Our 11 Tips For Effective Onboarding Of New Staff

Hiring and retaining top talent is crucial for long-term success. However, the journey doesn’t end once you hire the right candidate.

Effective employee onboarding ensures your new hires integrate seamlessly into your organisation, become productive team members, and stay engaged.

Let’s explore the critical components of onboarding new employees effectively.

Preparing in Advance

Effective onboarding begins even before the new employee’s first day. Prepare a structured onboarding plan with essential documents, training materials, and a welcoming message. Ensure that their workstation, equipment, and access to necessary systems are ready for their arrival.

Warm Welcome

The first day sets the tone for the employee’s experience. Greet them warmly, introduce them to their colleagues, and provide a workplace tour. This initial welcome helps alleviate first-day jitters and fosters a sense of belonging.

Clear Expectations

Communicate the employee’s role, responsibilities, and performance expectations. Provide a job description and discuss key performance indicators (KPIs) and goals. This clarity enables employees to understand their role within the organisation.

Comprehensive Training

Develop a well-structured training program that covers company policies, procedures, and the use of necessary tools and technology. Ensure that employees have access to resources and support to facilitate their learning process.

Mentorship and Buddy System

Assign a mentor or buddy to guide the new employee through their initial days. This mentor can offer insights into the company culture, answer questions, and provide emotional support, helping the newcomer feel more comfortable.

Company Culture and Values

Introduce employees to your company’s culture and values. Explain the mission, vision, and core values that drive your organisation. Share success stories that exemplify these values in action.

Feedback and Communication

Establish open lines of communication from day one. Encourage employees to share feedback and ask questions. Conduct regular check-ins to gauge their progress, address concerns, and provide constructive feedback.

Integration and Socialisation

Organise team-building activities, social events, and opportunities for employees to interact outside of work tasks. A sense of belonging and camaraderie is essential for employee retention.

Long-Term Development

Outline opportunities for growth and development within the company. Discuss potential career paths, training programs, and advancement prospects to motivate employees to stay and excel.

Documentation and Compliance

Ensure that all required paperwork, including tax forms and company policies, is completed accurately and promptly. Compliance with legal and HR requirements is vital.

Follow-Up and Evaluation

Onboarding doesn’t end after the first week or month. Schedule regular follow-up meetings to evaluate the onboarding process’s effectiveness and address any ongoing needs or concerns.

Effective employee onboarding is an investment in your organisation’s future. When new employees feel welcomed, informed, and engaged from day one, they are more likely to become committed and productive team members.

Following these best practices can create a positive onboarding experience that sets the stage for success and fosters long-term employee loyalty.

10 Steps To Ensure A Successful Start To Your New Business Venture

Starting a new business is a thrilling venture that can lead to personal fulfilment and financial success. While the journey is undoubtedly exciting, it’s essential to approach it with careful planning and a clear strategy to increase your chances of success.

Let’s explore some critical steps and considerations when beginning your entrepreneurial journey.

Business Idea and Research

Every successful business starts with a great idea. Identify your passion, skills, and interests to brainstorm potential business concepts. Research the market to understand your target audience, competition, and industry trends. A unique and well-researched idea sets the foundation for your business.

Business Plan 

A business plan is your roadmap to success. It outlines your business goals, strategies, financial projections, and operational plans. A well-thought-out business plan guides your actions and attracts potential investors and lenders.

Legal Structure

Decide on the legal structure of your business, such as sole proprietorship, partnership or company. Each system has its implications for taxation, liability, and management, so choose one that aligns with your goals.

Funding

Determine how you’ll fund your new business. You can use personal savings, seek investors, or apply for loans and grants. Have a clear financial plan and budget to manage your resources effectively.

Business Name and Registration

Choose a catchy and memorable business name that reflects your brand. Check for domain name availability for your website and ensure the name is not already trademarked. Register your business with the appropriate government authorities and obtain necessary licenses or permits.

Build a Team

Assess your staffing needs and hire employees or contractors as necessary. A talented and motivated team can significantly contribute to your business’s success.

Marketing and Branding

Develop a strong brand identity and marketing strategy. Establish an online presence through a professional website and social media platforms. Create a marketing plan to reach your target audience effectively.

Financial Management

Set up a reliable accounting and financial management system. Keep track of income, expenses, and taxes to ensure your business remains financially healthy.

Customer Acquisition

Focus on acquiring and retaining customers. Provide exceptional products or services, offer excellent customer service, and seek feedback to continuously improve.

