One of the hardest parts of starting an ecommerce business is finding the right tools with all the right functionality for the right price. With the ecommerce software industry overflowing with solutions that promise to cater to your every need and help you grow, finding the perfect solution is easier said than done. This is partly because “ecommerce software” is extremely vague. Thanks to years of competing for top search result rankings, vendors have inadvertently (or not) flooded the internet with the keywords “ecommerce software,” falsely deeming may tools that don’t necessarily support an ecommerce venture as entirely capable.

Because of this practice, and the constantly-changing nature of the way we buy, sell, and consume, it’s become nearly impossible to determine what features ecommerce software should or shouldn’t have. So, I’m taking a more flexible approach in this article.

We’ll look at the essential functionality that every ecommerce business needs, and then discuss semi-essential features, and nice-to-have features. Then, to close, we’ll talk about what you should consider before you hand over your credit card to an “ecommerce software” vendor.

Source: Zoho

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Key Highlights:

• Nearly 48% of Australians have or plan to start a side hustle
• Over 950,000 Australians now work multiple jobs, up more than 10% from last year
• Coco Hou provides valuable tips on how to distinguish between a hobby and a business based on key criteria
• Turning a passion into a business can lead to tax deductions and government benefits
• She warns many Aussies are potentially missing out on tax deductions

A national report released by ING in Australia revealed nearly half (48%) of the Australians surveyed either have or are planning to start a side hustle. New data from the Australian Bureau of Statistics, reveals there are now close to 950,000 Aussies working multiple jobs, up more than 10 per cent since last year.

According to Coco Hou, CEO of Platinum Accounting Australia, a highly respected leading national accounting, taxation, advisory and bookkeeping service, any additional income-earning activity that you engage in apart from your primary source of income is counted as a side hustle. This includes activities like product selling, freelance work, consulting or running a small business alongside your regular job.

With over a decade of experience navigating Australia’s complex taxation system, Hou is an expert in Australian taxation and has come up with some tips for those with a side hustle, reminding them that they can make tax claims on their side hustles as well as their primary jobs.

You must report additional income to the ATO

“Yes, you must report additional income from your side hustle to the ATO. Generally, when you provide labour, skills or goods for a fee, you need to report this income in the tax return. It doesn’t matter what role you fulfil in the side hustle, be it employee or independent contractor. Even one-off payments need to be reported,” Hou said.

“Having a Pay As You Go instalment system in place is a good way to side aside tax payments throughout the year, so that you’ll avoid accumulating a huge liability at the end of the year. The ATO is aware that many Aussies have picked up side hustles since the pandemic and it’s been at the forefront of their minds this tax season, so don’t get caught trying to evade side hustle taxes.”

Hobby or business? 

Hou went on to explain that in Australia, we distinguish between a hobby and a business based on five criteria:

1. Intention to make a profit
2. Size and scale
3. Repetition and regularity of activities
4. Commercial intent
5. Knowledge and expertise

“For example, if you make jewellery at home for a few friends who take you out for a coffee in lieu, then under such a private arrangement, there would be no tax consequences. But if you’re regularly setting up stalls at Sunday markets and selling through Etsy, then you would,” Hou explained.

Turning your hobby into a business

“The benefit of turning your passion into a money maker is that you can make tax deductions from your business expenditures, and you could possibly pay less tax. When you formally become a business, you’d also want to register for a website domain, which will then give you access to government benefits and concessions,” Hou continued.

“One question clients often ask me is about Goods and Services Tax (GST). Basically, if your side hustle involves providing goods or services with an annual turnover in excess of $75,000, then you must register for GST. This means that you’ll have to charge an additional ten percent on top of your sales, and also file a business activity statement. However, this also means that you can claim back the GST that you paid on business expenses.”

What you can claim

“You can claim deductions for expenses that you incurred from running your business. Typically this includes supplies, equipment, marketing costs, travel expenses and even home office expenses if you have a workspace set up in your home for this purpose,” Hou added.

“As always, you must remember to keep your records in order and keep your receipts so that you can make these claims. You can use bookkeeping software to track and file your expenses so as to keep it all streamlined.”

