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Entrepreneur Small Business

How the Global Pandemic Transformed Surviving Small Businesses

Years have already passed since COVID-19 broke out and changed the global landscape yet many people are still struggling to pick up the pieces as we all try to move toward the new normal. Many businesses were forced to shut down or went bankrupt while there are those who persevered to keep themselves afloat by finding creative ways to survive and thrive even in a crisis. When you hit rock bottom, there’s no other way to go but up.

Business owners would have to look at achieving growth that is both sustainable and inclusive in the long run. Although it can be challenging or near impossible when the economic landscape is uncertain, it is possible to achieve it as long as you’re innovative and willing to collaborate with others. More importantly, you have to grow along with the advances of technology, evolving innovation, and changing collective mindset.

Under the Shadow

Even though a lot of countries have started opening up in order to resuscitate their economies, we haven’t totally eradicated COVID-19 yet. We’re still living under its shadow. Lockdowns and travel restrictions are not yet totally eased out in some places as strict public health protocols remain in place.

Those businesses that managed to weather the storm, have changed the way they do business by adopting all the hard lessons learned over the past two years. Trying to regain a degree of normality is expected to go along with the prevention and control of new threats from other disease variants that could potentially disrupt all the gains we all achieved.

How did the global pandemic change the business landscape?

  1. The Rise of WFH

The global pandemic has forced a lot of people to work from home while businesses have to do much of their operations under closed doors so the need to go digital with smart workflows and seamless technology integration is fast becoming the new standard. Remote work enables crisis-resilient businesses to tap a greater global talent pool online.

  1. Data is the New Global Resource

Every aspect of work will become optimized with the widespread adoption of data. Businesses will have to constantly adapt and adjust as data is:

  • Embedded in every decision, interaction, and process
  • Processed and delivered in real-time
  • Flexible enough to be integrated and ready-to-use
  • Sold as a product to the highest bidder
  • Effectively managed to ensure privacy, security, and resiliency
  1. Transforming the World of Work

Work will never be the same again as business owners, employees, and customers alike are seeing the world of work much differently now. Even if the government implements strong public health measures and provides economic stimulus packages, there is a strong divide in public opinion on whether protecting people’s well-being and safeguarding the economy would make a big difference in the future of work.

  1. Greater Emphasis on Speed and Agility

The world is changing beyond our very eyes and the pandemic taught us that things happen faster than we think. Businesses that don’t make quick adjustments will surely fail. With speed and agility, business owners can respond more effectively when the next big crisis comes.

  1. Greater Mutual Cooperation

The road to recovery won’t be possible if there is no mutual cooperation between small businesses and the government. As the latter form the backbone of the economy, it is in the government’s best interest to help businesses pick up the pieces so they can grow and thrive. On the other hand, the business sector should support public health policies to ensure everyone will be able to transition seamlessly to the new normal.

Emerging from the Crisis

As we all move away from the global pandemic, policymakers have to look beyond safeguarding lives and livelihoods. This challenge becomes more crucial as it is even more difficult to make economic gains after years of downturn. The focus would revolve around growth, sustainability, and inclusion. Bear in mind that there are challenges that have to be resolved in order to achieve them.

  • Economic growth is elusive
  • Poverty is still endemic
  • Sustainable growth requires massive investment

Achieving our business goals would depend on addressing current social and economic conditions, particularly the relationship between public health care, labour market, global supply chains, digitisation, and unequal economic development.

Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!

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Australia's Small Business Tax Returns

Goods and Services Tax in a Nutshell

In Australia, the Federal Government levies Goods and Services Tax (GST) at a 10% rate wherein it distributes the revenue to state and territorial governments. The GST is a value-added tax (VAT) applied to every level of the manufacturing and marketing chain and applies to most goods and services. Registered suppliers will get GST credits on items purchased to make taxable supplies.

Certain food products, export items, and most health, medical, and educational supplies are considered ‘GST-free,’ which is ‘zero-rate’ in other VAT jurisdictions. Relevant input tax credits can be recovered if a registered supplier is of a GST-free supply. However, the supply is not taxable.

On the other hand, residential rents, secondary supply of residential premises, and most financial supplies are ‘input-taxed,’ which is ‘exempt’ in other VAT jurisdictions, and are not subject to GST. However, the supplier cannot recover relevant input tax credits while financial suppliers can obtain a reduced input tax credit of 75% of the GST with the acquisition of certain services.

