70 years the history:

In 1970 interest rates started at 5.88%, moved up to around 7%, (with a 30year mortgage rate 1971, 7.3%). Then in 1974 jumped to 10.38% for the first time in Australian history. This rapid inflation was due to oil shortages in 1973 & 1979. Rates remained around that until 1980 while inflation rose to 18%. 

In the 1980’s the Reserve Bank increased official rates to nearly 20% to fight the asset price inflation prevailing at that time.  The record high rate of 17.5% was set in January 1990. Australia slipped into recession that lasted until late 1991. According to the Treasurer of the time, ‘this is a recession that Australia had to have’ – Treasurer Paul Keating, November 1990. 

 A series of events created this situation.

• The International Stock market slump of October 1987 saw markets crash around the world. It started with interest rates rises in Japan and Germany, that pressured US rates to jump creating a huge selloff of US shares. Global share prices fell around an average 25%, but Australia slumped to a 40% decline. Of the OECD economies 17 of 18 experienced a recession in the early 1990’s.
•  In Australia the Labor Party came into power in 1983. Under the Hawke-Keating government it shifted the Labour Party from its traditional allegiance to economic protectionism, and moved to deregulate Australia’s financial industry. The role of trade unions was also restructured and the rest is history! 
•  On reflection, speaking in 2006, Ian Macfarlane, former Reserve Bank Governor, said ‘The recession of 1990-91 was dominated by financial failure. In most cases, it was the fall in asset prices that meant that loans could not be repaid, thus transferring the distress to financial institutions.

 Mortgage rates remained high until the end of 1990’s, when they levelled off to 6.5%.

Since the early 2000’s rates remained in the 4.5% to 8% range.

Since 2009 we have seen modest inflation and record low interest rates. The record low of 0.10% in November 2020. A situation that gave consumers greater spending power that for some has become a way of life.It comes as no surprise recent inflationary pressures, cost of living increases has dramatically impacted this cohort, particularly mortgagees. .  

And here we are today!

If this was a Superhero story you might say Technology is a hero, the 'good guy' fighting and striving’ to provide many ‘good’ benefits for mankind, including a better tomorrow. It has the power to change the way we do things and already is and has!

Technology, on a daily basis influences how we work, live and play, communicate, commute and create.  

But there is the other side! the Bad and Ugly!

Can you believe it is mankind itself through misuse or abuse that is more likely to cause adverse effects, the negative, darker side!   

Simply put, how we choose to use Technology will help or harm us!

The Good 

On the good side we are better connected, informed and alive with the adoption of technological tools. 

The benefits: 

• improved communication systems 
• improved business agility
• no digital boundaries allows Business to operate from anywhere at anytime 
• automation and productivity gains
• shopping convenience 
• increased revenue streams
• better learning and educational systems
• social connectivity
• support for working remotely

Every aspect of our lives is influenced in some way, as individuals and in Business in our communications, manufacturing, time management, transport, Health & Medical.

The Bad, the Ugly 

For most, the bad and ugly side is Technology misuse.  

• Technology produces and ‘spawns’ fake news and misinformation.  ‘Fakers’ are more active and messaging so easily disseminated it is difficult to distinguish what to believe or disbelieve. This creates misunderstanding, skepticism and mistrust. Not a healthy environment.
• Scammers are out to get you.  The digital technology created to improve and streamline many areas of our lives is being abused by scammers ready to fleece you of your money and identity.  ‘Fake’ texts, emails and computer hacking pose major threats to our economy and wellbeing.

Memorable for all the right reasons!

Memorable because it effectively communicates a Company’s value proposition that achieves a competitive edge and the desired outcomes.  

Simply put, a Marketing Strategy is a Company’s approach to promoting itself, its ‘brand’ to a target audience using a process that involves research, goal-setting and positioning. 

If you are a small Business you may be asking yourself, pondering, what does this all mean, the cost, time and effort involved and how do I go about it.  

Don't worry, whatever your Industry, or Business venture, if big or small, there are some basic principles to developing a 'winning' strategy.

Here is a Guide. 

