Learning to delegate

As a small business owner, one of the toughest things can be to let someone else take over some of your responsibilities. However, if you can not learn to delegate then chances are that your business will grind to a standstill.

Email signatures: an overlooked marketing opportunity

Every time that your business sends out an email, there is an opportunity to give yourself a little marking boost with a customised email signature. The first step is to make sure that each of your staff members’ email signatures is branded with your company logo, along with their name and job title.

You should make sure that all of the company email signatures are consistent with one another, and that staff members have not accidentally used incompatible graphics.

Beyond this basic brand promotion, there are a number of things that you can do supercharge the marketing potential of your email signatures:

-Including social media buttons in your email signatures can do wonders for your online presence. Anyone who you are already in direct email correspondence with is likely to have an interest in your business, meaning that you can get great click through rates.

-Customising the text in your email signatures to promote various products or special offers is a fast, effective, and, best of all, free way to promote your business to an interested audience

-Have a link to your website and your blog (if you have one). It is a great way to increase web traffic to your site.

Preparing your team for tough times

Managing people is difficult at the best of times, but when the going gets tough, it can be incredibly difficult to keep the ship together. This list details some actions you can take to prepare your team for tough times.

1. Develop a strong sense of company values: When all of your employees are on the same page, it will be easier for you to coordinate the right responses to difficult situations.

2. Build strong teams: Make sure that your employees are always collaborating with one another. Remember that the sum of everyone’s parts is more valuable than everyone’s individual efforts.

3. Ensure that everyone is accountable for their actions: By clearly defining people’s responsibilities, you can make sure that everyone is working to their full capacity. If there are blurred lines between people’s roles, it becomes easier for people to skirt their responsibilities.

Strategies for improving employee motivation

Improving employee motivation may be one of the most effective things you can do to improve productivity in the workplace. Here are our top tips for getting the motivation ball rolling:

1. Offer career progression: If your employees feel that they have a future with your company, then they will be motivated to do a good job. If you are a small business that does not have space for promotions, then you can demonstrate the value of having various skills and responsibilities on resumes.

2. Recognise good work: Rewarding and recognising good work is a sure-fire way to improve motivation. Employees who feel appreciated will want to continue to demonstrate their commitment and capabilities.

3. Compensate fairly: You should always aim to offer employees remuneration packages that are reflective of their responsibilities. If you are not in a position to offer more money, you can always think about non-cash perks. For example, more flexible working hours.

Christmas giving (tax free!)

The holiday season is a great time to think about giving a little back to those less fortunate than you, and many Australians will make charitable donations. In Australia, charitable donations are tax deductible, which only adds to the incentive to be generous this year.

A recent global survey of charitable giving across the world has shown that countries that award taxpayers benefits for donations report much higher rates of donations per capita.

Here are some tips for maximising your tax breaks on donations tis year:

1. Make sure that the charity that you donate to has tax-exempt status from the ATO
2. Keep your receipts! You may need it if you are audited
3. If you are making a large donation, discuss the tax implications with your accountant, just to be on the safe side
4. Remember that you can only claim gifts as a tax deduction. This means that if you have received anything in return for your donation, for example, a raffle ticket or trinket, you may not be able to claim the deduction.

New Year’s resolution: getting your super in order

Thinking about your superannuation might be the last thing you feel like doing this holiday season, but you should take this opportunity to get it out of the way! Setting aside just one hour to organise your superannuation will pay off down the track, and it will stop that little voice that occasionally keeps you up worrying at night.

Here are a few things you can do to get on top of your superannuation:

1. Make sure your super fund has your TFN: If your super fund doesn’t have your TFN then your contributions will have an extra penalty tax applied

2. Check to see if you have any super with other funds from previous jobs: If you have super that is spread out between a few different accounts then it is probably being eaten away by fees. You should consolidate all of your super into a single account. Remember to do a little research into different funds and look for the lowest fees.

3. Start making additional concessional contributions: Concessional contributions are a great way to save on tax and start preparing for retirement. The earlier you start making concessional contributions the more you benefit from the miracl of compound interest.

Maximising your personal tax return

There are a couple of things that you can do before June 30 to maximise your personal tax return:

1. Spend up on deductible expenses: By prepaying your tax-deductible expenses for the year, you can bring the deduction forward into the current financial year.

3. Charitable donations: If you are considering donating money to charity, get it done quickly so that you can claim a deduction in this financial year.

2. Delay receiving income: If you can, try to defer receiving income until after June 30. By doing this, you will be able to minimise your taxable income in this financial year.

4. Fix up investment properties: If you own an investment property, you may wish to bring forward any maintenance. You can claim a lot of work that is done to an investment property as a tax deduction.

5. High income earners should consider health insurance: To avoid the Medicare Levy Surcharge, high-income earners may wish to take out private health cover.

Marketing on LinkedIn

LinkedIn is the standout social media platform for B2B marketing. It is a great way to attract new business, network, and share interesting ideas. LinkedIn has a lot of features that you can use to your advantage. Here are a few tips for maximising the effectiveness of your LinkedIn marketing strategy:

Make a company page: A lot of business owners only have a personal LinkedIn account. This is a big mistake. If you create a company page, it will help you to establish a presence on LinkedIn and will allow your employees to connect with customers more easily.

Put some effort into your content: Posting engaging content is the best way to take advantage of your LinkedIn account. People will admire your expertise and appreciate the interesting material.

Be interactive: By interacting with others on LinkedIn you will build your network quickly. You should always respond to requests for endorsements and comment on other people’s material.

Bring forward your tax deductions

If you are looking to reduce your tax bill this financial year, it is a good idea to try to bring forward as many deductions as possible. By thinking about tax deductions that you are eligible to make, and spending the money in the current financial year, you can reduce your taxable income.

By reducing your taxable income, you will reduce your tax bill. Examples of things you may want to purchase in this financial year include business expenses, education expenses or work-related expenses.

Of course, this may mean that you are missing out on the deductions in the next financial year. However, there is the added advantage that you will have pre-paid many of your necessary expenses.

Business presentation tips

Making a brilliant business presentation can be a game changer. A presentation that hits the perfect note can completely change the way an investor or potential partner sees your business. Here are some tips for pulling off a business presentation:

-Establish your credentials: Discuss your skills, experience and passion early on in the presentation. It will make everything else that you say from this point on seem more legitimate.

-Be clear about your goals: Have very specific goals that you are aiming to complete. These goals should be challenging, yet achievable, and you should be able to explain the steps you will take to meet them.

-Logical structure: Your presentation should have a logical structure that demonstrates clear links between your separate ideas. Use questions or case studies to introduce each different idea, as this will make your presentation more convincing.

-Interact: Most business presentations are delivered to a small group or even just one person. Do not make the mistake of speaking the way you would to a large audience. Make eye contact, invite questions and offer them opportunities to comment as you go.

-Practice: It is not advisable to learn your entire presentation off by heart, but you should definitely practice a few times. In particular, you should prepare your responses to any questions or challenges that may be thrown your way.