Building a strong team

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Individuals often need to come together to form a team in order to successfully accomplish tasks in the workplace. Employers should aim to build team cohesion so that team members are co-operating and working efficiently. 

Employers should:

  • Encourage regular communication within team members. Simplifying the communication process for individuals so that they can keep team members updated with relevant information is important. 
  • Establishing a set goal and allocating specific tasks to each team member will ensure that the team is working towards the same endpoint without clashing in the responsibilities they take on.
  • Identify and utilise individual strengths and weaknesses and assign responsibilities accordingly. This will provide individuals with opportunities to work on certain skills with other team members who might excel in them. 
  • Conduct team-building activities to assess how certain members work with one another. This will be useful when forming teams and allocating tasks. 
  • Create teams that have a diverse range of individuals and skills. Teams benefit from different experiences which may assist in responding to problems with creative and out-of-the-box solutions. 
  • Celebrate team successes when the team accomplished their task. When a team works together to successfully complete a task, their individual and team efforts should be recognised. 

Building a team and ensuring that each team member is satisfied with their roles and duties within the team is an ongoing process. It requires employers to observe the team and how they are cooperating with one another, as well as engaging in regular communication with team members to assist with any issues that may arise. 

Building a social media strategy

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The right social media strategy can boost customer interaction and improve customer relationships. A social media strategy will help plan out the type of content that needs to be made, when it needs to be posted, and which platforms are best suitable for your business.

  1. What are your social media goals: What do you wish to achieve from your social media presence? Goals should be specific and measurable i.e. if your goal is to grow brand awareness, you can measure this by the amount of followers gained per week.
  2. Who is your target audience: Identify the age group that you are marketing your brand towards. This will be helpful to select the social media channel you focus on and you can create content which that group will interact with the most i.e. if your target audience is young adults, you might choose Instagram as your main channel, and create content that references different trends in social media.
  3. Which metric is most important to you: The number of likes for a post might not be relevant to your business, because this does not reflect the number of people who are utilising your business. Your metric might be the number of people that visit your website through social media, so you customise your social media promotions to show your website first.
  4. What is your social media timeline: Establishing a firm timeline for social media posts beforehand is extremely important. It allows you to create awareness and excitement about a new product or service before release. Ensure that your content is ready to go in advance so that you can stick to timelines.

All of these factors will determine your brand’s online presence, the visual content and how you interact with customers online. Make sure you think about these factors beforehand.

Budget-friendly ways to promote your small business 

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Promoting your business can seem tricky to navigate and expensive, especially when there are budget and staff restrictions to think about. However, there are a number of ways to promote your business easily and cost-effectively.

Blog content:
Posting well-written and relevant blog content on your website can help boost website traffic while capturing the trust and engagement of potential customers. Regular content that aligns with the interests and needs of your audience will generally work best in gaining profile views.

Social Media:
While social media may seem like an obvious channel to keep running on as a background form of promotion, it can be worthwhile to invest more time and resources to get the most out of your business’s social media presence. Keeping the aesthetics and content of your social media pages regularly updated and relevant can be a great way to establish a brand image and gain attention from your target audience.

Facebook ads:
Facebook ads allow for targeted advertising through audience segmentation where businesses are able to customise their audience based on characteristics such as age, location, gender, and interests. Facebook ads are also inexpensive to run compared to other advertising options and can be helpful to target a particular audience.

Email Marketing:
Growing your mailing list can be a great way to establish customer loyalty and to encourage customers to remember your business and revisit your website. Websites like Mailchimp and Benchmark are free email marketing services that are easy to use with predesigned templates.

Radio advertising:
While radio advertising may seem outdated, it can be a good way to gain exposure for your business. Running an ad on a local radio station is usually inexpensive and can target proximate customers.

Breaking down business industry codes

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A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business activity. BICs come from the Australian and New Zealand Standard Industrial Classification (ANZSIC) codes and are added to by the Australian Tax Office (ATO) for tax return reporting purposes.

