The management styles you should stay away from

By 18 February 2021 Business
The management styles you should stay away from

The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when it comes to the choices you make and how you manage your business. However, there are some which you should always avoid due to the relationship they foster between employers and employees.

Autocratic

This style of top-down management leaves all decision-making to managers and expects full cooperation from employees. Any sort of criticism from employees will be received with public disapproval. This management style relies on fear and guilt and seeks to micromanage employees rather than allowing flexibility.

This sort of strategy limits innovation and inhibits employees’ loyalty and personal motivation to progress as employees do not share the company vision.

Servant

This type of management values people first and tasks second. Overvaluing emotions and wanting to avoid conflict at all costs is detrimental to effectively completing work.

This sort of strategy places no focus on success and goal completion. It can damage the business if performance is not to par and employees are not encouraged to do their best at the tasks assigned to them.

These two management strategies sit on opposite ends of the spectrum when it comes to valuing employees. You should regularly make an effort to interact with employees and ask them for suggestions to improve company performance as collaboration can be extremely valuable. However, don’t get carried away in developing personal relationships with employees that can be detrimental to business success.

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How you can repair the errors in your credit score

By 18 February 2021 Money
How you can repair the errors in your credit score

Your credit score can affect loans and credit you apply for. You are able to have errors on your credit report fixed for free.

The following are typical errors in credit reports, that you are able to get fixed for free.

Errors by the credit reporting agency – there may be instances where the agency that reports your information has done so incorrectly. This can lead to errors about:

  • Your name, date of birth or address
  • Debt listed twice
  • Amount of debt

This type of error can be fixed by contacting the agency directly.

Errors by the credit providers – there may be instances where the credit provider incorrectly reports information. This can lead to errors about:

  • How long your credit is overdue
  • Whether you were notified about an unpaid debt
  • If your debt was defaulted as overdue when it is in dispute
  • Changes in your payment plan that were not appropriately represented
  • Accounts that were created as a result of credit fraud

These types of errors can be corrected by contacting the credit providers. If they agree that there has been a mistake, then the agency will adjust the details. If there is disagreement, then contact the Australian Financial Complaints Authority (AFCA) to file a complaint and receive a resolution.

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This is how you can manage your stress

By 18 February 2021 People
This is how you can manage your stress

There are various causes of stress that make it difficult to have just one method of stress management. There are 4 methods you can use in response to stress:

  • Avoid: Sometimes the causes of our stress are avoidable. For example, if being around certain people makes you feel stressed because of the way they behave, then you should avoid being in the same vicinity as them where possible
  • Alter: You may not be able to avoid a situation, but try to find ways of altering it. For example, you might stress during the exam period and having other people around might make it harder for you to focus. Communicate with your roommates or family members to let them know how you feel so that you can schedule your study times better.
  • Adapt: Certain scenarios are unavoidable so the best response might be to adapt to them. You can reframe the stressor by looking at the big picture perspective. For example, you might be stressed out by the idea of going to an interview, but thinking of it as a small step in the direction towards working in a job you like might make it easier.
  • Accept: Although this is the last resort, you might have to accept certain things you cannot change. Save yourself the frustration of not being able to change the situation. You can try to talk to the people involved to express to them how you feel so that you have a support system.

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Features you need to have on your website

By 18 February 2021 Web
Features you need to have on your website

These are features you should make sure you have on your website:

  • Your contact information should be easily accessible. Potential customers should know how to get in touch with you if they want your products or services.
  • Try to have a blog on your website that you update with articles about your business area. This is great for SEO, producing shareable content that gets your name out there, and a way to demonstrate your knowledge to potential customers.
  • Having testimonials and case studies on your website will make it easier to increase your credibility and demonstrate customer satisfaction. Case studies will also make it easier for customers to understand how you may be useful for them.
  • SEO content throughout the website will bring more customers to you. Make sure you integrate SEO strategising for titles, descriptions and any other content.
  • The live chat function makes asking questions much easier for potential customers. Live chat functions are easy to install and people regularly use them when making online purchases.
  • An effective search function on the website can save the customer’s time. Research has found that use of the search function correlates with a website visitor’s conversion rate.

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The sudden lockdown in Victoria might have cost the economy a lot of money

By 18 February 2021 Business
The sudden lockdown in Victoria might have cost the economy a lot of money

New COVID-19 cases resulted in Victoria going into a short lockdown. Although the lockdown itself wasn’t very long, the estimated damage to the economy was high.

Experts are saying that the short lockdown could cost the state $1bn.

Although there have been no new local cases since, some restrictions will stay in place. For example, only 5 visitors are allowed in one day at home and masks are mandatory indoors and outdoors when social distancing isn’t feasible.

Just when Victoria was settling into a COVID-free state, the new cases dampened business. While tracing and testing have been key to limiting the spread, the government continues to learn how to improve its practices to prevent further infections. Over 130,000 tests were conducted during the lockdown period, which demonstrates the government’s readiness and resources in managing the spread.