It is interesting to point out that general insurance is taxed. Health insurance is GST-free while life insurance is input-taxed on the other hand. Reverse charges may apply to services supplied overseas, where the recipient is registered and uses the supply for a non-creditable supply.

In addition, GST applies to imported digital products and services supplied by foreign companies to Australian importers. Foreign suppliers are required to register, collect, and remit GST that they provide to Australian consumers.

The GST rules apply to all imported supplies to ensure that these foreign businesses do not have to engage in the GST system unnecessarily. This includes switching off the GST liability for certain supplies between foreign entities and extending the GST-free rules to certain supplies made to foreign entities.

When it comes to digital currencies, there is no double taxation to ensure that supplies receive the equivalent GST to the supply of fiat money. GST is payable on certain supplies of low-value goods valued at less than $1,000 that are purchased by consumers and imported into the country.

For more information on GST and how it affects your business, reach out to Gillett & Associates with its team of small business taxation specialists that will help your business structure and transactions to ensure you’re tax ready from day one and maximise your tax efficiency as your business grows.

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Australia's Small Business Productivity Hack Small Business

Looking After Your Mental Health While Running a Small Business

Small business owners are often placed under tremendous pressure to succeed in what they do, oftentimes juggling multiple roles in order to keep their business up and running. However, they end up taking their own mental health for granted in the pursuit of business success. Something has to change.

Sure, it can be rewarding to be your own boss but you’re also facing a range of unique challenges when you’re taking both roles of the employer and the employee at the same time. That means you’re taking the sole responsibility for the rise and growth as well as the potential failure of your business. When it all adds up, it will take its toll on you. There comes a time when you need to take care of your own personal well-being and distance yourself from all the hustle and bustle even though there’s a lot of work to be done.

Before you look for ways to mitigate the impact of stress, you have to understand the challenges that you face.

  • Long Hours

Most of the time, business owners tend to put in very long hours and end up working intensely to meet the demands of their business to get off the ground.

  • Work-Life Imbalance

When you’re doing the same things, like responding to business emails and calls, repetitively for a long time even after typical business hours, you end up blurring the line between work and home.

  • Self-Isolation

Sometimes you feel isolated when you don’t have someone to share business worries with or someone who can understand the demands of running a business.

  • Burden of Responsibility

There is a heavy burden when you feel responsible for yourself, your family, and your employees who are involved in the business to ensure its success.

  • Multiple Roles

Just because you’re the business owner that doesn’t mean you can delegate all responsibilities to other people. You have to get your hands dirty to ensure all things are done right. It’s also a double-edged sword as you have to manage the additional demands of other roles so you can be on top of everything else.

Stress Management

When all the business pressures and life demands add up, stress levels go up. This occurs when the demands of running your business are far greater than your capacity to manage them. Although stress is not the same as mental health conditions such as anxiety or depression, its long-term effects can increase the risk of developing such conditions.

As you’re busy managing your business, you will notice significant changes in your behaviour and feelings that would indicate that you’re struggling with your mental health. Oftentimes, it would be your family, friends, or business partners that will notice these changes.

There are early warning signs that you need to take note of when stress goes over the top:

  • Difficulty concentrating on menial tasks
  • Always tired, fatigued, and exhausted
  • Unusually emotional
  • Temper flare and frustration with people
  • Cope problems with alcohol
  • Hard to make decisions
  • Avoiding gatherings and other social events
At the end of the day, it is important to take care of yourself as a business owner so you can stay on top of whatever your business needs as much as possible and have the energy to enjoy life with family and friends outside of work.

Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!

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SMSF

Getting Started With Your Retirement Plan

We have to admit that most of us don’t start thinking about retirement until we’re about to stop working or circumstances have forced us to make such a decision. Now that we live longer, retirement may be a bit a long way from now. That means, there is a very long time to regret not doing more to plan and save for a financially-stable retirement.

It just takes a bit of careful planning to make a big difference in your future retirement. Know what it takes to achieve it: what it will cost, how to fund it, how much you need, and what you can do to close the gap. Whether you want to continue working until you’re old enough to give up or just want to quit the rat race as soon as possible, you have to start with your retirement plan somewhere right now.

Here are simple steps to jumpstart your retirement plan:
  • Live Your Dream

Have you envisioned how you’re going to achieve your dream retirement? Where do you want to live – an overseas holiday home or a camper van tour across Australia? What sort of activities would you like to do?

