Category: Perth News

Entrepreneurship: Are you ready?

Published / by Flora Amaker

Are you ready to become an entrepreneur? Over the years, more and more people want to start their own business. This is due to the exposure of people to different ways of thinking.

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Are you ready to become an entrepreneur?

People have gained a lot of interest to becoming an entrepreneur and the Internet has one of the biggest platforms that fed the idea of entrepreneurship to the minds of these individuals. Many quit their jobs to pursue their passions and to put up their dream business.

Shifting from being an employee to becoming an entrepreneur is actually a great idea. We all want to become our own boss and make a lot of money. However, one of the problems that these people encounter is building a business while not having the entrepreneur’s mindset.

Getting into the right mindset can be one of the major challenges of becoming an entrepreneur. Like all significant changes, it takes time. Time is still necessary to cement them and create adequate responses even when you consciously adopt new ways of thinking and behaviours.

Many people who have just crossed from the corporate world to entrepreneurship have weird responses when they encounter entrepreneurial problems – they have corporate responses. It’s not surprising as it is part of the transition. Shifting to an entrepreneurial mindset becomes a smoother and more enjoyable process when you make a few essential shifts.

When you become an entrepreneur, should accept the responsibility for all your business decisions whether big or small. As an entrepreneur, you’ll make numerous decisions so you need to think a lot before making a decision.

Sure making decisions is not easy. However, studies show that the more time the brain spends hesitating between alternatives, the quicker its willpower decreases, leading to poorer decisions later in the day. Thus, you need to implement decision-making as a natural process in your everyday schedule, so that you can focus your best hours on the huge decisions.

Continue reading: https://www.smallbusiness.wa.gov.au/business-advice/starting-your-business/are-you-ready

When the boss plays favourites and it’s not you

Published / by Flora Amaker

Are you working with a manager who treated your co-worker like a celebrity while you were stuck with all the grunt work and none of the phrase? If you have such experience, your boss is displaying workplace favouritism.

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Workplace Favouritism

Workplace favouritism occurs when the boss or manager demonstrates preferential treatment to one person over all of the other employees for reasons unrelated to performance. If your co-worker sells twice as amount as the product you sold and she gets promotion, praises and special privileges, it’s not favouritism.

When your boss rewards high-performing employees, it’s not favouritism. Your co-worker earns what he or she deserves because of performance. Meanwhile, if you are equal performance or you did a better job, and your co-worker still gets the promotion, praise, and privileges, then that’s favouritism.

When a manager shows favouritism towards an employee, nothing good happens. The non-favoured employees begin to feel that their accomplishments are not recognised. They get discouraged at the lack of correlation between hard work and success.

Favouritism makes people to gradually disengage from their work. They know that the favoured employee will continue to be rewarded regardless of what they do, so why should they try?

Generally, the management or head office has the responsibility to deal with favouritism. The first step is making the manager aware of the favouritism. It may seem strange, but some managers clearly have no idea they favour one employee over another.

When the boss is a good friend or a relative to the employee, or they both have personalities that click, the boss may not see her favouritism as unreasonable. Sometimes, just bringing it to the manager’s attention can solve the problem. Once aware, the manager can work to treat employees more fairly.

Even great managers can like certain employee over the others. So, you need do some things to stop favouritism in your workplace. Click this for more details: https://www.perthnow.com.au/business/workplace-matters/when-the-boss-plays-favourites-and-its-not-you-ng-b881145872z

Is a business plan more important than a business vision?

Published / by Flora Amaker

To start a business, you need a smart idea, capital, maybe some employees, machinery, a unique business name, a legal structure and a good location. On the other hand, making a business grow and successful is a different story – apart from those basic things needed to start one, bringing success to your business requires dedication, hard work, focus and more importantly a good plan.

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Business Plan

Every entrepreneur needs to have a good business plan in their arsenal. A business plan is a very important strategic tool that can help you focus on the specific steps necessary for your business ideas to succeed. Moreover, it also helps you to achieve both your short and long-term goals.