Side hustles are worth it

“I encourage Aussies to pick up a side hustle as it adds valuable income to their financial position. Besides this, having a side hustle can really grow your skills, expand your networks and you might even discover a new interest. If your side hustle is already something you love, this could be a lifelong thing that could take you well into retirement and keep you busy,” Hou said.

“However, if you do have a side hustle, then the best thing to do is to get an accountant to help you keep track of the ins and outs of the business end. Having a reliable accountant by your side will always be an asset to you because we’ll have the knowledge of how to reduce your tax liability while helping you save money and avoid tax penalties due to mistakes.”

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Innovation is the lifeblood of any successful business, irrespective of its size. In today’s innovation-driven world, grasping the basics of IP is not just beneficial, but essential for creators and businesses alike. The power of IP lies in its ability to provide businesses with a competitive advantage.

IP, at its core, is about protecting creations of the mind. IP is categorised into 4 main types that can be registered with IP Australia, the Australian government agency that administers IP rights:

• Trade marks protect your brand, and help customers distinguish your goods and services from competitors. You can use a registered trade mark to protect a logo, word, phrase, letter, number, sound, scent, picture, movement, aspect of packaging, or any combination of these. To check the potential registrability of your trade mark you can use IP Australia’s TM Checker tool
• Patents protect any device, substance, method or process that’s new, inventive and useful
• Design rights protect the overall appearance of your new and distinctive product
• Plant breeder’s rights protect new plant variety you have developed.

In addition to these, there are other types of IP not administered by IP Australia, such as copyright, which protects original artistic and literary works, circuit layouts, and trade secrets.

Why is IP important?

IP is an important consideration for your business as it protects what sets you apart from your competitors. Research from IP Australia has found that small businesses with IP rights employ more people, pay higher wages, and are twice as likely to experience high turnover growth than those without.

IP can offer your business the following benefits:

• Exclusivity: Registering your IP gives you the exclusive right to sell, promote, or develop a product for a certain length of time.
• Competitive advantage: IP rights can reduce the chance of your products and/or services being replicated, allowing you to decide who can use your IP and how it can be used.
• Revenue streams: You can sell your IP rights for financial gain, while licensing IP can open additional revenue channels.
• Attracting investment: IP assets can make your business more attractive to investors.
• Legal protection: Registered IP helps in safeguarding against infringement.

Crafting an IP strategy and commercialising your IP

An IP strategy aligns your business’s IP with its overall goals. Here are some steps you can take to create an IP Strategy and commercialise your IP:

1. Identify your IP assets: The first step is to identify your business’s IP assets.
2. Assess the value of your IP: Once you’ve identified your IP assets, assess their value. Businesses often value their physical assets but forget about valuing their IP. It’s important to recognise the value of these assets early and protect them for the future. This could involve determining how they contribute to your revenue, their potential for future earnings, and their importance in your industry.
3. Secure your IP rights: Apply for the appropriate IP protection for your assets. Remember to keep your ideas a secret until you apply.
4. Monitor your IP: Regularly monitor your IP to ensure it’s not being infringed upon. This could involve keeping an eye on your competitors and the market, and taking action if you discover any potential infringements.
5. Leverage your IP: Look for opportunities to leverage your IP. This could involve licensing your IP to others, using it as collateral for a loan, or selling it outright.
6. Review your IP strategy regularly: As your business grows and changes, so too should your IP strategy. Regularly review your strategy to ensure it aligns with your current business objectives and market conditions.
7. Consider international protection: If you’re planning on doing business overseas, including manufacturing, consider international IP protection before you enter into those markets.

Next steps

• Delve deeper into the world of IP by listening to our Intellectual Property 101 podcast.
• Take the necessary steps to protect your brand through IP rights such as trade marks. Get started on your own trade mark with the TM Checker tool.
• For an easy-to-understand overview of IP rights and best practices for managing and protecting these valuable assets, take a look at IP Australia’s IP basics guide.
• Consider consulting with an IP professional to develop an effective strategy tailored to your business needs.