Firstly, let's look at the marketing mix also known as the 5 P’s of Marketing,  

• Product – your product or service, design, features & benefits; branding & packing; service & warranty 

• Price – what the customer pays; offers, discounts, price matching; credit, payment terms 

• Place – locations of purchase, e.g. Instore; online; delivery arrangements 

• People- customers; staff; Suppliers; Partners 

• Promotion – the activities and methods used to raise awareness of your Business. How you promote can vary depending on the customers you want to reach.  

Next, take action! 

10 Tips for creating your ‘memorable’ Marketing Strategy: 

1. Create a unique value proposition: a USP is the reason customers buy from you and not your competitors. This is all about what makes you, your product, unique. Simply, what you, your Business do or provide differently, what you stand for and convey why it, you, deserves their custom. Proudly promote your brand. 

2. Know your audience: importantly, understand their needs and wants. Profiling will help your marketing efforts e.g. identify demographics, shopping behaviours, locations & lifestyles. (STP), Segmentation, Targeting and Positioning help craft more relevant, personalized messages to target audiences. 

A Message to Business, Employers and Employees 

Enjoyment starts by being wise, remembering what is in good taste, and that ‘normal’ acceptable standards of behaviour still apply.   

Simply put, adopting an ‘everything in moderation’ approach you can make it an enjoyable and memorable time without embarrassing yourself or others.  Adopt ‘in moderation’ at all functions, whether under the mistletoe, on the dance floor, or at the ‘free’ bar. 

Social gatherings, get togethers with family, friends or at Workplace events, following these steps will help keep you and your colleagues in a merry but safe place. Have fun, celebrate without regret, remorse or loss of reputation. 

6 Top Tips – How to Enjoy the Party without Regret: 

1. Take control: Set the scene and mood by taking responsibility for your behaviour, actions and words.  

2. Avoid starting the occasion with early alcoholic ‘shots’ and over-embracing the party spirit. That can take you on a path of self-destruction.  

Who can forget the stories about last years 'silly' season misadventures. And here we go again the season is upon us.

Do you want to avoid such mishaps? 

Read our Tips! How to survive and enjoy the festivities without embarrassing yourself or others! 

It starts by being wise, remembering what is in good taste, that ‘normal’ standards of behaviour still apply and by doing everything in moderation you can make it a happy memorable time.  Adopt these principles at all functions, whether under the mistletoe or on the dance floor, or at the ‘free’ bar.

Social gatherings, get togethers with family, friends or in the Workplace following these words of wisdom will help keep you and your colleagues in a merry but safe place. Have fun, celebrate without regret, remorse or loss of reputation.

6 Top Tips: 

1. Set the scene and mood by taking responsibility for your actions and words. 

2. Avoid starting the occasion with early alcoholic ‘shots’ and over embracing the party spirit. That can take you on a path of self-destruction. Read more...

Adopt these 6 Ways to Become a More Authentic Leader

1. Review your leadership image – this involves self-assessment and exploring what behavioural changes can be made to build your authenticity. Rethink, redefine, revise but stay true to yourself. Make decisions based on your ethics, values and personality, be genuine, this isn’t about creating a false image.  

2. Enhance your self-awareness – this is understanding how your habits, personability and communication skills impact your interactions with others. Consider how others perceive your behaviours, words and actions. Positively, or negatively! Seek feedback to gain insight and reflect on how you might change your approach.  

3. Assess your likes, dislikes and values – This is about setting goals that are aligned with your values. By establishing your likes, dislikes, strengths, weaknesses and values you can better comprehend how aligned your behaviours are with your ethics. Know what is important to you now, and if or what you are prepared to change or not.  

With a hint of warmer weather, earlier sunrises and seeds sprouting, Spring has sprung, bringing with it the promise of new beginnings. This season radiates energy, and a sense of opportunity and growth. As we put away our winter coats and scarves, who doesn't want to open windows and dust away the cobwebs in our homes and our minds?

Take that thought and if you are a Small Business what better time to ‘spring clean’ your Business?  

The Importance of Spring Cleaning your Business:

Spring cleaning is the chance to declutter and cleanup workspaces, to review, revitalize and revigorate operations and resources, human and equipment.  These actions nurture enthusiasm and optimism bringing new energy to the Business and Team. A great way to boost morale and productivity!