Unfortunately, not all entrepreneurs see the importance of having a business plan despite hearing a lot of other people talking about its importance. Many are reluctant to have their plan written down. In fact, there are numerous articles online claiming that the business plan is dead or irrelevant. Of course not everyone agrees with that.

Many successful entrepreneurs and business experts have stated that having a good business idea is not enough. If you cannot formulate, execute and implement a strategic plan to make your business idea work, even excellent business ideas can be totally useless.

Like we’ve mentioned, having a business plan on hand helps you make sound decision. It helps you define and focus on your business ideas and strategies. Not only it does help you focus on the financial matters, but it also helps on financial issues, technology, human resource planning and creating customer value.

In addition to being a helpful decision-making tool, you can also use your business plan to raise money for your business. Your business plan can be used as a demonstration to your potential investors of your business’ likelihood to succeed and how much money you’ll need to take off.

Continue reading: https://www.flyingsolo.com.au/marketing/anz-business-plan-vision

Top 5 money saving tips for the new year

Published / by Flora Amaker

Not only young professionals, but almost every one of us need to save money regardless of how much you earn these days. From time to time, people who don’t save for the rainy days are left with no choice but to borrow from banks and financial institutions during emergencies. That is why saving money is vital.

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Save Money

Saving during times when the economy is headed into a downward spiral can prove to be quite difficult. However, it is even more necessary to learn how to save money under such circumstances. Bad financial times can arrive at any moment but it’s the people who have money that survive these tough times quite easily.

For many different reasons, we can end up facing financial troubles. People seem to be in need of money the most when they lose their job. In times like these, having additional money in their bank account makes it a lot easier for people to bear their daily expenditures until they find another job.

Saving is also very helpful for those who want to retire early; having extra money that was saved earlier is particularly ideal for this type of people because it gives them alternative option to think about. On other hand, individuals who are unable to save money become stressed and are eventually financially burdened. The stress from financial problems can lead to health issues, and people end up spending more to restore their health back to normal. Thus, it is a lot better to find ways to save money at the right time and avoid all such financial hassles.

Saving money may be challenging if you are currently struggling financially. However, it is possible to save. For this new year 2019, here are some helpful money-saving tips to begin saving for the rainy days.

Here are some simple tips that can help people learn how to save even on the tightest budget: https://www.watoday.com.au/money/planning-and-budgeting/top-five-money-saving-tips-year-20181207-p50kuu.html

You may also check out our post about cleaning services.

Doing it tough: Businesses in regional Australia fearful of minimum wage increase

Published / by Flora Amaker

Being the boss, you should know how to build a team that works together like a well-oiled machine. You need to how to make each of your employees satisfied and happy. If your employee feels content and happy with their job, they are more likely to become more energetic and productive on their work.

Middle aged man wearing a black and purple polo shirt standing at a cash register, low light photo.

One of the best ways to keep your employees satisfied is by giving them flexibility. This does not imply avoiding rules and regulations, but instead it means to keep in mind that employees have lives outside of your shop or office. Allowing for adaptability in schedules will make keeping everyone upbeat a lot simpler.

When your employees feel displeased, they will not only make customers less likely to return, but it may also lead to employees themselves quitting in search of a more suitable place of employment. As a business person in Perth, you do not want to deal with a high turnover rate because employing new people requires training and costs the store money.

Keep in mind that business owners do not only require financial knowledge. It is not enough to be only good at managing your business’ cash flows and sales. You also need to learn psychology – you need to know what your employees seek in job, what makes them happy. If you’re able to make this connection with your employees, it makes creating a harmonious work environment a whole lot easier.

Most of the time, your employees might be looking for are higher salaries. And since you want to keep them happy and productive, you do what is possible to improve the pay of workers who work extra hard and deserve an extra reward.

However, keep in mind that paying your employees with high salaries can also hurt your business. Like for instance, some small business owners feel concerned with the minimum wage increase. Continue reading at: http://www.abc.net.au/news/2018-06-08/regional-businesses-fearful-of-minimum-wage-increase/9841442