Remember that IP is not just a legal tool but a strategic business asset. Whether you’re a budding entrepreneur or an established business, understanding and strategically managing your IP can be a game-changer for your business.

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The rising costs of doing business are having a significant impact on SMBs. A recent survey by the Commonwealth Bank found that 70% of SMBs are concerned about the rising costs of doing business.

SMBs are taking a number of steps to reduce their costs, including negotiating with suppliers, reviewing their product and service offerings, investing in technology, and outsourcing non-core tasks.

In this article, we will discuss some specific ways that SMBs can reduce their costs while surviving the rising costs of doing business in Australia.

1. Identify your biggest expenses. The first step is to identify your biggest expenses. This will help you to focus your efforts on the areas where you can make the biggest savings.

According to a recent survey by the Commonwealth Bank, the top five expenses for SMBs in Australia are:

1. Payroll
2. Rent
3. Utilities
4. Insurance
5. Marketing

2. Negotiate with your suppliers. Once you know your biggest expenses, you can start negotiating with your suppliers for better deals. This can include things like negotiating lower prices, longer payment terms, or discounts for bulk purchases.

3. Review your product and service offerings. Take a look at your product and service offerings and see if there are any areas where you can cut costs. For example, you could discontinue slow-selling products or services, or you could bundle products and services together to offer better value to your customers.

4. Invest in technology. Technology can help you to streamline your operations and reduce costs. For example, you could invest in accounting software to help you manage your finances more efficiently, or you could invest in customer relationship management (CRM) software to help you improve your customer service.

5. Outsource non-core tasks. If you have tasks that are not essential to your core business, consider outsourcing them to a third-party provider. This can free up your time and resources so that you can focus on the things that you do best.

6. Reduce your energy consumption. Energy costs are a major expense for many SMBs. There are a number of things that you can do to reduce your energy consumption, such as installing energy-efficient appliances, turning off lights and appliances when they are not in use, and weatherizing your premises.

7. Get government assistance. There are a number of government schemes that can help SMBs to reduce their costs. For example, the Small Business Energy Efficiency Program provides grants to SMBs to help them to upgrade to energy-efficient equipment and appliances.

The post Ultimate guide: reducing costs as an SME…despite rising costs appeared first on Small Business Connections.

“Online shopping exploded during the pandemic due to lockdowns. One only had to open an online store and people would buy. Now the market is normalising and digital is going to get tougher,” Siriwardhane said.

“We are just at the outset of the digital shopping journey and it has a significant way to go. Many businesses that started during COVID now need to focus on key areas of operation and service in order to survive and my advice is clear – act fast as the market is only going to become more competitive for everyone online.

“Many online retailers will find it difficult to cope if costs keep rising.  It takes a lot of people and a lot of time to pack and ship products to customers. Add to this the rising cost of shipping and then having to manage returns. Many online retailers are going to struggle. Sadly many will disappear including a lot of businesses that started up during the pandemic.”

B dynamic Logistics is part of the B dynamic Group of companies which provides a broad range of services including e-commerce enablement, third-party logistics, warehousing and branded and sustainable packaging. The group has grown significantly over the last five years amassing an impressive portfolio of clients including Dymocks, Dettol, P&G, Qantas, Costco, Georg Jensen, Bailey Nelson, and Universal Music Group, just to name a few.

“Online retailers are going to have to act quickly in order to survive over the next 12 months,” Sirwardhane said.

Outsource logistics and returns 

“For businesses that are currently managing their own picking, packing and shipping processes internally, now is the time to look at outsourcing this work. It doesn’t matter what size of business you are, outsourcing is cheaper. Logistics companies offer the benefits of economies of scale to achieve efficiencies that are not possible under a typical retailer’s roof,” Siriwardhane said.

“While everyone is being impacted by the rising cost of doing business, large logistics companies have the capacity through volume to absorb rising costs better than most. There are significant efficiencies that can be achieved through sheer volume and scale.

“In addition, they utilise commercial-grade systems and technology including robots that enable the work to be done in a fraction of the time and at much less cost. Take advantage of logistics providers in this market.

“You will probably find that once you have outsourced this work, you will never go back to doing it yourself.”

