Business Essentials

Whether we like it or not, artificial intelligence, including ChatGPT, will have a transformative impact on the accounting profession. These tools are like employing a junior accountant, says David Smith of Smithink. Don’t be afraid of it, he insists. Use it, it saves you time, and it’ll provide you extra resources that accounting firms are increasingly finding it hard to access.See omnystudio.com/listener for privacy information.

To differentiate your accounting practice from others is the way you service your clients. That’s according to Brad Turville, a coach and consultant to accountants. Word-of-mouth is a powerful marketing tool, and if you offer an exceptional service, he says, they’ll tell their friends, family and peers. Brad Turville https://bradturville.com/ See omnystudio.com/listener for privacy information.

It’s always hard for businesses to secure finance at any point, but it’s getting increasingly difficult these days as banks tighten their lending requirements. So how can accounting firms help their business clients obtain finance? It’s something that Peter Angelini and his team take quite seriously. Peter’s the CEO of accounting firm Stannards Accountants and Advisors in Melbourne’s eastern suburbs. He explains what banks require these days and what Stannards does to help their clients prepare for those applications. It takes time, but done properly many of their clients are able to secure much needed funds. MORE Stannards - https://www.stannards.com.au/ See omnystudio.com/listener for privacy information.

A lot of businesses and accounting firms are happy that 2022 is over. It’s been a brutal few years with Covid, and now many practice owners are looking forward to a more prosperous 2023. That observation is from advisor to the accounting industry, Mark Holton of Smithink. Mark outlines what accountants can do to have a profitable rest of the year. More: https://smithink.com/ See omnystudio.com/listener for privacy information.

With so much compliance work available, many accounting practices don’t have the time or inclination to set up an advisory service. The problem is they could be limiting their potential for higher growth and profits. That’s according to Emily Splatt of Mindshop, a company which consults practices with providing advisory services. If you’re thinking of implementing advisory services or want to ignite higher performance with your current offering, Emily has eight keys to help you get there. See omnystudio.com/listener for privacy information.

One of the biggest challenges for practices around the country right now is the shortage of accountants. A shrinking talent pool is indeed a headache, but it’s also an opportunity to reassess which of your clients provide the best value. That’s according to Alan FitzGerald, founder of Practice Connections Advisory. Other opportunities for accounting firms include ever-improving cloud technology, particularly artificial intelligence and CRM software which help accountants better service their clients. Practice Connections Advisory: https://www.practiceconnections.com.au/  See omnystudio.com/listener for privacy information.

Now's an opportunity to invest your time to understand your employees and develop a way to communicate with them on a regular basis. That's according to business coach, Paul Matthews, who explains why it's important to have better engagement with staff. He outlines how that's achievable for the entire organisation. See omnystudio.com/listener for privacy information.

A strong and consistent brand is much more than your logo – it's what people say and feel about you. That's according to brand specialist, Darion Teoh of Bless Agency, who has strategies to build a strong brand so that you're constantly in the mind of your target customers. He gives examples of companies that have strong brands and how they've achieved market recognition. See omnystudio.com/listener for privacy information.

Behaviour and ability are two overriding qualities of great leadership, which helps to build better performing teams. That's according to Jake Bridges of Leading Teams who helps business owners nurture their staff's potential. In order to build a culture that works, he says, it's important to agree upon acceptable and unacceptable behaviours amongst the team members. See omnystudio.com/listener for privacy information.

How effective really is your website? If you haven't thought about it that much, then you're not taking advantage of one of your best sales tools. Irwin Hau is not just any website designer. He matches the psychology of consumer behaviour with the magic of website tools to create a first-rate customer experience – all of which translates to sales. For the average business owner, you don't necessarily have to build a website from scratch. Irwin provides some practical tips you can use today to improve your current website. See omnystudio.com/listener for privacy information.