Once you envision what retirement for you would look like, you have to figure out how much it will cost you to achieve your dream. What are the things you need to have in your retirement – new cars, the latest gadgets, nice clothes, or fancy vacation homes? You may want to save enough money to help your kids financially by providing them with a college education plan.

Share your thoughts with your spouse or partner. If you happen to have different dreams or expectations about the way you want to live in retirement then you have to figure it out while you still have time to make adjustments to your plans.

  • How Much It Cost

Let’s face it, going after your retirement dream will cost you a lot of money. The question is, how much will it take until you get a comfortable income by the time you leave the workforce?

Expert financial advisers suggest you need about two-thirds to three-fourths of your pre-retirement income to continue living the way you’re used to. As long as you already own your home debt-free, it is much cheaper to live in retirement as you’re no longer paying superannuation or mortgage payments.

If there are things you can live without then you can significantly reduce the cost of your retirement. Retirement income will be different depending on your needs and budget. If you want to spend more on essentials like insurance, health, and home improvement then you might cut down on eating out, travel, and entertainment.

  • How Much Time

Now that you have an idea of how much it will cost, know how long it will take to achieve your retirement goals. To do that, you also need to think about how long your money needs to last. That’s the challenge of retirement planning, knowing the ‘known unknown’ of how long we will live and ensuring your income will last as long as possible. After all, you don’t want to run out of cash when you finally retire. Also, think about your family and loved ones dependent on that income after you pass away.

Another thing to consider about time management is figuring out how close you are to making your retirement dream a reality. Know how much you already save in your super. Add your other savings and assets and subtract your debts, outstanding loans, and credit card bills and you will have a clear picture of your current net savings. That way, you will know how much time left you need to save to accumulate your retirement income.

  • Eyes on the Target

Are you on track to reach your target retirement date? You should probably know by now how much you’re going to have by the time you retire if you continue your current savings plan. Take into consideration the other factors that might affect your future retirement income – future market performance, interest rates, and government policy.

  • Close the Gap

If you feel like you’re almost there but yet so far, maybe it’s time to think about bridging the gap between your retirement dream and your projected savings.

If you haven’t stopped your current savings plan, you can try to make additional super contributions up to your concessional cap. Got unused cap amounts from previous years and a total super balance below $500,000? You can make contributions so you can catch up with your target. Make an after-tax contribution if you have more to invest or have received a windfall.

Your last resort would be delaying your retirement as it allows you to accumulate more savings and reduce the number of years you need to draw on them.

Now that many Australians are living longer, healthier lives, many of us can expect to enjoy longer retirement as much as we did working. That means careful financial planning is essential to prepare us for that. Always seek independent financial advice well before you retire so you will be in a better position.

The sooner you start planning and saving, the more likely you are to achieve to live the dream.

Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!

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Australia's Small Business Productivity Hack Small Business

Does Bad Weather Affect Your Small Business?

Business owners face a lot of risks and they expect to take control of a lot of things from managing staff performance to balancing the books. Yet there are some businesses that are often affected by the unpredictable weather like ice cream parlours and ski equipment shops. Nowadays, climate change is casting a huge shadow on everyone and erratic weather patterns have made it very challenging for over 70% of businesses worldwide to make necessary adjustments.

So how does it affect small businesses?

  • Temporary Inactivity

Such volatility is affecting different industries in different ways. One of the hardest hits is tourism destinations as it prevents people from visiting them. Such periods of inactivity could be enough to bring businesses down for good. Sometimes, weather variations affect the supply chain, consumer behaviour, and business productivity thereby affecting short-term cash flow and long-term profitability.

  • Supply Chain Issues

Weather affects your supply chain as all the raw materials and supplies have to be purchased weeks and months in advance. That means any disruption would create a chain reaction that would further delay every single aspect of production and distribution down the line. Although predicting the weather is a crucial business decision, it is beyond the capacity of most business owners.

  • Significant Sales Drop

There is a correlation between weather and sales. According to a study on 5,000 British retailers across different sectors, atypical weather has a majority negative effect on sales. An unusually cold spring and oddly hot autumn usually result in a decline in sales.

  • Change in Consumer Behaviour

In a survey conducted by Accor on 1,500 Australians, they found out that the winter season affects their behaviour. It seems that cold weather and dark nights have a bigger effect than we might like to admit. Usually, they tend to prefer the sunshine, beaches, and a laid-back lifestyle.