Don’t wait, roll-up your sleeves and get started with these Tips:

1. Review and Update Your Business Plan 

2. Conduct a Financial Health Checkup 

3. Streamline Your Processes and Systems 

4. Build your Team  

5. Refresh Branding and Marketing material 

6. Evaluate and Enhance your Customer Service 

7. Cleanup Your Digital Workspace 

1.Review and Update Your Business Plan 

Take the time to revisit and revise your Plan as needed.  Review and reflect. What is your Business Vision and Strategic goals. Most importantly, what actions are needed to make them happen with the desired results? 

2.Conduct a Financial Health Checkup 

Examine the ‘books’ to know what's coming in and out and compare to the Budget. Revise forecasts if needed. Analyse expenses, look for cost-savings, and fine-tune activities as required. Financial optimization equals a Healthy Business.

The Silly Season – Coming soon! 

For many this is the leadup period to Christmas festive celebrations. A time of shopping for presents, including choosing for those hard to buy for family members, gift wrapping, get togethers, summer holidays and keeping a diary of celebratory events to attend, including the ‘office’ party! It can become fast-paced with this frenzy of activities. Sometimes we throw caution to the wind, let our hair down and our inhibitions as we try and keep up!

BUT we can all enjoy the ‘silly-season’ with a little careful thought, planning and preparation.

Here are our 7 Helpful Hints:

1. Avoid going into overdrive. Take each day and step at a time to avoid ‘silly’ fatigue! Don’t try and pack everything into this short period. 

2. Everything in moderation.  Food, drink and frivolity, celebrate and enjoy each without going overboard! Over indulgence has after affects!

3. Remember what the true spirit of Christmas is about. Togetherness, sharing, caring, reflection and kindness for self and others.

4. Enjoy yourself and the company of others. Stay responsible to avoid regret, remorse or revival later. Whether Family or Workplace functions ‘normal’ standards of behaviour still apply.

5. Don’t try and compete with the Jones’s or family when it comes to the decorations, presents, or feasts. The biggest, most expensive isn't necessarily the best, its the thought that counts.. 
6. Debt hangover. To avoid this pain manage your finances now. Jot down your usual, likely expenses, budget for gifts and keep your credit card spending under control.  Remember credit is easy to access, buy, have now but comes with the cost of paying later.  
7. Reach out, share a kind word, do a good deed, or wave to your neighbour.  Simple things with no monetary cost.

 Where did the term ‘silly season’ come from? 

First recorded in 1861 in the Brewer’s Dictionary of Phrase, as in the UK the period in the summer months known for frivolous news stories in the media (source Wiki). 

So here we are in 2023, counting down to Christmas, and the start of the ‘silly’ season. 

Enjoy and I hope you find our Helpful Hints helpful! Ho ho ho!

You’ve read the ‘success’ stories, mates having a conversation at a bar, produces one of the most popular board games of all time; the Uni student with brilliant ideas about a platform for easily accessible ‘graphic design’ programs! The rest is history! And not to forget the internet provider that grew out of a local suburban backyard garage, vision that helped change the world of telecommunications. 

Makes you stop and ponder, wonder!! 

Are you reading this and thinking so why not my idea!  

Or are you contemplating, what is out there yet to be discovered, or uncovered, what could be the next greatest ever success story! Inspiring stuff!

Starting a Business  

Not for the faint hearted, can be daunting but if you are ready to take up the challenge keep reading! 

Gathering ideas: 7 Steps to help guide you. 

1. Finding an idea: Investigate markets. Importantly, is there a gap, possible demand for a product or service. It's critical to undertake market research. Have consumers buying and spending habits changed; are there different, new, wants and needs; what, which demographics are influencing markets e.g. aging population needs, more people travelling, rise of pet ownership.  

2. Be wary of trends, they come and go. A healthy unique Business offering should focus on longevity, a foundation built on innovation and passion. Love your business, what you are doing, and you are halfway there!  

Spring has sprung, bees are buzzing, birds singing and buds budding, bringing a promise of new beginnings. This season radiates energy, a sense of growth and opportunity. Who isn't inspired and motivated!

It’s time to act, dust away cobwebs, freshen up our homes, gardens and minds! And if you are a small Business operator, be inspired and tackle a spring clean of your enterprise. 