Increase your reach

“Not many businesses are aware, but much of the work we do as an e-commerce enabler and third-party logistics company involves helping our retailers to reach more customers online,” Siriwardhane said.

“We don’t just help to store and ship your products, we also help you to ensure your website reaches as many consumers as possible with an increased propensity to buy. This involves helping business owners to plug their websites and products into larger platforms such as Amazon.

“This is where the magic happens. Our competitive edge is our ability to achieve significant outcomes through clever thinking.”

Re-evaluate your packaging

“While packaging is important, it also adds costs.  Heavy and bulky packaging increases the costs of delivery,” Siriwardhane said.

“Working with a good logistics company will assist you to understand how you can reduce your operational and delivery costs through simple measures such as minimising or changing the packaging.”

Review your costs for delivery

“Online retailers need to think strategically about their market base and how far they are prepared to service certain areas,” Siriwardhane added.

“Remote areas cost more to reach. Review your market to determine whether you need to reduce the physical range of areas you ship to. If you continue to do service these areas, you may need to add extra cost to deliveries. These are decisions a good third-party logistics provider can assist with.

“They work with many brands and can provide the benefit of their experience and understanding of what is happening in the market.”

Consider the frequency of deliveries

“Same-day or next-day delivery is a brilliant service for businesses that have the capacity to undertake this type of service,” Siriwardhane said.

“For businesses that don’t perhaps, a revised frequency and cost structure could be put in place to enable the business to absorb rising costs. Give customers the option to pay more for fast shipping or less for regular shipping.”

Set up collection hubs 

“Removing last-mile delivery can reduce your costs of parcel delivery significantly,” Siriwardhane said.

“Partner with other businesses to become collection points for your parcels so customers can collect items at their convenience. This is ideal where you don’t have a physical location. All you need to do is ship items to these sites for certain cities or states. It is certainly cheaper than delivering items directly to customers.”

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Understanding the Australian Promotion Landscape

According to Seek, Australia’s leading job portal, the average promotion cycle in Australia is approximately 3.8 years. However, this can vary significantly depending on the industry, company size, and individual performance. Research suggests that promotions are more likely to occur in smaller companies and in industries with high turnover rates.

Strategies for Success: Achieving Promotions in Australia

1. Know Your Worth: Before seeking a promotion, it’s crucial to understand your value to the Australian workplace. Assess your accomplishments, contributions, and skills that make you a valuable asset. Research average salary ranges for your position and experience level to gain a better understanding of your worth in the market.

2. Align with Company Goals and Values: Demonstrate your commitment to the company’s overall objectives and values. Understand the organization’s strategic direction and identify how your skills and expertise align with achieving these goals. Highlighting your contributions to the company’s success will strengthen your case for promotion.

3. Become a Proactive Problem Solver: Proactively seek out opportunities to solve problems and contribute innovative solutions. Identify areas where you can make a positive impact and showcase your problem-solving abilities. Taking initiative and demonstrating your ability to address challenges will set you apart from your peers.

4. Build Strong Relationships: Cultivate positive relationships with your colleagues, managers, and other stakeholders. Networking and building rapport can provide valuable insights into promotion opportunities and enhance your visibility within the organization.

5. Advocate for Yourself: Don’t be afraid to express your desire for advancement. Communicate your career aspirations to your manager and seek guidance on how to achieve them. Expressing your interest in promotion demonstrates your ambition and commitment to your professional growth.

6. Continuous Learning and Development: Invest in your professional development by acquiring new skills and knowledge that are relevant to your industry and career goals. Attending workshops, conferences, or pursuing additional certifications can enhance your expertise and make you a more attractive candidate for promotion.

Timing Your Request for a Raise or New Job Title

The timing of your request for a raise or a new job title is crucial for success. Generally, it’s best to wait until you have a clear track record of accomplishments and contributions to the company. Aim to have concrete examples of your achievements and a clear understanding of your value to the organization before approaching your manager about a raise or promotion.

