If you’re running a tow truck business, you may be impacted by new industry regulations.
As part of the Towing Services Bill 2024, a range of towing industry reforms are being rolled out in a staged approach. The first stage of changes, which relates to capped fees and maximum charges, took affect on 10 January 2025.
Read More: https://www.smallbusiness.wa.gov.au/blog/new-regulations-tow-truck-industry
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The 2025–26 Federal Budget brings positive news for businesses, especially small and medium enterprises. Aimed at boosting the economy amid global uncertainties, the budget includes tax cuts, energy bill relief, and grants for energy-efficient upgrades. With inflation stabilising and wages rising, the government hopes to increase consumer confidence and spending. These measures are expected to create new business opportunities, particularly in commercial hubs like the Gold Coast, making it a promising time for business growth.
The government borrowed more than expected in the year to March due to increased spending on pay and benefits, according to official figures.
Most businesses inevitably require access to capital through business financing at some point in their operations. Even many large-cap companies routinely seek capital infusions to meet short-term obligations.
Bookkeeping for service-based and product-based businesses differs significantly due to the nature of their operations. Service-based businesses focus on providing expertise or labor, meaning their bookkeeping primarily tracks revenue from services rendered, client invoices, and operational expenses. Since they don’t deal with physical inventory, managing cost of goods sold (COGS) is minimal or nonexistent. In contrast, product-based businesses must account for inventory purchases, stock levels, and COGS, making bookkeeping more complex. They need to track purchases, storage costs, and sales while maintaining accurate records for tax and financial reporting. Additionally, product-based businesses often deal with supply chain management, requiring careful reconciliation of supplier invoices and inventory valuation methods like FIFO or LIFO.
What’s the best way for my partner and me to make wills that benefit each other but still protect our children from previous relationships? This is an increasingly common estate planning question I hear from clients with blended families.
An e-commerce business offers several advantages, such as reaching a global customer base, reducing overhead costs, and operating 24/7. With online platforms, businesses can easily scale and manage inventory, offering a wide variety of products. E-commerce also provides detailed analytics, enabling businesses to track customer behavior and make data-driven decisions. However, there are challenges to consider, including high competition, potential cybersecurity risks, and the need for effective digital marketing strategies. Shipping logistics can also be complex, especially when dealing with international orders. Additionally, businesses must ensure customer trust by offering secure payment methods and responsive customer service. Despite these challenges, the flexibility and growth opportunities provided by an e-commerce business make it an attractive option for entrepreneurs.
The curiosity that has drawn me to Parramatta is its great amalgamation of history, culture, and modern business. Parramatta is renowned as the second central business district of Sydney, and it is a bustling city with roads such as Church Street lined with hip cafes, restaurants, and retail shops. Add to that iconic landmarks like Parramatta Park and Old Government House, and you’ve got a place that beautifully balances the old and the new.
Most businesses evolve over time. You may start off running a small home based business and then branch out to hiring staff, moving into business premises or offering new products and services.
The curiosity that has drawn me to Parramatta is its great amalgamation of history, culture, and modern business. Parramatta is renowned as the second central business district of Sydney, and it is a bustling city with roads such as Church Street lined with hip cafes, restaurants, and retail shops. Add to that iconic landmarks like Parramatta Park and Old Government House, and you’ve got a place that beautifully balances the old and the new.
As Australian businesses increasingly rely on digital tools, they face a growing range of cyber threats that pose significant risks to their operations. Among the top threats are phishing attacks, where cybercriminals use deceptive emails to steal sensitive data. Ransomware attacks are another major concern, with hackers locking business systems and demanding payment for access. Data breaches, often caused by weak security measures, expose confidential customer information. Businesses also face the threat of malware, which can damage systems or steal data. Insider threats, both accidental and malicious, are rising, as employees may unwittingly or intentionally compromise company security. Distributed Denial of Service (DDoS) attacks can overwhelm networks, leading to downtime. To know more: https://www.business2sell.com.au/blogs/evaluation/top--cyber-threats-facing-australian-businesses
Fast-food behemoth McDonald’s has installed a new plexiglass screen to protect employees from abuse and poor behaviour at a notorious city restaurant.
Franchising can be a highly successful business model when key success factors are effectively implemented. One of the most crucial elements is a proven business concept, ensuring the franchise offers a product or service with consistent demand and market potential. Additionally, strong brand recognition plays a pivotal role in attracting franchisees and customers, as well as maintaining customer loyalty. A well-defined operational system that can be easily replicated across locations ensures smooth business operations, minimizing risks and enhancing consistency. Franchisees must also receive comprehensive training and ongoing support, which allows them to follow the franchisor's model while maintaining the quality and integrity of the brand. Financial stability is another key factor; both franchisors and franchisees need solid financial backing to sustain growth and weather market fluctuations.
Australia isn't too far away from seeing interest rates drop by an entire percentage point, if the Organisation for Economic Co-operation and Development (OECD) is to be believed.
Smart profit reinvestment strategies are crucial for franchise growth and long-term success. By directing profits back into the business, franchise owners can fund improvements, expand operations, and enhance brand visibility. Key strategies include upgrading technology to streamline operations, investing in employee training to improve service quality, and enhancing marketing efforts to attract more customers. Reinvesting in additional locations or expanding product lines can also boost revenue potential. Focusing on customer experience through reinvestment ensures customer loyalty and satisfaction, ultimately driving sustained growth. Smart reinvestment decisions not only strengthen the franchise's foundation but also position it for future expansion and profitability. Successful franchises recognize that continuous reinvestment is key to thriving in competitive markets.
South Australian dairy Beston Global Food Company has gone into voluntary administration after a Japanese takeover offer for one of its factories fell through.
Campaign management in Google Ads involves the strategic planning, execution, and optimization of advertising campaigns to achieve specific business objectives. It encompasses setting up ad campaigns, defining target audiences, selecting relevant keywords, and crafting compelling ad copy. Effective campaign management requires continuous monitoring and adjusting bids, budgets, and targeting parameters to maximize return on investment (ROI). Analyzing performance metrics, such as click-through rates (CTR), conversion rates, and cost-per-click (CPC), helps refine strategies and improve campaign effectiveness. Utilizing tools and features within Google Ads, like ad extensions and automated rules, can enhance campaign performance and streamline management processes.
As a small business owner it is important to make sure that if you are open for business on a public holiday or long weekend that you are prepared.
Franchise fraud can significantly impact aspiring entrepreneurs, making it crucial to take proactive measures to safeguard oneself. To protect yourself from such scams, start by thoroughly researching the franchise opportunity, including its financial health, reputation, and the experiences of existing franchisees. Verify the legitimacy of the franchisor by checking their registration and legal history. Seek advice from legal and financial professionals to review the franchise agreement and disclosure documents. Additionally, be cautious of overly aggressive sales tactics and promises of guaranteed success. Ensure the franchise offers a clear and realistic picture of its operations and profitability. By being diligent and informed, you can reduce the risk of falling victim to franchise fraud and make a sound investment decision.
Westpac says its business and wealth head Anthony Miller will succeed Peter King as the bank’s chief executive.
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