Adapt and Grow

Be prepared to adapt to changing market conditions and customer preferences. Continuously monitor your business’s performance and be open to making necessary adjustments.

Starting a new business is a journey filled with challenges and rewards. It requires dedication, perseverance, and a willingness to learn from successes and setbacks. Remember that many successful businesses began small and grew over time.

With careful planning and a passion for your idea, you can confidently and enthusiastically embark on your entrepreneurial journey.

What Can A Business Adviser Offer Your Business?

Feel like your business is stuck in a rut? Are you unable to solve a problem that you know will cost you in the long run? Struggling to navigate your way through a difficult time?

It might not be financially tanking, and it might not be that your revenue stream is down; however, if you’re not sure what direction to take with your business, you might need a fresh set of eyes and a bit of extra guidance.

A fresh pair of eyes to take a look at particular issues that your business is facing to deal with them doesn’t have to come from within the business. Sometimes, an outsider’s viewpoint or perspective can be even more informative.

Business advisers can be engaged across many fields with specially focused advice or strategies to a specific area (such as accountants, business bankers or commercial lawyers) or be a business adviser who is dedicated to considering the overall goals and long-term ramifications of your business’s strategies.

A business adviser can be hired on either a one-time basis (to deal with any one-off problems your business is set to face) or on an ongoing basis to provide continued support.

If you are only looking for a particular solution to a particular problem, one-time advice from a business adviser can be an easy and cost-effective solution.

However, if you’re looking for long-term ongoing support that’s backed by years of experience and a perspective that’s looking to preempt these issues, ongoing advice may be more appropriate for your needs.

Engaging a business adviser can provide your business with fresh ideas based on an objective analysis of your business’s current performance and situation.

Experts within their relevant fields are also able to provide you with specialised advice, based on the ongoing consultations you may have had with them previously or plan to have in the future.

As an example, contracting an accountant in a business adviser role means that you are looking for strategic and financial advice like profitability improvement, tax planning and advice regarding business performance. These can be critical to ensuring your business’s longevity and preparing for whatever the future may throw at you.

For example – if you were looking to sell your business, your contracted accountant should be able to map out the tax liabilities involved in doing so, the assets that would entail as part of the sale or even if you may be eligible for certain concessions.

An adviser who can offer timely and relevant advice to your financial situation can make a huge difference to your business in the long run. They can also assist you in plotting out business goals, preparing for hardship, or even working out what to do in the event of bankruptcy.

Looking for assistance in plotting out the financial future of your business, or for a tax specialist who can?

We are more than ready for that conversation to be had with you. We’re well-equipped to assist you with mapping out your business’s plan for the future, so why not speak with us and see how we can help you?

Creating A Simple Business Succession Plan In 5 Steps

Whether you want to change careers or are ready to start a new journey, passing on your business can be more appealing than shutting it down altogether.

Having a succession plan you can follow with the new owner could help the process run more smoothly and avoid confusion. When developing your plan, it is vital to go in-depth with details to ensure the handover is carried out as you wish.

The Successor

Who will you be transferring your business to?

Enter the details of the intended successor and an alternative successor and whether they’re a family member, business partner, or someone interested in buying your business.

Establishing your successor has undergone the proper training and education for the position will also assist in the transition and business longevity.

Business Structure

State whether the structure of your business falls under a partnership, sole trader, trust, or company. This will allow you to teach your successor the ways of the business and the correct process of doing various tasks.

Succession Type

State what type of succession has been planned, with details of whether it will be a complete or partial succession. Overstepping the boundaries and trying to be over-involved after you no longer own the business can cause conflict between yourself and your successor, negatively impacting the business. To avoid becoming overbearing, make sure you prepare yourself for what no longer owning the business will mean, such as how you are going to fill the time that was previously spent working.

Legal Considerations

Include any contracts that need to be created or modified for the succession. Provide whether there is a legal document that outlines the terms and agreements of the succession. Before handing over the business, you will need to do a number of things, including cancelling tax registrations such as GST, lodging any final tax returns, paying any outstanding activity statements or bills, and transferring any other assets such as domain names or web registrations.

Finance Details

This includes information such as the current value of the business, the taxes payable in the event of a transfer, retirement income or payment, and sale details (minimum sale price of the business, how long you plan to have the business on the market, who will receive the proceeds).

3 Tips For Goal-Setting In Your Business

Knowing the steps to take to achieve your goals is critical for small business success.

Setting clear and realistic goals is an ideal strategy you can implement to help strengthen and grow your business and develop your skills as a business owner.

