Business Essentials Daily SoundCartel

A core element to great customer service is a recovery strategy. It’s how you react to those times when, inevitably, your business makes a mistake. Often, businesses do the bare minimum to assuage their customers, when in fact they could and should go above and beyond to fix the error; which will help markedly in a creating a positive impression. That’s according to entrepreneur Roy Osing. He calls it the ‘recovery strategy’ – done well, customers will not only stick with you, they’ll also tell others about you.

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It’s budget time, so what is Australia’s enormous small business sector expecting — particularly given the state of the economy. Well, CEO of the Council of Small Business Organisations (COSBOA), Luke Achterstraat, discusses the pressing issues facing small businesses and their expectations from the upcoming federal budget.

Luke outlines two main areas of interest: short-term relief, including energy cost reduction and cash payments, to alleviate the immediate financial strain on small businesses. COSBOA has also asked the government to institute long-term strategies like procurement reform and deregulation to ensure sustained growth over the next 3 to 5 years. It all highlights the need for government support to navigate the challenges faced by small businesses in the current economic climate.

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A new proposed tax in Victoria aims to bolster the revenue base of the state government, which, like other states, is grappling with substantial debts. The Commercial and Industrial Property Tax (CIPT) will be applied to properties acquired from 1 July 2024 onwards. Steve Baxter, National Indirect Tax Partner at Mazars, discusses the proposed levy and which properties it will likely affect.

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Do you know your responsibilities under Australian consumer law? If you think it only applies to certain types of businesses, think again. According to Business Lawyer, Tracey Mylecharane, it’s absolutely vital that you do everything necessary to comply with this law. She says it’s important to look at your documents, systems and processes to ensure both you and your potential customers and clients are protected.

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No doubt there are some in your team who are facing money worries. Financial stress, like any forms of stress, can have a negative impact on performance and can lead to further problems, including depression. As a boss, you can help with support and education, says Jacqui Clarke, author of ‘Stop worrying about money – start planning now to secure your financial future’. She explains how you can encourage your team to build a personal finance village around them – qualified people who can help make sound financial decisions and reduce the emotion that often goes with those money decisions.

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A perception still exists among many in business that sales is a combat sport. In order to be good at sales, you need a thick skin and be hardwired to win at all costs – qualities that tend to favour men. Well, those stereotypes fall well short of reality, says Sue Barrett, CEO of Barrett Consulting Group. She says women bring specific qualities that differ from traditional sales stereotypes leading to better sales results. The evidence is in the latest research.

Business Essentials Daily is produced by:

SoundCartelsoundcartel.com.au+61 3 9882 8333
See omnystudio.com/listener for privacy information.