Internal vs. External Promotions: Navigating the Options

Deciding whether to seek promotion internally or externally is a personal choice that depends on your individual circumstances and career goals. Internal promotions offer the advantage of familiarity with the company culture and processes, as well as established relationships with colleagues and managers. However, external promotions may provide opportunities for higher salaries, more rapid advancement, and exposure to new challenges.

Getting Poached: Attracting Attractive Job Offers

Poaching, the practice of a company recruiting an employee from another organization, is a common occurrence in the Australian job market. To attract attractive job offers and increase your chances of being poached, focus on building a strong professional reputation, developing in-demand skills, and networking with industry professionals.

Additional Tips for Success in Australia

• Embrace Cultural Awareness: Understand the nuances of Australian workplace culture, which emphasizes respect, teamwork, and a work-life balance.

• Demonstrate Initiative and Adaptability: Be proactive in taking on new challenges and adapting to changing workplace environments.

• Seek Feedback and Mentorship: Regularly seek feedback from your manager and consider seeking guidance from a mentor to enhance your career development.

• Stay Updated on Industry Trends: Keep abreast of emerging trends and developments in your industry to demonstrate your knowledge and commitment to staying ahead of the curve.

By following these strategies and tips, you can significantly increase your chances of achieving promotions, securing raises, and attracting attractive job offers in the competitive Australian job market. Remember, career advancement is a continuous journey that requires dedication, continuous learning, and a proactive approach.

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The initial response from Optus delivered by an unnamed company spokesperson on Facebook and X at 6.47am AEDT told Australians little they didn’t already know, that the network was down, and that the company didn’t yet know what had happened.

Later, at 10.30am, the ABC got through to Optus Chief Executive Kelly Bayer Rosmarino via WhatsApp and asked

What do you know? What’s happened?

Bayer Rosmarino replied:

Well I mean we do know how important connectivity is to all of our customers, so we are really, really apologetic and sorry that our connections have gone down today. The teams are working with huge effort to try and restore services as a priority, and will keep working on that until everybody’s back in action.

For the second time in a little over a year, the country’s second-largest telecommunications provider lost control of its story.

In September last year when the data of up to 9.8 million of its present and former customers was compromised, it failed to contact those affected for days and communicated via media statements, believing that was the “quickest and most effective way to alert as many current and former customers as possible”.

Golden rules for crises

Every company should have a crisis communications plan – a “living document” that it regularly updates, so that when a crisis emerges there is a strategy ready to be implemented.

There are several golden rules to executing an effective crisis communications response. They are based on transparency, honesty and empathy, and are well documented by theorists such as Timothy Coombs and William Benoit.

1. Learn from past mistakes

Last year Optus was castigated after its appalling public response (or lack thereof) to one of Australia’s largest data breaches. Optus took four days to tell 9.8 million present and former customers that their data had been compromised.

For a company in the communications business, that’s an epic failure.

To make matters worse, once alerted to the breach, its customers were unable to get through. In a crisis, customers don’t want a recorded message that tells them their “call is important” only to be left on hold.

At that moment customers need information and assurance their trust in the company has not been misplaced. If the company doesn’t have capacity it should be ready to mobilise a temporary workforce to respond to its customers.

2. Prepare to deal with the media

Another mistake Optus appeared to make last year was not to give Bayer Rosmarin sufficient media training. She didn’t front the media for two days.

Corporate heads and executives should regularly undergo media training during which they learn how to respond to difficult and hostile questioning.

This time Bayer Rosmarin fronted the media within hours rather than days, although too late for the morning news programs that told Australians what was going on.

3. Don’t let the story run away from you

The best advice is to get out in front of the story. By the time Bayer Rosmarin spoke up at 10.30 this morning, it was difficult to alter an established narrative.

Once a story becomes publicly established, it becomes difficult to influence.

And it is best to speak to more than one media outlet. This is particularly important for a company with a broad customer base like Optus.

4. Apologise and accept blame

Last year Optus painted itself as the victim of the hack (which it was) but then failed to also address its responsibility for keeping its customers’ data safe, and apologise for failing to do so.

Mortification (confessing and asking for forgiveness) is recommended by both Coombs and Benoit, and the sooner the better.

Companies that apologise late are seen as disingenuous.