Here are three tips to help you effectively reach your business goals:

Assess The Goal

To set a realistic goal, you first need to assess what will and will not be viable. Each time you form a goal, ask yourself:

  •       What is motivating me to achieve this goal?
  •       What are the resources required and do I have access to them?
  •       Are there forces out of my control that will act as an obstacle and is there any way I can overcome them?

Break It Down

It is important to keep your goals realistic and manageable to achieve them. It is ok to have big goals – they are exciting and will keep you motivated. The trick is to break down that overarching goal into smaller and more focused steps, making the goal more feasible to reach in the long term. You will not run a marathon, write a novel or become CEO in a week. Take it kilometre by kilometre, chapter by chapter, promotion by promotion to achieve the best results. Smaller goals also help you do the following:

  •       Stay motivated by maintaining a sense of achievement
  •       Provide a realistic timeline
  •       Help track your performance

Find A Mentor

Having a mentor on hand will help keep you accountable for the goals you set for your business. A good mentor will help you set measurable goals and keep you on track as you set out to achieve them. They can also provide insight via feedback on better ways to set and achieve your goals in the future. Mentors continually motivate you to keep going if you should hit a speed bump along the way.

Making The Business Seem Bigger: The Importance Of Illusion For Small Business Growth

Making your business seem more significant than it actually is can go a long way in helping you secure larger clients.

Appearing larger can help customers feel more secure when dealing with you and possibly give your voice or presence more authority. Exaggerating elements of your business regarding first impressions is easier than you might think, and many of the available strategies are cost-effective.

Put Extra Effort Into Your Website:

Your website is one of the first places potential customers will visit to size you up. The impression that your website makes on them can seriously influence how your company is perceived. A website with a dated design, difficult navigation or poorly written copy can instantly give a negative impression. Poor-quality websites suggest you’re a small, amateur company that doesn’t care about online presence. This can alienate an entire group of potential clients.

Work On Your Social Media Presence:

Developing an active and current social media presence can help a business connect with its customers and assist in making it appear more prominent and experienced. Social media sites increase the amount of information that can be found on a business and are usually far more engaging and cost-effective than traditional forms of advertising.

People generally assume that businesses with a lot of online material have been there for a long time. Businesses with many followers on social media can create a sense of age and experience, enhancing the brand’s image.

Invest In Your Promotional Materials:

Professionally designed business cards with consistent stationery and letterheads will give business credibility. For example, printing the details on cheques and envelopes rather than writing on them by hand are small and cost-effective options that can assist in building professional reliability.

Continuity over different marketing platforms also promotes a sense of brand unity. Using professionally designed images on all company material will demonstrate your reach and stability in the market.

Get A Virtual Office:

For businesses that cannot afford a full-time receptionist, setting up a virtual office can have the same effect at a much cheaper cost. Having a virtual employee answer phone calls and manage customer service from an outside location means eliminating the costs of actual employment while giving the impression that the business is much bigger than it is.

Turning A Vehicle Into A Company Car:

Visiting clients is essential in specific industries, such as businesses within construction or maintenance. Pulling up in a company-branded car can build respect and show professionalism. However, check with an accountant about the tax treatment involved with company cars, if buying a company car is the right move for the business or what records may need to be kept for work-related expenses involving the car.

Assess The Location:

There are many external elements of a location that can affect your business. Look at the traffic in the area and work out how it can support or hinder you, as well as what services are in the area in which you choose to locate. Consider asking other businesses in your desired location for some advice on the best providers for services such as gas, electricity, water, phone and internet. Access for both customers and employees is also a large factor when assessing the location. Consider whether it is easy enough for clients to find and employees to travel to every day. Making your business accessible can allow you to obtain a wider pool of staff.

Remember your legal and environmental obligations when choosing a place to set up your business, and check with the local council for any planning and building restrictions if necessary. For example, consider how possible noise produced by your business would affect the local community. Before making any big decisions, consider seeking further legal or professional advice. This gives the added benefit of your brand getting noticed on the street.

Spreading The Word:

To get the attention of more prominent potential clients, it may be necessary to spread the word on some of the other big-name clients the business has had. Once a business has obtained a few large contracts, using them to help promote services and secure other clients can be highly beneficial. Business owners can mention previous jobs in meetings or display work for other clients

Is Your ABN At Risk?

You might not have thought about it, but ABN cancellations could be a distinct possibility for businesses, especially after the last few years of considerable business fluctuations.