The Importance of Spring Cleaning Your Business 

It's not rocket science! Spring cleaning your Business has the potential to boost productivity by creating a more organised environment and decluttered workspace. It’s also a great way, an opportunity to build morale, revitalize and revigorate you and your Team. 

Don’t put it off, roll up your sleeves and get started with the following steps 

1. Review and Update Your Business Plan 

Start by reviewing your Business plan. Review and reflect. What is your Business vision and Strategic goals. Get buy-in, sell and share with Team members. As leader you can get caught up with everyday operations and it's easy to lose sight of the bigger picture. Take the time to identify what actions are needed to achieve the desired goals and objectives. 

2. Streamline Your Processes and Workflows 

This is about running operations smoothly, whatever the product or service. That result comes with efficiently designed and run processes and systems. Explore technology, such as AI automated tasks. Eliminating bottlenecks will keep the production line moving, along with well-maintained equipment backed by highly trained staff to maximize input with output. Get the cogs working effectively as they should, machinery and human resources.

3. Clean Up Your Digital Workspace

Don't we all want to enjoy and reap the rewards of having a successful and harmonious Business environment. 

I'm sure like most readers you said Yes! 

What does it take?

Check these 7 Tips to building a happy, successful family Business 

1. Have and share the Vision

2. Communicate, collaborate, and facilitate to unite the group

3. Treat the Business as a Business. Separate personal and work matters

Adopt these 'healthy' practices to get your cash flowing:  

1. Profit margins: with the current ever-increasing costs of doing business, it’s critical to have true-cost pricing. Don’t let your profit margins be eaten away. 

Tip: Regularly check the cost of goods and products and determine realistic profit margins by setting prices not too low or too high. Pricing points are needed to keep you competitive and in the red. Offer value for money and your customers will keep coming back! 

2. Overdue payments - monies due to you: Slow and late payments pose the greatest risk to small Business. Cash in keeps the money flow flowing, without it the cash river dries up! 

Tip: Have an efficient invoicing and billing system in place, one that generates accounts at point of sale and offers various payment methods. Electronic systems can also monitor receipts and overdue accounts allowing you to better manage and avoid late payments. Keep on top of your debtor's ledger, remember you are running a Business, it's your livelihood.  

3. Personal and Business financial matters: Mixing money, personal and Company transactions is fraught with danger, including relationship friction and can easily lead to ‘robbing Peter to pay Paul’! 

Tip: Keep separate systems and records and avoid ‘borrowing’ from either.  Makes it simpler for all concerned including for providing true and accurate Business financial reports, taxes and audits. 

In 2023 a lesson for small Businesses is to be prepared. Were you impacted by the recent Optus outage? 

You never know what challenge may present itself and you can’t predict 'unplanned' events. Natural disasters, hackers, technology failures, power outages, human error or a pandemic if you are a small Business you are vulnerable and exposed. No one is safe from such threats!   

Are you ready?

This isn’t about being a doomsday sayer or pessimistic thoughts, it's about adopting sound Business thinking, logic and practices. 

Disasters do happen as we have just experienced with the cyber security breaches and technology breakdowns!

Are you one of the many Businesses affected, did you lose valuable business, time and money! And not to forget the essential emergency services out of action.

The learning from this disaster is that every Business needs to have a backup Plan, the go-to Plan B for when Business as usual’ isn’t that!

I don't need to tell you that when your Business ‘goes down’ so do your sales and revenue, your livelihood!

This is where your Back-up Plan kicks in! It allows you to continue to function with minimal disruption to look after your customers and to maintain relationships, reputation and brand image. Taking care of Business is taking care of you and your most valued asset, your clients.

If you are a Small Business owner it's critical you have a well-defined Backup and Recovery Plan in place, ready to access in times of ‘disasters’. When Plan A fails you have Plan B!

Why a Backup Plan

With todays reliance on technology as the means for doing most Business activities and transactions it is vital that systems are available at all times. Whether retail, hospitality, Industry, factory or administration most Businesses operate using electronics.   

Image! What if there is an intense fire in your building, or extensive flooding, not to mention IT systems failure or malware attacks. Blackouts, systems are down causing confusion and likely chaos, not to mention lost business and unhappy customers and clients.

