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Secrets of Successful Entrepreneurs: Mastering Cost Management
Unearth priceless lessons from successful entrepreneurs
Maziar Foroudian
March 25, 2024
Latest Stories
Unearth priceless lessons from successful entrepreneurs on their journey to financial acumen. Discover key cost-saving strategies that can empower your business, from securing shoestring budgets to maximizing resources.
From thousands to just 45 elite finalists competing for the prestigious titles in Business Services and Business Consultancy. Discover how these trailblazers are transforming Australia’s economic and social fabric at the 2024 Australian Small Business Champion Awards.
Discover the inspiring story of Lydia Thomson, a mother of four and Founder of Mowing Motivation. Diagnosed with ADHD, not only did she turn her personal struggles into a business model but she's also changing the landscape of the gardening industry.
Elevate your retail business with our Tech Tuesday guide exploring the top POS systems designed for SMEs. Learn how these game-changing solutions streamline operations and enhance the customer experience.
Overlooked, frustrated, and battling usability barriers - the struggles of older Australians against poorly designed age-friendly products. Jane Caro has teamed up with the GCMA to ignite a wave of inclusive design innovations. Read their insightful findings here.
Uncover how global consumers are revolutionizing cross-border shopping in a revealing report. Learn why 59% of shoppers are turning to social media platforms for online purchases, and how you can optimize for global success.
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Top stories
UNCTAD emphasizes the need for policymakers and businesses to address bias hindering women in the marketplace on World Consumer Rights Day. Empowering women as consumers not only promotes fairness but also drives gender equality and economic inclusivity.
Australia Post will increase stamp prices by up to 25% on April 3, with the cost of sending a small letter rising from $1.20 to $1.50. Concession card holders will be charged only 60c.
Google's Search Generative Experience may lead to a decrease in traffic from brand-related terms, impacting organic search results. Third-party sites may benefit from AI-generated answers, with Quora and Wikipedia performing well. Paid search ads also play a role in search results.
Australia
ASIC chair Joe Longo warns that being a company director is tough, with increasing regulations adding complexity. Leaders must focus on compliance by following key principles, including honesty, prioritizing the company, staying curious, and seeking professional advice.
Australia plans to integrate gender equality into government contract procurement, urging large companies to meet certain gender equity conditions. This approach, supported by global recommendations, aims to leverage purchasing power to incentivize gender equality efforts in the private sector.
Sequel Books and Stationery, a Brisbane supplier for 54 schools, collapsed due to economic challenges, leaving parents out of pocket. Despite efforts to fulfill orders or issue refunds, the company owes $5 million to creditors.
Australian Economy
Dr. Chalmers emphasizes the importance of making Australia a competitive place for business. Business leaders must invest in Australia to drive productivity. The government plans to increase the minimum wage to keep up with inflation.
Sydney's auction market remains robust with a preliminary clearance rate of 75.9%, reflecting strong demand. Melbourne's market is slightly softer, with a clearance rate of 69.4%. Real estate sales are up 30% this year, but investor activity remains subdued.
India
India's policy changes, like bankruptcy laws and taxation codes, combined with a digital public infrastructure, make it a top destination for fintech investment. World Economic Forum official Matthew Blake emphasizes the importance of educating investors amid market fluctuations.
Indian companies have reported a total deal value of $23.5 billion between January and March 22, 2023. However, mergers and acquisitions have slowed down, dropping 43% in deal value to $13.37 billion compared to the same period last year.
Amazon Pay will expand its Smart Stores service with top 20 brands this year, aiming for 150 total partnerships. The service enhances offline shopping by offering digital browsing and payment within the Amazon Pay app.
World
Fiji's ties to China lead to allegations of organized crime involvement by prominent businessman Zhao Fugang. Australia designates Zhao as a top investigation target, signaling a new front in the battle for influence in the region.
New Zealand’s economy has fallen into its second recession in under two years, with a 1.5% shrink in the final quarter of 2023. Policy makers are under pressure to develop interventions as consumer and business confidence plummet. Immigrants have helped boost the economy, but austerity measures may be on the horizon.
AT&T customer data, including names, addresses, phone numbers, and more, leaked online by threat actors. Data from up to 70 million accounts affected, potential for phishing scams.
The Congressional Budget Office predicts that the U.S. federal debt will reach historic levels by 2029, driven by increased spending on healthcare and Social Security. Without policy changes, this trend could risk financial stability and hinder economic development.
Tech
AI technology like ChatGPT has revolutionized business operations but also poses security risks, with 77% of businesses reporting breaches. The AI Threat Landscape Report highlights the need for improved security measures to protect against cyber threats.
Experts are concerned about liability issues with tech, such as self-driving cars and AIs making decisions. A bigger risk is users being exposed to copyright violations from AI using copyrighted material in training sets.
Discover the latest technology tools and innovations for businesses in the online small business community. From video editing skills to social listening APIs, AI technology, and programming languages, stay ahead and improve your business operations.
Curated for you
The year 2024 brings more price increases in the SaaS industry, with 76% of businesses raising prices compared to 54% in 2023. It's vital to earn price hikes and target new customers for sustainable growth.
Plagiarism is often defined as "stealing someone else's ideas," but the real harm lies in the fraudulent use of words or ideas that cheat the reader. Crediting authors should have a time limit to allow for progress.
In the early stages, founders often under-price to secure deals. However, professional sales leaders can maximize revenue per lead, close deals effectively, and increase deal size by 4x+. Founders must focus on customer satisfaction and referrals.
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