As a resident of Australia, you are entitled to an ABN if you’re:

  • carrying on or starting an enterprise in Australia
  • making supplies connected with Australia’s indirect tax zone
  • a Corporations Act company (a Pty Ltd company)

You may also be entitled to an Australian Business number if you are a non-resident who is:

  • Carrying on or starting an enterprise in Australia
  • Making supplies connected with Australia’s direct tax zone.

If you have yet to report business activity in your tax return or there are no other signs of business activity in other lodgments or third-party information, your Australian Business Number may be flagged for inactivity.

If an ABN is identified as inactive, the Australian Taxation Office (ATO) may select it as a candidate for cancellation. If your ABN is cancelled, you will not have a legal business in operation.

Would your customers deal with an illegal business? Most likely, no, they would not. Losing customers means losing revenue, and that’s not an event that your business wants to happen.

It is your responsibility to maintain your ABN details. If you lapse, the ATO will notify you of the pending cancellation.

The ATO periodically checks ABNs for inactivity to ensure that the information on the Australian Business Register (ABR) is correct.

The ABR’s information is used in the event of natural disasters by emergency services and government agencies to identify where financial disaster relief is needed to help businesses.

If there are defunct or inactive ABNs in the ABR, they may incorrectly receive funds they are not eligible to receive.

If your ABN is cancelled and you need it later:

  • you can reapply for the same ABN if your business structure is the same
  • you’ll get a different ABN if your business structure is different (e.g. you were a sole trader but are now a company)

If the ATO cancels your ABN and you disagree with the decision, you can contact them directly to try to resolve the issue.

One of the leading causes for ABN cancellation is a failure to lodge business activity in your tax returns. Remember that registered tax agents like us can assist you during that process and help you avoid losing your ABN.

Expanding The Business? 4 Tips To Keep In Mind

Many owners may look to expand their business when business is going well.

Consider the following advice before doing so:

Regular Customers

Considering your customer base is a sound indicator of whether or not your business is ready for expansion. To feel comfortable expanding, you should have regular and loyal customers who return to your business.

Regular customers who appreciate and value your business can be more helpful than you may realise; they can bring in more customers by speaking positively about the company. When you begin thinking about expanding, create a survey or questionnaire asking what could be done to improve the service your business provides. Any feasible suggestions should be implemented before expanding.

Financially Ready

There are a lot of expenses associated with expanding your business. Hiring and training new staff, paying for new hardware and software, and any other technology needed to facilitate growth all cost money. Additional rent on another office space and bills can add up to a sizeable figure.

While you may be able to afford all of these expenses that come with expanding your business, consider whether the profit you will make from implementing all these changes will be fruitful and worthwhile for the business or whether it will be a long-term loss.

Resources

Money is not the only resource you need to expand successfully. You will need adequate space. To gain more space, consider whether you will open a second or third office or whether you will allow for more flexible working conditions, such as allowing staff to work remotely.

Evaluate whether you have enough staff to handle a larger business; this includes answering phones, responding to emails, assisting customers in-store, etc. If your business makes deliveries, you must organise additional resources, such as another delivery truck and potentially more delivery staff.

Develop A Strategy

It is naive to assume that expanding will be a straightforward process. Regardless of how many loyal customers you have or how much money you have, without a sound business strategy, the likelihood of achieving success is slim.

Plan how you will manage the expansion by completing a SWOT analysis. You should prepare a budget that will enable you to expand successfully; you must submit a financial application and analyse how current cash flow will enable or hinder the process. When you put your business plan into action and expand, regular and thorough reviews should be undertaken to stay on top of how well the process is going.

Business Or Hobby? When It Comes To Tax, You Won’t Want To Get It Wrong…

There are critical differences between having a hobby and running a business, and they mostly have to do with your tax, insurance and legal obligations.

Understanding the characteristics of businesses and hobbies is essential to ensure you correctly determine your activities.

Are You In Business? 

While there is no single, defining factor that determines whether or not you are in business, some of the factors that you still need to consider include:

  • You intend to make a profit – or genuinely believe you will make a profit from the activity – even if you are unlikely to do so in the short term.
  • You’ve made a decision to start a business and have done something about it to operate in a businesslike manner, such as:
    • registered a business name
    • obtained an ABN.
  • You repeat similar types of activities.
  • The size or scale of your activity is consistent with other businesses in your industry.
  • Your activity is planned, organised and carried out in a businesslike manner. This may include:
    • keeping business records and account books
    • having a separate business bank account
    • operating from business premises
    • having licenses or qualifications
    • having a registered business name.