  • Bad Weather is Relative

Whatever the weather is, the effects would be relative to what your business specialises in, so that means bad weather for some can be good weather for others.

The winter season may be bad for those selling summer wear and cold treats but it is heaven-sent for fast foods and restaurants. One in two Aussies surveyed admitted to overeating in winter as compared to summer. Our natural impulse is pushing us to accumulate more calories to cope with the winter weather. Seven in ten respondents tend to watch more TV in winter than in summer so that means streaming sites tend to cash in more during that time of the year.

When you see a significant change in your business productivity, profitability, and cash flow, you, as a business owner, should prepare contingency plans ahead of time and anticipate the negative impact of such a scenario. Some businesses fail to realise that these unforeseen circumstances tend to extend beyond the weather. Together with new regulations, unexpected competitors, and disruptive innovations, any one of these factors could end your business with little-to-no warning.

If there is one thing business owners may be happy with is that cold weather seems to have a favourable effect on productivity. The majority of the respondents say that they increased performance at work throughout the winter compared to summer.

Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!

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Australia's Small Business Entrepreneur Productivity Hack Small Business

Six Business Risks Every Business Owner Should Know

Whether you run a startup or an established corporation, there are a lot of pitfalls and risks that threaten the short- and long-term success of your business. Business owners should understand best risk management practices in order to build confidence for both internal and external shareholders so that potential losses are minimised and anticipated profits are maximised.

Once a business risk management plan has been put in place, it will help you keep track of all types of risks to prevent and mitigate their impact. Here are the six types of risks that every owner should know:

  • Security Risks

Among the many risks businesses face, security threats are the most devastating and costliest. It usually involves data breaches, cyber-attacks, phishing, identity and intellectual property thefts, embezzlement, DDOS attacks, and money laundering. Business owners should understand the various technical aspects, like security vulnerabilities and technology gaps, to prevent these risks from happening.

  • Compliance Risks

Ignorance of the law excuses no one. Business owners should know the laws and regulations that apply to their business as compliance can be complicated at times. Not to mention, the legal landscape often evolves especially when it comes to occupational health and safety, certification requirements, and tax.

More importantly, your business also evolves over time so you end up facing new risks and challenges when it comes to legal compliance. Expanding your operations to other countries would mean compliance with foreign laws while venturing into e-commerce would also mean compliance with data security and privacy protection laws.

  • Operational Risks

Businesses have unique internal and external operational challenges that need to be overcome. Natural disasters can damage or destroy your office and physical assets. Pandemic or economic recession can severely impact customer numbers. Power outages or disrupted Internet connectivity can disrupt business operations. There are also those that can be attributed to human error from cashiers entering wrong payment information to production workers failing to do proper quality checks.

It is crucial to set up a proactive continuity plan that will tackle potential disruptions thereby allowing your business to respond and recover in case something goes wrong.

  • Financial Risks

There are financial and economic factors, like market movements, FOREX rates, and commodity price fluctuations, that can affect the financial performance of your business. Managing these risks would effectively ensure business profitability and ease cash flow issues. Such strategies would include diversifying income streams, limiting the number of loans, and getting insurance.

  • Personnel Risks

Often a combination of all risks above, the human side of business risks often involves bad personnel management that often leads to inefficiencies. Tightening hiring management practices with rigorous security protocols and background checks would be the way to go in order to prevent conflicts of interest, fraud, and other illegal activities. Relationships with third parties, like business partners and suppliers, have to be vetted too.

  • Reputational Risks

The worst fear business owners face is when their reputation is put in jeopardy. Negative publicity, faulty products, and bad customer service all add up that will further affect relationships with customers and business partners. Just failing to address the business risks listed above is already a reputational risk in itself.

Let’s face it, there will always be business risks you hope to avoid. That’s it is crucial to employ risk management strategies focused on the following areas – prevention, detection, deterrence, and response. Together with proper business intelligence in place, you will be on your way toward business success.

Although most businesses simply don’t have the time, knowledge, and manpower dedicated to risk management, there are professional business management experts that can help you do that. Gillett & Associates has real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits, and improve your work-life balance.

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Australia's Small Business Bookeping Business Review Entrepreneur Investment Small Business

2022 Startup Trends to Look Out For

The past two years have been challenging for some startups and small businesses out there as the COVID pandemic has changed the social and economic landscape. However, things have started to change as venture capitalists and angel investors have picked up the pieces and helped drive economic recovery.

