It is a tall order to ask for a business owner to manage everything alone, much less lead their business into success. This is why many successful businesses are born from partnerships.

Partnerships can be advantageous to business owners looking to balance their complementary talents and personalities. Sharing the experience of running a business can make the whole process more enjoyable, especially with a partner who is liked and respected.

However, partnerships are not without their disadvantages. Disagreements are bound to happen over time so it is important to formally structure the relationship. To ensure business success and the longevity of your relationship, there are a few important steps to take when laying out the groundwork for your partnership.

Sort out the basics with your partner first
Be sure to cover issues such as:

• Business ownership division. Who owns what percent?
• Decision-making processes. How are business decisions made? Who has final authority? How are disagreements settled?
• Partnership responsibilities. What are each partner’s responsibilities? How much time and money will each partner contribute? Can partners work in other positions at the same time?
• Partnership breakdowns. What happens when a partner wants to sell? What happens when a partner dies or becomes disabled? What happens if you want to bring on an additional partner?

Draw up a written partnership agreement
Solidify all the key issues that you have discussed in a legally binding contract. This is to ensure that parties involved are held accountable to the agreed-upon terms of your partnership. Also make sure that contract is drafted with professional legal advice and assistance.

Choose an appropriate business structure
Discuss with an accountant what legal form your partnership should take. This is important to determine your level of involvement in a partnership. For example, a simple partnership does not provide protection for any party’s personal assets.

Consider a buy-sell agreement
A buy-sell agreement acts as an insurance policy for partnerships in the event that a partner dies or becomes disabled, wants to sell their share of the business, or leaves the business. Buy-sell agreements can resolve disputes or differing goals by transferring business ownership and reducing the risk of business failure after a partner leaves. Always seek professional advice before drafting a buy-sell agreement to ensure all situations are covered and the contract is neither too advantageous or disadvantageous for one party.

Increasing life expectancy and late retirements mean that businesses need to be ready to welcome more mature-aged workers into their organisation. Workers aged 50 and over are often overlooked by hiring managers, but diversifying your workforce to include this age group could be greatly beneficial to your business.

Saving costs

Businesses are likely to see lower rates of sick leaves and higher loyalty rates amongst mature-aged workers. These low turnover rates can save your business costs relating to recruitment and training, and increase productivity within your workforce.

Customer representation

If your target audience includes an older age demographic, it may be more beneficial to have older employees working for you. By including mature-aged employees, you gain their perspectives of your product, and key insights into how to make your business more attractive to an older customer base.

Upskilling the team

Teams with diverse age groups perform better in the workplace. Older workers are equipped with a wealth of knowledge and skills that younger workers may not have. Less experienced members on your team are likely to learn new skills faster with older mentors on board. This can also help prevent the loss of key skills when older employees transition out of the workforce.
As a result of their experience, older employees are also more adaptable to change and high stress situations, and fill skill gaps in the workplace which leads to more well-rounded teams.

Work ethic

Older employees have a more stable work-life balance. Years of working has provided them with a strong work ethic, and an awareness of their strengths and weaknesses. Their work experience helps them perform better in diverse environments, and they have high conflict resolution skills. If your business involves meeting clients, older employees might be more successful by being confident and reassuring from a customer perspective.

Due to COVID-19, organisations are coming to the realisation that web technology is essential to today’s business-running. Out of the more common types of web technologies, cloud computing has emerged as the most important addition due to its ability to keep businesses running solely online. Cloud computing is a safe and efficient way to store all business resources on the internet and comes with several benefits.

Improved security
Your company data can be better protected using cloud computing cybersecurity, as such platforms make use of artificial intelligence technologies to keep your information safe. Using cloud computing services such as strong password protection, service network policies and firewalls will protect your business’ private information and resources more effectively than harddrive-installed protection software. Cloud computing cybersecurity services are also cost-effective, as rather than paying for spyware protection software for all of your business’ laptops, computers and other devices, one blanketing protection service for your online data is more than enough.

Employee flexibility
Keeping your business’ information and resources on the cloud will provide employees with the ability to work remotely and away from the traditional in-office style. Especially in the context of the current pandemic, improving your employees’ options to work flexibly and from home will keep employees productive and working despite social distancing restrictions. Providing employees with more work options can also improve employee morale and employee longevity, as working for your business will be convenient and safe for them.

Convenient scaling
Using digital online platforms such as cloud computing will allow businesses to grow easily and at their own pace. Improving your digital presence to reach a wider audience is easier than physically opening new business locations and expanding physically. Firms which use such technologies can take advantage of the flexibility of online servers and grow or downsize whenever they see fit. In addition, industries such as e-Commerce are becoming more popular so online marketing and operations are sure to be the future of business-running.