The Benefits Of Running A Business 

If you run a business you can:

  •  apply for an ABN to use in your business transactions
  • have the flexibility to manage your time and work your own hours
  • register a .com.au website or a .au website once you have an ABN
  • access to government information, services and concessions for business
  • establish a business identity when selling to customers and other businesses
  • claim tax deductions for business expenses against your taxable income.
Is It A Hobby? 

A hobby is a pastime or leisure activity conducted in your spare time for recreation or pleasure. While you may create a business from the starting point of a hobby (such as crocheting or painting, etc), that is not the primary purpose of the hobby.

The Benefits Of A Hobby

Having a hobby allows you to:

  • gain personal enjoyment and satisfaction from the activity
  • gift or sell your work for the cost of materials
  • do it in your own time or when people contact you
  • have no reporting obligations of a business.
What Are The Differences? 

The key differences between a business and a hobby are as follows:

  • Declaring Payments:

You do not need to declare the amount made from your hobby to the ATO. However, you must declare your income to the ATO in your annual return as a business.

  • Claiming Tax Deductions:

You cannot claim a deduction for any losses from your creative work if it is a hobby. As a business, you can claim for deductions on your expenses and generally need an ABN to do this.

  • Keeping Records:

You do not need to keep records of your hobby for the ATO, however it’s good practice to keep records in case your circumstances change.You must keep records for your business for tax and other obligations.

  • Licences & Permits: 

Generally, you will not need to hold licences and permits for your hobby. However, you may need licences and permits specific to your type of business.

  • Australian Business Number (ABN) eligibility:

As a hobby, you are not eligible for an ABN for a hobby, however if you sell goods or services to businesses, they may ask you for an ABN when they pay you. You can use a Statement by a supplier form to avoid the business withholding an amount from the payment to you for not having an ABN. The statement lets the business know you are selling the goods or services as a hobby.

As a business, it is not compulsory for businesses to register for an ABN, however getting an ABN is free and makes running your business easier, particularly if you have to register for other taxes like GST. Without an ABN, other businesses must withhold 47% from payments they make to you for tax purposes.

  • Selling Goods

If you’re selling goods, you’ll need to comply with Australian Consumer Law (ACL). Your customers have automatic rights if they buy a product that breaks easily, doesn’t work or doesn’t perform as generally expected.

If you are not sure about whether your activity would be classified as a business or hobby, you can seek professional advice from an accountant, legal expert or business adviser who can help you decide what exactly it is that you’re running.

4 Ways To Create An Efficient Workplace With Tech

One of the outcomes that business owners and staff alike want to achieve is an efficient workplace. An efficient workplace not only saves time and money but can also improve overall productivity and morale.

With the challenges facing companies in today’s business environment, technological innovation and adaptability are critical to ensuring efficiency and productivity do not suffer.

Technology can be a game-changer when it comes to improving efficiency and productivity in the workplace by streamlining and automating processes that may have otherwise been congesting the workflow.

One of the trickiest things to realise and prepare for is that not every workplace is the same; thus, not every idea that uses technology will be useful. However, by approaching technological transformation with an adaptive and open mindset, you can take advantage of its benefits for your business.

Group Chats Don’t Have To Just Be For Personal Use

Your business might currently have some operating remotely, or staff could still be running primarily from your workplace. With flexible working arrangements, staff may be spread out across the country or localised within the office. Whatever the case, having a group chat on a communication medium can lead to further communicative channels to promote discussion, transparency and greater information sharing. Group messaging and group chat technology can considerably improve communication efficiency and employee productivity. These tools minimise employee email back and forth and the classic “I didn’t see that email”.

Automatic Time Tracking To Increase Workplace Productivity

If your employees or colleagues still use time cards to clock in and timesheets to manually log in their hours, then you’re missing out on the many productivity benefits of using automated time tracking. This allows you to account for hours, save on audits and gain insight into how your workforce allocates and spends its time.

Eliminate The Need For Manual File Sharing

Using a remote file-sharing tool can assist not only your employees physically in the workplace but those currently working away from the office.

Sharing files is one of the most basic tasks employees do every day. Yet it’s also one of the most common workplace productivity killers.

Take advantage of the software and online storage options available to your business.

Make Your Workplace Conducive To Remote Working

Many workplaces have been able to experience the joys of working remotely, with many considering it an option in returning to work to promote their flexibility. Even if you have yet to test a work-from-home setting with your team, remote working can still be an option to consider to promote employee satisfaction with their jobs. This can lead them to be more than willing to be productive and help your business grow.

Enabling technology to become a part of your workplace in a cohesive manner will enable you to move forward as a hybridised business that is focused on ensuring maximum efficiency.