They brought in dynamism sorely needed in the startup ecosystem with record-level investments fueling future growth and expansion. With new trends emerging, we have grown to rely more on the innovation and problem-solving capabilities delivered by technologies so we should be expecting the pace of investments to step up this year.

Here are the trends that will likely drive these investment decisions moving forward:

All the Meta Smoke

There is a lot of talk and hype about the world of the metaverse. ‘Meta’ is now in the mainstream as innovation is focused on the virtual world through NFTs, augmented reality, and increased decentralisation. Yet despite all this promise, meta development is still far from ideal as the existing technology has to catch up with hardware innovation. Development cycles are longer than anticipated and the potential application of the technology is still limited.

The major tech companies will try to control the metaverse but they will still face challenges from changing power structure, intellectual property rights, greater blockchain use, and the growing decentralisation movement.

Enhanced Crypto Regulation

We all know it will happen sooner or later as there is an inherent scepticism in everyone even if there is widespread adoption by sovereign countries and institutional investors. The increased deployment of crypto assets into products and services has made it more accessible to consumers. With more service providers capitalising on such growth, regulators and other international infrastructure providers have looked toward creating greater compliance, lending solutions, and new exchanges and intermediaries.

This year will see more enhanced and structured regulation by governments while key crypto players will have to increase their lobbying efforts in order to gain greater market share. At the end of the day, regulation is very much needed to prevent a complete collapse of the crypto sector.

Net Zero Technology Adoption

This technology will allow startups to switch from top-down, centrally-managed systems to bottom-up, transactionally-optimised markets. It will play a greater role in mitigating climate change as there is a growing demand to deploy digital software in industrial businesses.

It is now essential to embrace this technology in order to compete and comply with sustainability and emissions targets, which aim to transform how energy is produced, stored, distributed, and consumed. More advanced analytics, artificial intelligence, and cloud tools will play a vital role to combat these environmental issues thereby helping achieve sustainable industry practices, increased transparency, production efficiency, and sustainable energy management. As more companies adopt automation and digitisation, all processes will become more data-centric making it easier to make key environmental decisions.

Health Care Goes Digital

The shortage of medical care workers due to burnout and mental health issues will bring digital platforms into prominence as new apps are developed to connect patients with medical professionals through self-service solutions from video consultation to telemedicine.

Reverse Globalisation

The pandemic has caused a lot of disruptions and shortages in the global supply chain networks thereby pressuring businesses to rethink and reinvent the way they manufacture, sell, and ship their products. That means more emphasis on building capacity and resilience by bringing operations closer to home in order to weather potential disruptions and cut costs.

There is a growing investment in ‘smart factories’ with automated processes and cloud technologies that help deliver products on time at the right volume on demand.

The YOLO Economy

The Great Resignation has forced people to reevaluate their lives and changed their future career paths. More people, especially the younger ones, are living in the so-called YOLO (You Only Live Once) economy. It revolves around the pursuit of life improvement, greater job satisfaction, better work-life balance, and the opportunities to do more things you love.

Such attitudes and belief systems are very much common in the startup community so it’s something they can leverage as they understand what their employees think and do. Startups are more flexible to introduce a four-day workweek, work from home settings, and equitable recruitment methods.

Although it’s harder to predict the long-term impact of these trends, the progress of new innovations and emerging technologies will surely create a positive impact on the way we work and live. Those who resist change, whether driven by ignorance or political agenda, will be left behind by everyone’s collective progress.

Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!

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Australia's Small Business Business Review Entrepreneur Productivity Hack Small Business

How Your Business Should Benefit the Community

American Civil War-era writer and orator Robert Green Ingersoll once said, “We rise by helping others.”

It’s not just the valuable products and services you provide that will help your business grow and expand, helping others is one way of building good relationships with customers and other businesses. More importantly, it ensures long-term stability and sustainability. When you’re open to giving back to the local community without expecting in return, you will be surprised at the positive impact and social change you bring to them. People love authenticity so it pays to be that way!

Helping others is the social currency that will dramatically benefit your business and in return, revolutionise the industry. Helping both sides of the business-customer relations grow is the catalyst that sustains such collective success.
The question is, how do you do that?
  • Be a Mentor

Various research studies have shown that mentored businesses increased their revenues four-to-five times more than non-mentored businesses. Eight out of ten mentored businesses stayed afloat, which is one more than those non-mentored. Bottom line is that mentoring and helping others directly impacts businesses.