The ATO has announced that in October 2019, they will be focusing on the bulk Australian business number (ABN) cancellation program. This program will be cancelling ABNs that the ATO is confident are inactive in an attempt to create cohesion within the Australian Business Register (ABR).

There are a few areas the ATO looks into to find indications of inactive ABNs, such as;

• Whether there are outstanding lodgements from the ABN holder.
• Information from the ABN holder’s tax return and other lodgments.
• Third party information.

In the event the ATO mistakenly cancels your ABN that is still in use, you can;

• Reapply for the same ABN if your business structure remains the same, or;
• Apply for a new ABN if the business structure has changed.

Last year, a Treasury consultation paper that examined a reform of the ABN system suggested periodic renewals for ABNs to ensure information is up-to-date, as well as renewal fees. This was suggested to remind ABN holders to review registrar rules and any changes that might be implemented.

As business data is used for various reasons, such as emergency services and government agencies during times of natural disaster to identify where financial disaster relief may be needed or other agencies when assessing potential receivers of grants, it is important for the ABR to be up to date with active ABNs.

Small businesses often rebrand or reinvent themselves to keep up with marketplace trends. Knowing when to let go of an idea so you can grow is a smart trait for a modern business owner to have. Those who resist change and leave it too late to reinvent risk stumbling behind and even failing. Instead, businesses should focus on a proactive approach to growth for optimal performance and success.

Know when to reinvent:
A new idea may seem exciting and different but rebranding without properly considering how it will affect the business can doom an idea before it can take off. Look at your reasoning for wanting to change. Is it the market? Has the economy shifted? Are you not challenged anymore? While these are all valid reasons for wanting to reinvent your small business, practicality is key. Know your means and what it will take to rebrand.

Continually forecast:
Industries are continually shifting, competitors introduce new products, customer needs change and technology is constantly transforming the way business is performed. Anticipating market changes is essential to being a competitive leader in your industry. High performing business owners understand that remaining competitive means you need to expect changes and prepare as such.

Focus on strategy:
Strategic planning is imperative to make reinvention possible. Businesses need to be able to detect shifts in their industry, ideally before they happen. The best way to predict these shifts is to involve line managers, frontline employees and store managers into the strategy process, as they often pick up on insights that business owners can easily miss. For a business to reinvent itself, it needs a permanent strategy which continually scans the market for unsolved problems and untapped customer needs.

Invest in talent:
Successful businesses need dependable teams to run and grow the business effectively. Business owners should not only hire the right type of candidate but prepare individuals for the challenges that will arise when reinventing. Businesses need to invest time in developing their employees to enable them to succeed in their work. By first looking at what their employees are required to do day to day, business owners can assess what factors are fueling or limiting their success and take this into consideration when rebranding.

Although approximately 52% of the Australian population use social media, not everyone understands how online presence, both individual and work-related, reflects on a business. Your staff are representatives of your business meaning their online profiles can unintentionally affect your brand’s image and influence potential customers. While this isn’t always a bad thing, enforcing a social media policy and educating your staff on the importance of your business’ online presence can help to avoid mistakes and better prepare for issues that may arise.

Company profiles:
For best results, don’t give full access to social media accounts to everyone, too many employees logging on and changing things can lead to misuse. Instead, define team member roles and accessibility when you first employ a social media strategy to help create workable boundaries. By delegating regular tasks to particular employees, like content posting or customer service, helps to create a routine that everyone can follow and accountability if there is an issue. This also establishes who is allowed to speak on behalf of the company.

Have an action plan in place for different scenarios, such as security breaches or PR issues, and make sure everyone is aware of the procedures. In a crisis management plan, you should include an up-to-date emergency contact list with specific roles of the social media team as well as your legal and PR experts. Guidelines for identifying a crisis, communication plans and an approved process for response will also help. By having a plan in place, you are properly equipping your staff to handle problems in the correct manner and as quickly as possible.

Personal profiles:
Your employees’ online network can be a blessing and a curse to your business. To avoid reputational damage make sure your staff is aware that any inappropriate or harmful mentions of your business will be met with professional consequences. You should educate your staff on what constitutes unprofessional online conduct. Some examples include:

• Any rants bad-mouthing customers or management.
• Pictures of management or co-workers that are put up without consent or reflect poorly on the business.
• Proof of pretending to be sick to avoid work.
• Defamatory comments about your business or workplace.

Instead, try encouraging your staff to highlight the positive aspects of work such as your office environment, special offers or workplace achievements. Make sure they tag your business whether it be on LinkedIn or Facebook.