Expert Advice

Disruptive technologies and innovation are accelerating the need for change and are having a profound impact on many traditional business models and their revenue streams. To compete effectively, businesses must adapt and evolve quickly to respond to what is becoming the new 'norm'. Operationally this is being made easier by digital technologies such as customer relationship management (CRM) systems and...

While the ACT has some of the lowest electricity and gas prices in the country, our cool climate means we use a lot of additional energy for winter heating and this can drive up our energy costs. There is a lot you can do to reduce energy consumption in your business without compromising on comfort and convenience whilst helping to...

Don't leave it to the last minute to find the perfect band or entertainer for your Annual Christmas Party or New Year's Eve Party? Even now they could be already booked by someone else, and maybe even one of your competitors. It is astounding how many people leave this decision to the last minute and it happens every year. Avoid...

In late August, The Australian Institute of Company Directors (AICD) attended the National Reform Summit, and not surprisingly many of the key challenges identified at the Summit were very similar to those challenges expressed by directors in the 2015 Director Sentiment Index. AICD's CEO and Managing Director, John Brogden participated in the summit and stated that the Summit was a...

Consumer protection has long been part of our law, shielding the unwary from sharp practices. Perceptions that such aspects of legal and policy development have by-passed the jungle of the commercial world might be misplaced. In recent times commentators have observed a judicial tendency to imply into contractual relationships an obligation to deal "in good faith". This implication will not...

Following my May column in this publication, in which I started a conversation about the value-add that insolvency practitioners can provide to contested Family Law property proceedings, I have seen an increase in the promotion of certain insolvency 'products' as tools to add or maintain value in such circumstances. Whilst it is true that in the right conditions, an insolvency...

To me, micromanagement is ineffective because one has to spend a lot of time and effort with little gains. This reminded me of my early days as a bookkeeper, when my manager would get us to enter every single information from the invoice to the accounting system (specifically, MYOB). He wanted to convert MYOB into a database where he can...

Having a positive credit rating could be essential to securing finance now, or for borrowing money for big ticket items, such as property or a car, in the future. As more people begin to use credit as a means of finance, it's important to understand what a credit rating is and what a good or bad credit rating could mean1....

You're in business for many reasons. Profit must be on that list, if not at number one, as a natural consequence of your greater business purpose. Unless you're a charity or NGO, business without profit isn't a business. Profit comes from many sources - not just revenue, but managing overheads, expenses, input costs, people and products. Profit can be found...

"A ship in the harbour is safe, but that's not what ships are built for", a quote attributed to John A Shedd, is translated in the context of this column to "doing what is easy is safe - it takes courage to do what is hard". That could often be said of insolvency practitioners and business turnaround engagements. Why? Insolvency...

While this column has regularly promoted the need for better governance, and well governed organisations are seen in a positive light, the direct correlation between governance and performance has been challenging. The Australian Institute of Company Directors (AICD) website recently published an article regarding some research into this topic. In late 2014, the Australian Institute of Company Directors commissioned Dr...

Not sure who to trust for business advice? If you only use an accountant for taxes then you are overlooking an important resource. An external accountant can provide vital knowledge about your industry and its key players. Just a quick catch-up will give you an idea of how your business is doing relative to competitors. By benchmarking in areas like...

Thinking about buying or building a property? Building insurance is likely just one thing on your long 'To Do' list - but as it's so important, should you make it number one? Understanding the hidden costs Whether the property you're about to purchase is a home or an investment, if it's severely damaged or destroyed down the track, the costs...

I attended a conference the day before and listened to a series of speeches on digital disruption. For those unacquainted with digital disruption, the term basically refers to the change brought about by new digital technologies and business models that are affecting the current value proposition of existing goods and services. This phenomenon is expected to eliminate up to 60%...

Actually they are far less risks in moving your accounts to the cloud than keeping your data on a dedicated computer in your premises. Your accounts computer with all your accounting data is not only at risk from attacks from the internet through malware, spyware, key loggers or other nefarious pieces of code that can find their way onto the...

As people look to purchase their new homes sooner, Lender's Mortgage Insurance (LMI) has become more popular with homebuyers. Simply put, LMI protects the lender in the unfortunate event that the homebuyer or borrower defaults on the loan. On the flipside, LMI could make it possible for homebuyers to purchase a home with smaller deposit1,2. LMI is usually a once-off...