Former AFL footballer Wayne Schwass has spent decades dealing with depression and anxiety and so he knows first-hand the debilitating effects it can have on one's personal and professional life. Today, Wayne's a mental health advocate through his organisation, PukaUp, helping to spread the word and provide support about mental health issues in the workplace. He tells his own story and what can be done to alleviate the difficulties people can have with depression and anxiety. See omnystudio.com/listener for privacy information.

Failure isn't something we should avoid at all costs – on the contrary, failure is a powerful force for the journey to success. Entrepreneur and key-note speaker, Gabe Zichermann, says if you don't feel the fear of failure, then you're not pushing yourself hard enough. In other words, fear often indicates you're on the right track. http://businessessentials.com.au/ See omnystudio.com/listener for privacy information.

How does motivation play in success and achieving goals? Those are the questions Craig Harper is exploring in his quest to further understand self-development. As a business coach and motivational speaker, Craig believes it’s emotional and social intelligence that make a great leader. If your role is to coach and mentor, he says you need to understand the people you work with, and that comes first from understanding yourself. http://businessessentials.com.au/ See omnystudio.com/listener for privacy information.

Sales isn't just about turning up and relying on your instinct or other skills. Each customer is different with his or her own wants and needs, and you need to prepare for each one. Rachel Bourke of SalesSPACE says salespeople should go through checklists before even stepping into a sales meeting. Rachel's sales meeting preparation pack includes a personal checklist to ensure you look the part and are speaking the language of your prospects. Rachel Bourke, SalesSPACE 1300 777 223 Support@SalesSPACE.com.au SalesSPACE.com.au Access 'Your Sales Success Kit' at https://salesspace.com.au/your-sales-success-kit/   http://businessessentials.com.au/ See omnystudio.com/listener for privacy information.

There has been a steady rise in interest in listed property trusts – or REITs – since a shakeup in the market following the GFC. Are they worth considering now? Greg Keady explains the current REIT market as part of a well-diversified investment portfolio. He says, do your research and don’t limit yourself to the Australian market. It's also important to remember, he says, that past performance doesn’t always indicate future performance. http://businessessentials.com.au/  See omnystudio.com/listener for privacy information.

There are massive opportunities for businesses looking to expand into China, particularly with food, beverage and health products. Despite the current trade wars, Andrew Kuiler says there’s enormous interest and activity from overseas companies expanding into China. Andrew's The Silk Initiative helps the process. He shares his thoughts on how to make the most of business opportunities in China and how to avoid any big mistakes along the way. http://businessessentials.com.au/ See omnystudio.com/listener for privacy information.

You don't want to be caught underpaying staff, for all the obvious reasons. But inadvertently overpaying staff can also lead to expensive consequences. There are so many things to consider when running a business that it makes sense to automate as much as possible. But according to Tracy Angwin of the Australian Payroll Association, employers should beware the ‘set and forget’ approach when it comes to payroll. The rules can be complex and if you’re not thoroughly on top of them, you could end up putting yourself and your staff through a lot of pain. See omnystudio.com/listener for privacy information.

Many business functions have completely changed in the last 20 years including marketing, customer experience and supply chains. Yet the sales function has stayed very much the same, resulting in poorer business returns. Business consultant Steven Norman says that with so much information at the customers' fingertips, it's getting harder to sell. A paradigm shift is needed for many sales teams to achieve more tailored and professional sales skills. See omnystudio.com/listener for privacy information.

Holding a pair of car keys in your fist in a dark street might make you feel safer, but won't help you much if the assailant is twice your size. That's what Stephenie Rodriguez thought when she designed the personal security device, WanderSafe. She’s now taking the handheld beacon and accompanying app to the world, raising a million dollars from investors already and about to raise more to aid its global expansion. See omnystudio.com/listener for privacy information.

More Australians are listening to podcasts on a daily basis, and many of the high-quality ones are produced by businesses. BE's Nick Schildberger highlights the reasons why you should seriously consider podcasting to build audiences and engage more deeply with your customers. http://businessessentials.com.au See omnystudio.com/listener for privacy information.