Employers must use the correct business industry code on their tax returns to ensure their return is lodged in the right category. Using the correct code for your business helps to reduce the risk of being incorrectly targeted for compliance activities, avoids processing delays and ensures employers receive services and information relevant to their business type.

The business industry code describes the main activity of the business. This can change over time if your business diversifies its products and services. The code is broken down into sections:

  • ANZSIC system is first divided into 19 divisions, described by one letter (A to S).
  • Divisions are broken down into subdivisions numbered with two digits. There are a total of 96 subdivisions.
  • Subdivisions are broken down into groups. Each group is numbered with three digits, with the first two digits derived from the subdivision to which it belongs.
  • Groups are broken down into classes. Each class is numbered with four digits, the first three digits derived from the group to which it belongs.
  • The ATO adds a fifth digit to this system to provide further specifics.

Employers who have changed their business’ products and services can use the ATO’s business industry code tool to check their code before lodging their tax return. If your code has changed, inform your accountant before lodging. Once you have the right code, you can also use small business benchmarks to see how well you are performing compared to competitors in your industry.

Breaching The Complex Laws That Surround SMSFs Could Land You In Hot Water

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There is a proverb that says that it is better to ask for forgiveness than to ask permission.

Generally speaking, the idea behind this saying is that if you ask for permission and you do not receive it, then the punishment will be a lot harsher than if you do the thing that you asked to do and get caught afterwards.

For example, if your children were to ask you if they could go to the local pool, and you deny them that request, the chances are that they would be in more trouble than if they simply circumvented you, and went anyway. It may also be said that you may never get caught doing the wrong thing, but asking for permission to do the act could have someone keeping watch over you.

The same cannot be said for Self Managed Superannuation Funds.

It is never a good idea to break the rules and then ask for forgiveness in that instance (or at least not intentionally). SMSF laws are complex. Breaking the rules could be thought of as being quite easy, but is not an excuse.

The Australian Taxation Office (ATO) makes each and every person appointed as a trustee sign a declaration that they are aware of the rules and enforce that that declaration must be witnessed.

Then, after signing a declaration that you are aware and know the rules, they also force you to appoint an independent auditor to thoroughly check everything you have done and to make sure that you have not breached any of the rules.

If they find out that you have breached the rules then that auditor must then report the breach to the Tax Office.

Once it has been reported, this breach must be addressed as quickly as possible. It is even better if you rectify the breach before the auditor reports the breach. Your attitude towards rectifying the breach has a lot of impact on the action that the Tax Office will take against you as a trustee.

Where you can show that this was an inadvertent breach and you fixed it immediately upon realising you made the breach then most likely you will not receive any type of punishment.

Conversely, where the breach was made knowingly and you show hesitancy in rectifying it you should expect to feel the full wrath of the regulator. The ATO does not take lightly to a person not administering their super to the letter of the law.

What Punishments Can The ATO Give You?

There are a number of sticks the ATO has to punish wayward SMSF trustees. The most common punishment used is a direction to do something. For example, you might have acquired an asset off a member that was against the rules. In this case, the ATO would direct you to sell that asset back to the members.

Further on the next level of punishment would be education directives. The ATO has the authority to force you to do some formal SMSF Trustee training. There are a number of providers of these training courses.

That is the extent of the punishments that do not incur monetary penalties. However, the next level of punishment is significant fines for each individual trustee or director of the corporate trustee. These fines can be up to $10,000 per person.

The biggest punishment that can occur is to classify the SMSF as “non-complying,” where the cost of this will be 47% of the accumulated taxable component of the whole fund.

Essentially, that’s half of your super taken from you.

That’s why we always recommend complying with the rules. When you are unsure of the rules, then you should seek further clarification from an expert (and keep off of the ATO’s naughty list while you’re at it).

Breach of employment contracts

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Employment contracts contain terms and conditions which both the employee and employer agree upon. Ideally, this contract should be written rather than confirmed verbally to avoid miscommunications or misunderstandings. Contracts may also contain implied terms i.e. not misusing confidential information. 

