, our self-worth and immune systems. Social connection can be a powerful therapy. 

• Check feeling lonely or isolated, there are ways to help overcome this, click, 

https://www.healthdirect.gov.au/loneliness-isolation-mental-health 

 How did you go with your assessment?  

Did you find any areas for change or improvement? 

Do you want to be a healthier you, live a Healthy lifestyle?

For more information go to; https://www.healthdirect.gov.au/healthy-lifestyle 

Speak with your Health professional if you have related questions or concerns about any health issues. 

• Business

We know leaders and leadership styles come in all shapes and styles, this month we put Kakistocracy in the spotlight. 

Kakistocracy has its origins in politics and government, with associated commentary, ‘leadership by the ineptest or least competent’. Described as ‘a government run by the worst, least qualified or most unscrupulous citizens’. English author Thomas Love Peacock in 1829 using the term as the opposite of aristocracy, meaning ‘excellent’ in Greek. 

Kakistocracy is a leadership style driven by favouritism, not progress, occurring when those rising to the leader position do so on charisma rather than skills and capability. Appearances and ego lead over expertise and meaningful outcomes. It’s all about self-interest and ineptitude is part of an incompetent skill set. 

In modern times it appears and is evident in a range of organizations, from big corporations to small Business, community and non-profit groups.  

Features of kakistocracy leadership: 

• Organizations that are directionless, often floundering under Management without clear purpose.  

• Leaders surround themselves with like-minded supporters that go with the flow, don't speak, while dissenting voices are ignored.  

• Decision making becomes insular, reactive, and poor decisions are overlooked. The resulting fallout is flourishing incompetence stifling creativity, morale and innovation.    

• Boards, Governing Bodies and Committees may sidestep the challenges of responsibility and accountability, valuing loyalty instead. This avoidance leaves those ill-equipped to lead still leading. 

How to avoid kakistocracy in your Company

Read more …

• Business
• People & Culture

Family Businesses are an integral part of the Australian economy and significant contributors, making up to 70% of all Australian Businesses and employing around 50% of the workforce. Family Businesses are enterprising and adaptable, providing unique benefits to the economy, local communities and their family units.  

The positives of working with family include members usually sharing a deep sense of commitment and responsibility and a shared vested interest in the success of the enterprise. For members it is an opportunity for growth, and contributing to and investing in their own and the Businesses success.

The challenges! It can be a delicate balance between the needs of the Business and expectations of family, along with the intertwining and overlapping professional and family roles, that often compete, causing strained relationships. 

Yes, just like in any Business conflict is a reality, occurring for a variety of reasons. Tensions arise over differing visions and opinions, power struggles, financial arrangements, competing priorities and clashing personalities!  When conducting Business, these tensions are brought to the table, with the potential to influence decision-making, relationships and communication, positively or negatively. If left conflicts can escalate resulting in fractured relationships and undermine Business stability.

Ways Forward: 

• The key is to understand and appreciate members differing perspectives and harness these differences. When managed effectively conflict can be a powerful force, a catalyst for innovation and growth.
• For example, family disagreement over strategic direction or expansion can bring about closer examination through a more thorough evaluation. Beth and Jason see opportunities in new markets, expansion, and adopting updated practices, while their parents, company founders, Bill and Mary are concerned about 'big' change and potential risks. Importantly to move forward,  it's about listening, exploring and engaging differing viewpoints, and addressing underlying issues. This approach leads to a more robust decision-making process. 
• It's about bringing everyone to the table, supporting respectful engagement and discussion. By practicing the skills of negotiation, diplomacy, compromise and weighing up all the arguments, solutions can be found, supporting, the best interests of all, and importantly the Business. Conflict can be harnessed to unify!

Family Business can harness the strengths of the family dynamics to achieve long-term success by recognizing and dealing with the complexities of those dynamics. 

6 Best practices for harnessing difference in your Business: 

Read more …