As small to medium-sized enterprises (SMEs) across Australia grapples with declining revenues, many are holding back on growth and shifting their focus to sustaining operations. The latest SME Sentiment Tracker by Fifth Quadrant and Ovation reveals that 40% of SMEs have experienced a drop in revenue compared to last year. Sectors like distribution, retail, production,…
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Let’s face it, running a small business is a rollercoaster. You’re constantly hustling, adapting, and hoping for the best. But economic uncertainty can feel like that first drop on a rickety rollercoaster – scary and unpredictable. A report by The National Bureau of Economic Research found that small businesses are twice as likely to close…
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Starting a business is exhilarating yet challenging. Whether you’re a seasoned entrepreneur or just diving into the world of business ownership, the statistics can be daunting. According to SBA, 80% of small businesses survive the first year. However, only about 50% of small businesses survive beyond the fifth year. While these numbers may seem discouraging,…
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Many small and medium-sized enterprises (SMEs) chase short-term gains. But for true longevity, SMEs need to prioritise sustainable growth strategies. This means building a solid foundation that fosters long-term success while adapting to evolving markets and customer needs. Why is Sustainable Growth Important for SMEs? Here’s why a focus on sustainable growth is crucial for…
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Do you ever feel like you’re constantly battling for skilled workers in your local market? You’re not alone. Attracting and retaining top talent is a major frustration for businesses of all sizes. According to a McKinsey report, 82% of executives surveyed believe that their companies will need to hire new talent over the next five…
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Understanding Key Performance Indicators Key Performance Indicators (KPIs) are essential metrics used by organizations to measure their progress towards achieving specific goals and objectives. They provide a snapshot of performance, highlight areas that need improvement, and help drive strategic decision-making. When it comes to KPIs, the principle of “the critical few” is crucially important. The…
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The fire burns bright: you’ve identified innovative strategies to propel your business forward. But then comes the pit in your stomach – the struggle to translate those brilliant ideas into reality. This blog post tackles the two biggest roadblocks on your innovation journey: aligning strategies with resources and the fear of making irreversible mistakes. The…
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Organisations are constantly seeking strategies to maximise return on talent. As the competition for skilled professionals intensifies, companies are realising that investing in their human capital is crucial for sustainable growth and success. In this blog, we’ll delve into the concept of return on talent and explore how businesses can leverage it to drive innovation,…
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Navigating the competitive landscape in today’s cutthroat business environment can feel like traversing a minefield, especially when facing established market leaders. We understand the challenges businesses encounter when vying for market share against entrenched incumbents. Drawing from our expertise in competitive intelligence and strategic positioning, we’ve compiled actionable insights to help you thrive in the…
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The journey of an entrepreneur is exciting, but fraught with challenges. A report by Forbes Advisor paints a concerning picture: over half of small businesses cut costs in 2022. This highlights the ongoing struggle with achieving consistent performance, a key ingredient for long-term success. Inconsistent performance can erode customer trust, hinder growth, and ultimately threaten…
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