Lean hacks for SMEs

+ 100 actionable prompts to transform your workflow

Author

Maziar Foroudian
July 19, 2024

Hi valued reader ,

In today's edition, we delve into lean management hacks for SMEs and explore the substantial cost benefits of hybrid work models. We also spotlight the burgeoning role of Retail Media Networks in revolutionizing Australia's FMCG sector.

Don't miss our tools section featuring indispensable AI resources like ShoutOut for effortless video creation and Taskade for streamlining business processes with AI.

Top stories in this issue include the Australian Taxation Office's measures to combat SMS scams, key venture capital insights from SaaStr's Jason Lemkin, and the implications of a hefty fine on Oodie for non-compliance with safety regulations. We also cover significant seed funding for Locum's medical placement platform and the Bank of Japan's impact on the yen's value.

Read on for these stories and other invaluable insights designed to help your business thrive.

Happy growing!

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Latest Stories

Get ready to turn your big dreams into reality with limited resources. Discover how lean management techniques can transform your small business, streamlining processes and dramatically increasing productivity and customer satisfaction. Tune into this week's Let's Talk episode!

Find out how chat-based interviews ensure fair recruitment regardless of disability. SapiaAI's study reveals how conversational AI can help to advance equal opportunity employment.

Are FMCGs ready to tap into the power of Retail Media Networks (RMNs) in Australia? With a predicted value growth of $1.29B in the next 5 years, it's time for brands to rethink their marketing strategies and stay ahead of the game. Learn more about the impact of RMNs and how to make the most of this transformative tool.

Discover the power of hybrid work for small and medium businesses (SMEs) – not only can it boost employee morale and attract top talent, but it can also save over $14,300 per employee annually. Unlock financial flexibility, talent acquisition, and productivity.

The Australian Business Risk Index shows a steep 49.9% drop in invoice values, signaling a dire situation for businesses. With declining demand and rising payment defaults, experts warn of potential closures and job losses.

As the Olympics draw near, small businesses may be tempted to use the event for marketing purposes. However, breaching IOC Rule 40 can have serious repercussions. Discover crucial tips to promote national pride and universal values without breaking the rules.

Kickstart your entrepreneurial journey with a new, free tool designed to simplify business registration. It provides comprehensive assistance for your legal, tax, and IP needs making the startup process less daunting!

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  • Contra: Build, manage and grow your flexible workforce

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  • ShoutOut: Create branded videos effortlessly

  • AltText.ai: AI alt text generator for improved SEO

  • WizGenerator: Free AI tools for all your content needs

  • Taskade: Redefine workflows with AI agents and automation

Top stories

The Australian Taxation Office (ATO) is cutting back on SMS notifications to combat rising scams. Taxpayers should be vigilant as scammers target individuals expecting refunds. ATO provides guidelines to identify legitimate messages.

Jason Lemkin shares insights on securing funding in 2024 during Workshop Wednesday, discussing the evolving VC landscape. While AI deals are booming, SaaS market stress persists. Focus on growth, not profit, to attract investors. Stress in VC industry evident.

Australia

The ACCC has fined Oodie over $100,000 for not including proper fire warnings on kids' beach products. Despite this, Oodie has continued to thrive, reaching $182 million in revenue in 2020-21.

Go Locum, a medical startup, has raised $350,000 in funding for its digital platform connecting doctors with locum roles in regional areas. The AI-driven platform aims to streamline recruitment and provide quality healthcare in remote communities.

Slater & Gordon, a well-known class action law firm, recently admitted to underpaying over 100 staff by $300,000 due to a decade-long miscalculation of leave entitlements. Despite its pro-worker stance, the firm faces scrutiny.

Australian Economy

A study by the Institute of Public Accountants-Deakin University on Australian Commonwealth grants found that while on average, grant recipients saw improvements, frequent recipients underperformed. Most grants were awarded without competition, suggesting a need for a more rigorous selection process.

Merkle Tree Capital, a little-known cryptocurrency investor, outperformed big tech and bitcoin last financial year with a 120% return. Their savvy bets on small-caps have also delivered significant returns for other investors.

New research from the Wharton School challenges the idea of a "happiness plateau," showing that millionaires and billionaires are significantly happier than those earning less. The correlation between wealth and well-being extends further up the economic ladder.

World

Corporate America is still centered around smaller firms, with half of working Americans employed by companies with less than 500 workers. Despite this, the stock market is highly concentrated, with the 1,000 largest public companies accounting for 95% of total value.

The Bank of Japan's suspected intervention in currency markets has caused sudden surges in the value of the yen, impacting consumer banks. Despite economic threats, the Russell 2000 index sees historic performance. Changes are needed for full deregulation benefits.

The Climate Change Committee, in a report to Parliament, warns Britain is not on track to hit its emission reduction targets. The new government is accelerating efforts to combat climate change to stimulate the economy.

Wilmington-based Lumos Technologies secured a multimillion-dollar investment in Seed funding to enhance market presence and product development. Led by CEO Brett Caines and CTO Youri Nelson, the data analytics company focuses on aiding financial institutions with AI-driven technology.

Tech

Get a sneak peek at the highly anticipated iPadOS 18 features with the public beta release. Math Notes and screen sharing are among the standout features. Learn how to install the beta and navigate the risks.

Microsoft Teams outperforms Slack in terms of value for money, offering more robust meeting options, superior security, and compliance features. CEO Jennifer Mazzanti highlights the benefits and emphasizes the advantages of Microsoft Teams for larger work groups.

Curated for you

As companies face increasing pressure to improve supply chain transparency, social compliance audits play a crucial role. Auditors face grueling working conditions, impacting audit quality. Companies can help by establishing relationships with trusted auditors, advocating for regulatory change, and facilitating independent oversight.

Deloitte's survey reveals that 30% of Gen Zs and Millennials are optimistic about economic improvement, with more confident in their personal finances. They are also engaged in environmental issues and see potential benefits in AI technology.

Employee responses to Diversity, Equity, and Inclusion (DEI) initiatives can vary from excited supporters to discontented opponents. Understanding these reactions can help managers tailor their approach for more effective implementation and address workplace inequities.

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