Employment contracts are also governed by legislation that provides further information about the minimum terms required, remedies that can be utilised, and basic regulatory frameworks. The industry you are in may also have additional industry-specific requirements that are legally reinforced. 

Breach of employment occurs when employers or employees fail to comply with the terms of the contract. The innocent party may be entitled to sue for the damages that have occurred as a result of the breach – so that they can be restored. A substantial breach may also allow an immediate termination of the contract and additionally allow individuals to sue for any loss incurred. 

In the case that an employer or employee has breached a contract, it may be easier to navigate the difficult processes that need to be completed with the help of a legal advisor. This is because a breach of contract can be fairly nuanced and information provided on websites may not be sufficient enough to lead the process without help from a legal professional. 

The government may be able to provide free or concessional legal advice which should be utilised as legal proceedings can often be costly. 

 

Boost employee productivity

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All businesses need to look at ways to increase the productivity of their staff. When your employees get more work done, it will ultimately lead to the business making a bigger profit. As well as increasing productivity, employers should also aim to improve the happiness and wellbeing of their workers. Here are some ways to boost employee productivity without losing staff engagement.

Use feedback:
Collect as much data as you can from your employees. This can inform how you create the workplace to best suit their needs. Data you might collect could include information on their performance levels by installing productivity tracking software on their devices. You could also regularly survey your staff to gain more qualitative data on their personal insights and happiness levels at work. When your employees can communicate openly and honestly, they will feel more comfortable and supported in the workplace.

Provide good tools:
A business can only foster a productive environment when employees have access to the best tools. Provide your staff with excellent hardware, software and office supplies. This includes laptops, office furniture, and amenities. The more comfortable that your employees feel at work, the more work they will get done. High-quality software will also help your business to achieve work more efficiently.

Allow flexibility:
Having an employee schedule in place may be one way for you to ensure your workers stay on task and produce a consistently high standard of work. However, rigid schedules do not always suit all employees. Allowing your employees to make minor changes, such as swapping shifts, flexible start or finish times and remote working arrangements can actually improve productivity and loyalty to the business. It can also benefit employee communication, dependance and engagement. As a manager or employer, you should still have to approve all requests to ensure that the flexible work environment does not get taken advantage of.

Encourage healthy competition:
Productivity can be further increased through the encouragement of healthy competition between employees. You may consider using incentives, such as short term coupons or long-term awards like an ‘Employee of the Year’ initiative. However, making a workplace too competitive can potentially have a harmful effect, so take caution to ensure you are striking a fine balance.

Black hat strategies that can damage your website

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Every business owner is looking to get their business noticed on the search engine results page (SERP). There are various SEO tactics that can be used to get a higher ranking for your brand on Google. However, some strategies – called ‘Black Hat’ strategies – manipulate SEO rules which can be considered unethical, and even cause your brand to lose its traffic.

It is important to stay aware of the types of black hat strategies that are used, to ensure that your business can actively avoid being punished by Google.

Keyword stuffing
Some websites have repeated keywords within their content to hack the search engine into thinking that its content is relevant. The actual content itself has little meaning and loads the website with relevant keywords. This can create a poor user experience from the poor quality of content, and cause Google to drop your website’s ranking.

Hidden text and links
Alternative ways to stuff keywords into website content also include changing the colour of the font to be the same as the background, adding text behind images, intentionally positioning text off-screen, setting the font size to be zero or hiding links by adding them to a small character – such as a hyphen or a full stop – so that website viewers cannot see the text and links, but search engine bots can still read it.

Link schemes
Buying or selling websites that rank high on Google’s algorithm already, using excessive link exchanges or using automated programs that create links to your website are all black hat methods intended to manipulate site rankings and make your website look more popular. Good link building strategies should focus on deliberate, selective growth that is planned and carried out with care, as opposed to churning out a large volume of links solely for quantity purposes. Ensure that the links have meaning, and are placed there to add value to your content.

Cloaking
Intentionally providing different content to search engines and website users is called cloaking. While the cloaked website may appear in a search about one topic, the actual content of the website may be about something else entirely. The purpose of the deception is usually to drive traffic and generate advertising revenue from this increased traffic.