Smart Businesses have contingencies in place, a Plan B, Recovery and Backup systems that save data, protect it and make it readily available without extensive delay when a crisis occurs.

How - to Develop a Solutions Strategy

To develop a Backup Plan starts by identifying your Businesses requirements.

Yes, we have all heard of the carbon footprint, the total amount of our greenhouse gases emissions! What we generate with our actions, good and not so good.  

But what about a digital footprint, what is it and what impact is it having! Are we having! 

 What is it? 

Our digital footprint, also called our digital shadow or electronic footprint refers to the trail of data we create and leave when using the internet. Depending on our activities, some of us will have a small footprint while others will fit a size 16 boot.

• Impact! 

Are you like Bigfoot, Sasquatch, the human-like mythical creature stomping along leaving a large digital footprint behind as you roam the global networks. How much information and content  do you need to create and generate!

And not for the faint-hearted, these online pathways can be treacherous places inhabited by snakes and weasels, ready to pounce! Weasels, also known as cyber criminals, are ready to conduct targeted attacks and scams!  

• Protection!

How do you help safeguard and protect yourself, your digital activities, from malicious cybercriminal attacks or misadventures?

There are some simple strategies you can adopt.  

7 Ways to Best Manage Your Digital Footprint 

1. Undertake a search of yourself and review the results. This will give an idea of what information is publicly available. If there are any negatives, contact the site administrator.

2. Set alerts. Once you have conducted the above consider setting up alerts to help keep closer track of any future online mentions.

It’s been stated many times before, ‘a glass half full’ or a ‘glass half empty!’ 

What do you see and say? 

The optimist says, ‘the glass is half full’, while the pessimist says it's a ‘glass half empty’ 

This metaphor can be applied to many situations in life, personal, professional, the economy and indeed the way we approach and live our life.

There is no right or wrong approach! 

 Optimists usually look on the bright side while the pessimists are more likely to search for the black cloud behind every silver lining.  

 A glass half full is an attitude, a way of thinking and seeing the good things in a situation, the possibilities, rather than the bad or negative. For the optimist there is still water in the glass to drink!  These optimists view a situation with hope, optimistically, for example, when a last-minute change in a schedule occurs, rather than being upset, this is seen as an opportunity to gain extra time. 

 The pessimist, (a glass half empty), sees there is water missing from what could otherwise be a full glass. They focus on the downside, see barriers and are stymied by obstacles. When they expect negative results, they fail to do the things that could have reduced or prevented those outcomes. 

 Whether an optimist or pessimist we all experience a range of emotions, both good and bad. And we all face challenges but it's how we respond to them that makes the difference. Every situation presents the opportunity to view it in a different light. Do you see only lemons or the opportunity to make them into lemonade!

 We know leadership is the action of leading a group of people or organisation and we know also there are   differing leadership styles. Likely you have experienced this or relate as a Business leader, CEO, Manager or team   member.

 We know too that leaders come in all shapes, sizes and abilities! Some excel while others fall short!

 And it is for this very reason 'leaders' are sometimes caught in the spotlight for all the wrong reasons, whether in   Industry, Sports or Volunteer roles. Descriptions include arrogance sometimes masked as confidence, dictatorships   and out of touch. Sound familiar! 

 But there are those that standout and shine for all the right reasons. 

 It is well documented that leadership requires more than knowledge or experience.

 So what does an effective, leader of substance look, sound and act like! 

Qualities of Substance include: 

• Leadership that inspires greater commitment, effort and informed action  
• Genuinely putting yourself in the ‘shoes’ of others  
• Having passion, dedication, humility and integrity 
• How you do things matter as much as reaching the end result 
• Work hard to accomplish things 
• Empowerment of others 
• Create an environment that values every team member 

For Business, Small Business it’s critical to have some understanding of the impact, the benefits and pitfalls of new technologies. 

Yes, AI it’s here, it’s everywhere, we can’t ignore it! 

 If you are a small Business owner, it’s worth asking questions if or how AI functions may help your Business, or not. 

 There may be some applications, for example, robotics process automation (RPA) area. This allows you to automate repetitive, time-consuming tasks that take valuable human resources that could be doing higher level tasks. Sounds good, makes good Business sense. 