5. Be empathetic

Companies that have let down their customers should put themselves in their customers’ place.

Part of doing this is to avoid corporate speak and connect at a human level.

Customers want to know the company accepts its actions have caused harm and is as concerned about it as they are, if not more so.

This means sharing information as soon as it is to hand so that customers can make decisions. These might involve leaving for a competitor, or sticking with the company that is sticking by them.

6. Be honest

If a company in crisis doesn’t know the answer to a question it should say so, but then promise to provide regular updates and be true to its word.

A company that leaves a communication vacuum (as Optus did this morning) will allow others to fill it, almost certainly to its detriment.

7. Bolster your company

Bolstering is reminding customers of the good things a company has done in the past, and can work when deployed alongside empathy, honesty and mortification.

It’s an approach that will prove difficult for Optus, given its performance the last time it was in this sort of crisis.

The post How Optus butchered handling a crisis: a lesson for businesses appeared first on Small Business Connections.

Fabian Calle, managing director, small and medium business, SAP Concur Australia and New Zealand, said, “As a business owner, success often hinges on maximising profitability and maintaining a healthy cash flow, which can only happen by establishing control over spending. To overcome this challenge, businesses must address the inefficiencies and gaps in traditional manual processes, such as paper-based expense reporting and invoice approvals, that often lead to delays, inaccuracies, and lack of real-time visibility.”

Automated expense and invoice management solutions provide an essential toolset for businesses aiming to enhance control over spending and boost efficiency. Not only can businesses gain speed, but they will also have a new way to monitor and manage spending to maximise their profitability. Adopting automation lets employees submit expenses from anywhere and businesses speed up their accounts payable process and payments.

By implementing automation in these areas, businesses can gain several benefits, including:

1. Real-time visibility into spending 

One of the key challenges faced by businesses of all sizes is the lack of real-time visibility into employee spend. Manual processes—like paper-based expense reports and invoice approvals—can lead to delays and errors, making it hard to respond to market conditions with agility. By automating expense report creation, approval workflows, and reimbursement processes, businesses can access up-to-date spending data. This visibility lets businesses identify spending trends, control costs, and adjust their operations accordingly to ensure cash flow is managed effectively.

2. Established and enforced policies 

Automated expense and invoice management solutions can help businesses establish customisable spending policies tailored to their unique needs.

Fabian Calle said, “By defining specific spending limits, approval workflows, and expense categories, businesses can ensure compliance and prevent poor spending. Intelligent policy controls embedded in an automated platform can flag non-compliant expenses, reducing the risk before it occurs.”

3. Streamlined processes and improved efficiency 

Manual tasks, such as expense report and invoice management, can be time-consuming and prone to errors. If businesses have limited resources, these inefficiencies can have a significant impact on productivity. By automating these processes, businesses can eliminate paper-based tasks, reduce manual data entry, and streamline workflows, empowering employees to focus on strategic work rather than getting caught up in administrative burdens. Better yet, by eliminating mundane tasks, businesses can improve employee satisfaction, retention, and overall productivity.

4. Cost reduction and improved forecasting 

Automated expense and invoice management solutions give businesses access to valuable data analytics capabilities. By leveraging the data collected through automated processes, businesses can gain deep insights into spending patterns, identify cost-saving opportunities, and optimise budgets. Data analytics can uncover trends, highlight areas of excessive spending, and inform strategic decisions for better spend control. Businesses can generate comprehensive reports, perform accurate forecasting, and track key performance indicators to drive profitability.

How automation can help fuel future growth 

By automating manual processes, businesses of all sizes can gain better control over spending and make smarter decisions.

Fabian Calle said, “Providing employees with tools that simplify their work processes can greatly enhance their experience, especially automated solutions that provide mobile apps and user-friendly interfaces that guide employees through expense reporting and invoice management, making their lives easier and more efficient.

“Faster reimbursements and reduced unnecessary manual tasks also demonstrate to employees that they are valued, and businesses can create an environment that promotes employee satisfaction, loyalty, and engagement. Ultimately, automation can help businesses experience superior spending control, paving the way for more insightful decisions, amplified efficiency, and greater profitability.”

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