Black hat SEO methods should be avoided to prevent your website from being banned from Google and other search engine websites. These measures can be extremely damaging to your rankings and website traffic. Instead, consider focusing on improving content quality, accessibility and relevance which can bring up your website’s rankings organically without risk of permanent bans by Google.

Binding Death Nominations Are An Important Part Of Your Estate Planning

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You must make a binding death benefit nomination to maintain control and certainty over who will inherit your superannuation assets after you pass away.

Contrary to what you may think, your will does not automatically control the payment of your death benefits. If you do not make a binding death benefit nomination, your super trustee will decide who your super passes onto.

Familiarise yourself with the death benefit nomination rules, so your super assets are paid on your terms after you are gone.

Binding And Non-Binding Death Benefit Nominations

You can make a binding or non-binding death benefit nomination depending on your super fund. A binding death benefit nomination provides the greatest certainty as the legal document binds the trustee to pay your death benefits to the beneficiaries you have nominated.

Some super funds do not offer binding nominations, so individuals make non-binding nominations instead. Non-binding nominations act as a guide to your trustee that they will take into consideration but are not obliged to follow. Your trustee may pay your death benefit to an individual you did not nominate if they feel they are more appropriate.

Lapsing And Non-Lapsing Nominations

Understanding your fund’s options for lapsing and non-lapsing nominations will help you keep your nominations up-to-date and binding. Lapsing nominations typically expire after three years and must be renewed. If your binding nomination lapses without renewal, it will be considered a non-binding nomination upon your death. Non-lapsing nominations are permanent unless you change them.

Changing Death Benefit Nominations

Life circumstances like divorce, marriage or the death of a nominated individual may trigger you to change your nominations.

You can amend, cancel or replace your death benefit nomination at any time, provided the nomination is validly concluded. Remember that a power of attorney can renew lapsed binding nominations if you are mentally incapacitated or unable to sign.

Eligible Beneficiaries

You cannot pay your superannuation death benefits to just anyone, as there are strict eligibility requirements. You may only nominate your dependents or personal legal representative.

Dependents are strictly defined by law. According to the legislation, dependents include

  • Your spouse, whom you are legally married to, in a registered relationship with or live with on a genuine domestic basis
  • Your child (including adopted and foster children) or your spouse’s child
  • Anyone in an interdependent relationship with you at the date of your death
  • Other persons who the trustee deems were financially dependent on you at the date of your death

You can also have your superannuation death benefit paid directly into your estate.

Validity Requirements

Whether you are making a new binding death benefit nomination, replacing an old one or cancelling altogether, you must meet these requirements to make your nomination valid:

  •     Nominate eligible beneficiaries
  •     Clearly allocate your benefits amongst your beneficiaries
  •     Allocate 100 per cent of your death benefits
  •     Sign and date your nomination in the presence of two witnesses who are legally adults and not nominated to receive your death benefits

Ensure your witnesses sign and date the notice in your presence

Best practices in business management

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Engage employees in the company vision

It is important to share the business vision with employees so that they feel more motivated and enthusiastic. This will not only develop an interest in the work being completed, but also increase productivity. Further, engaged workers are more likely to bring in ideas and contribute  to the growth of the company. 

Reward Effort

Continually recognising and rewarding effort will encourage employees to continue putting in the effort. It lets employees know that they are appreciated and builds company loyalty. 

Being Vulnerable

Upholding a stoic demeanour rather than being vulnerable prevents teams from developing strong professional relationships that are effective. Instead, vulnerability assists in team building and allows employees to feel comfortable with making suggestions that could be extremely promising. 

Encourage differing opinions

Businesses should steer clear from creating an atmosphere where people avoid making suggestions because they are in conflict with other ideas. An environment where conflict is welcomed can lead to productive discussions and the generation of good ideas. 

Company culture

Determining the core values that your business holds and sharing them with employees can help with creating a strong team. The dynamic between team members is important in ensuring productivity and efficiency. Identifying a company culture will assist the hiring process as well as team dynamics later on.