And there’s more on this topic, watch for updates! 

As we embrace the new frontiers of AI and consider the pros and cons it is timely to remember that Technology has advantages when used for positive purposes! 

Already AI has found many applications in our world today, often in such subtle ways that it goes unnoticed, despite its widespread use. From Smartphones, security cameras and the invisible algorithms that control our Internet devices our lives have been transformed for the better, providing greater ease and convenience. 

It’s been adopted across Industries such as Finance, Retail, Transportation and Healthcare and into processes, products and services as a tool for improving efficiencies and solving complex problems.

With the progress and surge of rapid advances in Technology you may be asking how does and will they affect me, my Business!  Could we, will we be taken over by robots and avatars!

Let’s get started by getting to know more about AI!  

What is AI?  

AI is a branch of computer science dedicated to creating computers and programs that can replicate human thinking. In simple terms, AI, Artificial Intelligence is the simulation of human intelligence processes by machines, particularly computer systems. Specific applications, components, include natural language processing, speech recognition, expert systems and machine vision. 

How does it work?  

AI systems generally work by ingesting large amounts of labeled training data, analyzing it for patterns and correlations, then using those patterns to make predictions about future states. Chatbox is an example that if fed the information is creating realistic images, text boxes and music. 

Why is it important? 

It has the potential to further change our lives and has been used effectively in Business to automate tasks undertaken by humans, such as, quality control, customer service work and fraud detection. Where the task is repetitive, and detail orientated its capabilities include completing jobs quickly and with few errors when analyzing large numbers of documents.  

Other advantages include unbiased decision-making and systems 24/7 availability.

AI Examples & Trends - How Businesses can improve and optimize their operations: 

• Healthcare: uses AI to improve diagnosis and treatment of diseases and help Providers make more informed decisions.
• Enhance Customer service: Language translation to improve the customer experience such as Chatbox which provides quick and convenient assistance and support at any time.
• Software development: to create new products and services, such as AI powered digital assistants to help people with disabilities undertake tasks.
• Voice Assistants: Instagram and YouTube home pages use AI to create personalised content for their users.
• Automate routine tasks: Performs repetitive jobs quickly and efficiently, that are otherwise mundane for humans
• Streamline operations: AI can be implemented to improve productivity, reduce waste and enhance processes such as used in manufacturing to detect defects. 

Issues, Disadvantages: 

Reminder the ATO is back to Business-as-usual debt collection.

ATO reminds Business to pay before they disclose their debts. 

(Announcement 6 October 2023).  

The Australian Taxation Office (ATO) is warning businesses to engage with their tax and super obligations to avoid having their debts disclosed to credit reporting agencies.

As the ATO shifts back to business-as-usual debt collection, as of July 2023 it has issued Notices of intent to disclose business tax debts to more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days.

ATO Assistant Commissioner Jillian Kitto said paying or engaging with the ATO is the only way to stop a business’s tax debt becoming visible in credit rating checks. ‘We want to work with businesses to help them get on top of their debts. Anyone with a debt is encouraged to reach out to us as soon as possible,’ Ms Kitto said. 

Need help or advice.

Be proactive contact Blackburn Accounting for your Business accounting matters and Cashflow Management guidance. 

The ATO is urging small businesses that have overdue income tax returns, fringe benefits tax returns or business activity statements to take advantage of its amnesty to get back on track with their tax obligations if they have fallen behind. 
 
The amnesty applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and runs from 1 June 2023 to 31 December 2023. 
To be eligible for the amnesty, the small business must be an entity with an aggregated turnover of less than $10 million at the time the original lodgment was due. 
 
During this time, eligible small businesses can lodge their eligible overdue forms and the ATO will then proactively remit any associated failure to lodge (FTL) penalties. 
When forms are lodged with the ATO under the amnesty, businesses or their tax professionals will not need to separately request a remission of FTL penalties. 
 
The ATO also encourage all businesses to lodge any overdue forms even if they are outside the eligibility period. Whilst forms outside the amnesty eligibility criteria will attract FTL penalties, the ATO will consider your circumstances and may remit such penalties on a case-by-case basis. 
 
The amnesty applies to income tax returns, business activity statements, and fringe benefits tax returns.