Flood devastation: the beginnings of a fix

Posted on Monday, February 18, 2019
I don't think many of us realise the enormity of the Queensland floods. Land the size of Victoria has been inundated, causing financial and emotional heartbreak and devastation.   Australia’s 150,000 farmers produce enough food to feed 80 million people. Not only do they provide 93% of the domestic food supply, but they support an export market valued at more than A$40 billion per annum – that’s over 13% of national export revenue.   As a result of this catastrophic flood, much of that has been left in tatters. In North Queensland 800 properties have been affected but due to prohibitive insurance costs, most commercial breeding herds were not covered for losses arising from floods. It is estimated the value of these losses is in the hundreds of millions.    Neither is it likely that insurance will cover the property damage caused by the flood, as the damage came from the ground up (flooding), instead of the roof down (storm damage).   This presents an extr ... Read the rest of entry »

Dial up the romance, dial up the profits!

Posted on Monday, February 11, 2019
Valentine’s Day is just three days away! As a wife / husband / girlfriend / boyfriend / life partner that means you’ve only got a couple of days to land the perfect gift. As a business owner, it means you’ve only got a couple of days to capitalise on the event! During this week florists will be operating at somewhere between a 2500% and 7000% mark-up, but all business owners should always be on the lookout for major events or holidays to drum up some extra customers. This week on Let’s Talk Business on the Macquarie Radio network, I shared my tips for small business owners to get the Valentine’s dollars rolling through the door! Guru tip 1 – Incentivise a purchase by offering a gift. Depending on your margins, you could offer a dinner or day spa voucher, or even a chocolate heart for any purchase over a certain value. This will encourage customers to spend over the threshold and bulk out your sales for the month. Guru tip 2 – If y ... Read the rest of entry »

The Banking Royal Commission in 60 seconds

Posted on Tuesday, February 5, 2019
The banking Royal Commission has revealed some shocking details about the behaviour of Australian banks, however the report has protected small businesses. Yesterday the banks rallied in terms of share price and with no major fines or bans Australian shares rallied today, led by the big four banks, with investors seemingly relieved that the financial services Royal Commission had not recommended harsher measures. ANZ was up 6.11%, Commonwealth Bank added 4.69% and Westpac increased 6.59%. NAB rose 4.74% after its Chief Executive, Andrew Thorburn, said this morning he had cancelled the remainder of his two months’ leave and added he was “more determined than ever” to lead the bank’s response to Kenneth Hayne’s report. Mortgage brokers were left battered after the Hayne report recommended reforms to trailing commissions, with Mortgage Choice down more than 24% and Australian Finance Group losing more than 28%. You might be asking yourself, how does the Royal Commissi ... Read the rest of entry »

Some meaningful advice for PM ScoMo

Posted on Sunday, February 3, 2019
The federal government recently announced an increase to the instant asset write-off threshold for small business from $20,000 to $25,000, effective immediately.   The PM has done this in a bid to buy the votes of small business owners in the lead up to this year’s federal election, which he is widely tipped to lose in a landslide.   The reality is though, that the announcement is next to useless, because the instant asset write-off is not being used by the majority of small business owners and some have not even heard of it. According to a new study of 829 small business owners from H&R Block and Officeworks, 85% have never used the existing $20,000 tax break, and only 40% have even heard of it. So with that in mind, what can Scott Morrison pledge that might actually swing some votes? Last night on Let’s Talk Business on the Macquarie Radio Network I shared my tips for the Prime Minister. Guru tip 1 – The PM should apply pressure to state governments to eliminate ... Read the rest of entry »

Public holiday = over-priced latte!

Posted on Tuesday, January 29, 2019
On Monday morning you might have found yourself sitting in a café, sipping on an over-priced latte, wondering why the business even bothered to open if it needed to charge an exorbitant public holiday surcharge to cover its costs.   Good question.   The simple fact is, for some businesses it doesn’t make sense to open on a public holiday, and there’s no shame in that.   For other businesses though, public holidays or national events can be an opportunity to jump on the bandwagon and make some extra cash.   On Sunday's Let’s Talk Business program on the Macquarie Radio Network I shared my tips for doing business on a public holiday:   Guru tip 1 - Use national days to run sales and specials. You’ve missed the boat for Australia Day, but Valentine’s Day is just around the corner. Start thinking now about how you can leverage the day to bring more business through the door. Florists make between 2500-7000% margin on the day, w ... Read the rest of entry »