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Which records you need to keep for the rental properties you own

By 18 February 2021 Tax
Which records you need to keep for the rental properties you own

When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their names on the title deed declare income and claim expenses.

Remember that the records must be kept in English or should be easily translatable into English, and kept for a minimum period of 5 years.

The records you need to keep include:

  • Dates and costs of buying the property: These will help work out any capital gain or loss when the property is disposed of – the data entered into the contact is the purchase date, not the settlement date.
  • Any rent and rent-related income: This will be required to report tax return.
  • Expenses associated with the property: These are important to claim deductions you may be entitled to. These records should include the name of the supplier, the amount of the expense, nature of the goods or services, the date the expense was incurred, date of the document
  • Significant changes: These include repairs or improvements or partial or all sale of the property – the cost of repairs and improvements should be kept separate from depreciation costs so that deductions and capital gains and losses can be calculated correctly.
  • Costs of selling or disposing of property: To be able to work out any capital gain or loss

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Using webinars to benefit your business

By 15 February 2021 Web
Using webinars to benefit your business

Webinars are online conferences that have become much easier to host with technological advances. They are also cheaper and, if used correctly, can be beneficial for your business.

Build brand authority and trust

Giving potential and current customers the opportunity to speak directly to you allows for transparency which can improve trust. During the seminar you can demonstrate your products and discuss your services and explain why they are better than competitors. Your customer interactions during these seminars will allow customers to ask questions to which you can provide insightful information and show your commitment to the business.

Improve search engine rankings

Hosting webinars boosts your search engine rankings. Improving your rankings on a search engine can benefit your business as the higher you are ranked the more trusted you are perceived. Not to mention, you are seen by more people and this increases the likelihood of gaining customers.

Generate more leads

Webinars can help you get into direct contact with potential customers. Asking those who join your webinar to leave behind their email addresses if they want to work with you is a chance to form a community.

Launch new products

Thanks to the development in technology, webinars can be highly interactive. You can host Q&A sessions and conduct demonstrations of new products to familiarise people with them before they launch.

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Situations where asking your coworkers for help is okay

By 15 February 2021 People
Situations where asking your coworkers for help is okay

People often perceive asking for help as a weakness, but sometimes, asking for help demonstrates strength. It shows self-awareness and a willingness to learn and grow.

If you find yourself in the following situations, you should consider asking for assistance:

You don’t know what you’re doing

This sounds straightforward, but if you’ve been given a task that you haven’t done before and you’re struggling, it is worthwhile to approach someone for assistance. You could ask your manager for clarification about the task, or some support in completing the task. There is no point in trying to repeatedly re-attempt the task if you have no idea what you are trying to achieve. This is not an effective way to spend your time, and you will end up stressing yourself out more than anything else.

When there is too much work

Although well-intentioned, being overly enthusiastic about your work practices can cause trouble. Having too much work on your hands will prevent you from completing it to the best standard and leave you overwhelmed. In this scenario, asking coworkers to help you can seem as though you are shirking responsibilities that you chose to take, but it is more likely that people have been in similar situations to you. However, make sure that the next time you take on more responsibilities, you don’t take on more than you can handle.

When you make a mistake

It is inevitable that you make a mistake at some point – it is part of being human. But managing your response is where it counts. Rather than trying to sweep it under the rug, you talking to someone about how you could fix it is a much better response. You will not be the first person to make a mistake and there will be others after you that will make mistakes after you.

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Benefits Australian businesses should consider providing employees

By 15 February 2021 Business
Benefits Australian businesses should consider providing employees

An Australia-wide survey asked employees what benefits they would most want from their employers.

The following are the top 10 benefits:

  • Flexible working
  • Discounts on electricity, gas and water
  • Continued education options
  • Petrol discounts
  • Free meals
  • Supermarket discounts
  • Mental wellness initiatives
  • Subsidised massages, yoga, and gym memberships
  • Special company deals on loans, mortgages, health insurance
  • Discounts on mobile phones and data services

Many of these benefits are difficult to arrange and may be costly. However, the top benefit desired by employees is flexible working, which small businesses can also adopt easily.

Further, due to COVID-19, there are many more resources available to facilitate flexible working and it has become more normalised than ever.

Offering flexible working will make your workplace more attractive to potential employees and increase the loyalty of current employees as they can work according to times that suit them.

Employers should also consider providing other benefits that are accessible to them – this will improve employee satisfaction and inevitably contribute to productivity in the workplace.

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Review your super’s investment options

By 15 February 2021 Super
Review your supers investment options

Many Australians ignore the decision of choosing investments for their super and often end up in the ‘default’ option as they make no effort to choose otherwise.

Default options that aim for ‘balanced’ or ‘growth’ investments tend to have 60-80% of funds invested in shares and property. This approach for investment is based on the best-suited strategy for a large number of members across the years they will be investing.

However, the default options may not be the best for your financial circumstances and risk profile. Understanding different investment options and how risk assessments work will help you choose better investment options.

Further, aim to change investment options over time rather than sticking to the same one. For example, you could consider changing options once you begin receiving a pension.

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