Businesses working from home due to social distancing restrictions can take the opportunity to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility for employees when it comes to working remotely and adaptable hours. Here’s why flexible work arrangements with your employees may be beneficial for your business in the long term.

Increased productivity

Flexible work arrangements can increase the productivity of employees by allowing them to work when they feel most motivated. Some people may naturally be more productive at night time and do their work then, which would not be possible with regular office hour restrictions. Remote work also saves time on excessive staff chatter and workplace distractions, such as ringing telephones and colleague drop-ins. Offering flexible work arrangements can show your employees that their lives are valued, which can lead to higher levels of performance and hard work to justify the flexible arrangements.

Reduced expenses

When employees are working from home more frequently, it means that your office doesn’t have to sustain as many people and you can reduce rent and utility expenses. This doesn’t mean that your employees have to pay too much more; the ATO has introduced an easier way of deducting work from home costs during the COVID-19 period called the ‘shortcut method.’ This allows employees to deduct 80c per hour they work from home to compensate for running expenses.

Attract talent

Businesses that exclusively depend on employees being physically present may be missing out on ideal workers who live too far or require more flexible arrangements. Modern job seekers are often on the lookout for positions that offer greater flexibility, rather than the regular 9 to 5 in the office. Highlighting workplace flexibility in your job advertisements can attract more prospective talent as physical barriers are eliminated.

Improved wellbeing

Remote work can improve the overall physical and mental wellbeing of your employees. One perk is that they may be able to be better rested and eat a proper breakfast in replacement of the morning commute. Work flexibility will also enable them to work around family commitments, which can boost their quality of life and happiness. This can raise morale and improve their quality of work by reducing the risks of fatigue and burnout.

Employee retention

Workplaces that allow employees to maintain a healthy work-life balance are more likely to retain their employees for long terms. This can benefit businesses by reducing the frequency of hiring and training periods, which can save a lot of money and productivity while continuing to grow corporate knowledge in existing employees.

Business loans and business credit cards are the most popular financing options, but there are key differences between the two that you should consider to help you make the right choice for your business.

Business loan:
A business loan is a lump sum of money that you borrow. They can be a good option for your business if you require funding for a larger one-off purchase, such as buying new equipment or machinery, real estate, business acquisition, capital investment or refinancing existing debts.

Business loans typically range from $5,000 to $50,000 and can be paid as a lump sum or through multiple set payments. Depending on your bank, you can generally make repayments in monthly or quarterly instalments that are tailored to you and your cash flow.

To get your business loan approved, there is usually a strict approval process you must pass, which can include details such as your business’s financial position and a financial spending plan.

In terms of extra costs, a business loan generally comes with signup fees and late repayment fees. The interest rate for a loan is often lower than a credit card and can be a monthly or annual rate, which typically ranges between 3-10% p.a for secured loans.

Business credit card:
A business credit card is a suitable option if you want funds for short-term needs. Business credit cards are also generally more flexible than a business loan. They usually allow for a limit of up to $50,000 and are often used for working capital, emergency money and smaller ongoing expenses.

In terms of fees, business credit cards typically have a higher interest rate than personal credit cards, however, you only need to pay interest on each month’s expenses. The interest rates are higher than a business loan and can vary between 10-20% p.a. Fees such as annual fees and late repayment fees will apply to business credit cards.

A business credit card also comes with bonus features, such as bonus points for spending, free deliveries, frequent flyer points, complimentary insurance and a reputable company credit score with good use.

Business credit cards can be beneficial in the sense that it offers flexible funding and continuously available money, however business owners should be confident that they will be able to manage the minimum monthly repayments to avoid overdue fees.

Demonstrating strong interpersonal skills in the workplace can boost your performance and improve your experience at work by promoting positive workplace relationships. Interpersonal skills that will help employees thrive amongst each other can include communication skills, negotiation, problem solving, teamwork, decision making, empathy and assertiveness. Here are some ways you can develop your interpersonal skills for the workplace.

Refine your workplace etiquette

Demonstrating appropriate workplace behaviour can show your colleagues that you are a team player and that you care about them and the job. This can include being punctual to work and meetings, being courteous, showing respect, being cooperative, taking initiative, and dressing appropriately.

Strive for conflict resolution

Always talk to your fellow employees with respect, even when a disagreement is at hand. If your words or tone of voice are condescending, rude, or inconsiderate, it can damage workplace relationships and reflect badly upon you. When conflict arises, opt to talk things through by identifying the problem and working with others to come to an agreeable solution instead of acting irrationally or avoiding communication.

Be an active listener

Actively listening to someone doesn’t just mean sitting there and not interrupting them. To be an active listener, avoid only engaging with someone on a passive level. Instead, enter the conversation like you also have something to gain from it and you may find yourself not only learning more, but making others feel understood and heard. Be open minded and empathetic when listening to someone’s perspectives, and demonstrate your engagement with responsive body language.

Be receptive to feedback

Feedback can come in the form of someone telling you that you hurt their feelings, they didn’t like the way you behaved, or asking you to do something differently next time. Don’t brush these comments off, but take the time to think about where they might be coming from or ask them to elaborate. If their feedback makes sense, it gives you a great opportunity to work on a particular area after seeing where you went wrong. You can also ask for feedback on your interpersonal skills from coworkers and managers.

With the overflow of businesses posting high-quality content on social media every day, it can be a challenge to make yourself stand out and keep people’s loyalty. One way to increase consumer appreciation and attract returning customers is to work on developing relationships on social media.

Create good captions:
Having a caption that only consists of hashtags, is hard to understand, is irrelevant, or doesn’t resonate with your target audience can potentially reduce the amount people care and the legitimacy of your business. When writing a caption, make sure that is relevant to the social media platform you are using, your audience and your brand. When using multiple hashtags, putting them below your caption can prevent it from being distracting and messy.

Respond to comments:
Taking the time to read and respond to comments can be a great way to build relationships with your customers. People are more likely to remember your business if you respond to them, as they often don’t expect a response. Replying to comments can show customers that you care and are listening to them. This practice can also help you understand what your customers like and don’t like and improve your business and social media accordingly.

Personalise conversations:
Many businesses use bots to automate conversations, whether it’s on social media, phone answering machines or online messaging services. You can stand out from these businesses by communicating with your audience in a way that seems more personal and human. Some ways you can achieve this is by:

• Addressing customers by their first name if it is supplied on their profile.
• Always responding to comments in a polite and friendly manner, even if they are complaining or being rude.
• Using appropriate language – depending on your business branding, you don’t always have to be formal and robotic. You can show the audience that you relate to them and understand them by using language that they are comfortable with. Think about how your target audience typically communicates.

Use content from your audience:
Hashtags and profile tags are a great way to see how your customers are engaging with your business. If a customer posts something about them enjoying your products/services, consider reposting it. This demonstrates that you value their opinion and appreciate their support. As well as this, potential customers are more likely to try your products/services if they see that another customer is benefitting from it, as this can be seen as more trustworthy than advertisements straight from the business.