When you’re providing accounting and bookkeeping mentorship to small businesses and startups, you are helping them weather the storm in today’s challenging business landscape. That way you will see more successful businesses. When there are more businesses staying afloat, more business owners will be looking to work for you.

  • Make Meaningful Connections

Your relationship with the customer doesn’t end when they get out of the shop door. In fact, they don’t have to be your customer or business partner at all. Reach out to others as much as you can as people appreciate it when someone listens to their problems and offers insights and expertise to solve their problems. It leaves a lasting impression when they feel valued.

When you nurture and grow that relationship, they will be happy to help you in return by passing on the word about your business to others. Sometimes business opportunities come when you’re doing unpaid volunteer work, low-key business partnerships, and pro-bono consulting.

  • Reverse the Process

We get it, finding new leads for your business is stressful and time-consuming. Why not do the opposite – offer your services instead? That way, you will end up building authentic relationships with potential clients that already know who you are, what you’re about, and what you can offer.

When people already know exactly what they need, you will be just a call away when they need your services. At the end of the day, it’s more reliable than attracting new people and converting them into paying clients.

  • Be a Thought Leader

We all know that everyone is constantly looking for valuable information that solves their everyday problems, why not establish yourself as an industry expert and offer your insights and solutions? Think about the opportunity as a way of building new relationships with people beyond your target audience. By offering your wealth of knowledge on the relevant subject, you are building up that interest for people looking to acquire your products and services.

Final Thoughts

When you’re lending your helping hand, you are just scratching the surface of how you can create a cycle of rapid success from business to business. Embrace this philosophy so you can make a real impact in the community from here on out.

Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!

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Australia's Small Business Entrepreneur Small Business

Leveraging the Power of Storytelling to Achieve Business Success

Have you ever wondered why successful businesses are ‘successful’?

You can say, it’s probably the quality of service they provide, the superior product line they manufacture, or the catchy social media posts they publish that make loyal customers out of everyone. You are absolutely right. But there is one thing you may have taken for granted.
It’s the compelling story they tell that reinforces their narrative to a much wider audience. Why so?

Even if you did all the things right, it won’t guarantee long term business success until you capture the interest and full attention of your audience. With the right type of storytelling, it will make your unique value proposition more relatable and compelling to the ordinary man on the street.

Why Tell Your Story?

Successful brands differentiate themselves from their competitors by telling their unique stories. That means you have to share your narrative by telling your audience who you are, what you do, what you want to accomplish, and how you intend to solve their problems. Once you effectively defined your identity and core principles then you’re on your way to making your brand relatable to everyone.

However, telling your story shouldn’t be just making a long rambling manifesto. You have to find creative and effective ways to share that narrative without talking about it too much. At the end of the day, it’s all about convincing people by making them believe in your story.

Learn to Educate

We all know that people are constantly looking for new information about solutions to their everyday needs and problems. Take storytelling as an opportunity to educate them about different ways of thinking and doing things. Whether you’re providing a service or offering a new product, highlight your unique value proposition and showcase all the things you can do to make their lives much better.

You will know that your story is effective if you managed to make a positive impact and bring about a profound change in your audience’s collective mindset.

Try to Captivate

If you want to attract people, don’t bore them with statistics and numbers. Bring a unique storyline and hook your audience so they can keep up with you. There should be a relatable plot that anyone can put themselves into the story. That means, no tall tales or urban legends.

Studies have shown that different formats of information may be suited to different situations but stories wield a particularly strong influence over our behaviour and attitudes.

Don’t Be Overbearing

One of the pet peeves of consumers is when they are told what to do. If you want to tell them what to do, don’t make it too obvious. Let their inner voice dictate it. Make your messaging as comforting and friendly as possible. How?

Facts are good but not enough. A vivid, emotional story gives that extra push to the heart but won’t answer the questions asked. Make them feel important by sharing the story as something they can come across in real life. Find the middle ground without pushing your narratives into their mouths.

Shift the Narrative

Let’s face it, we all have different life experiences that govern our lives. When you share your story, make sure it perfectly blends in with the intended audience you want to share it with. Understand the right situation and context so that your narrative fits in.

Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!

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Australia's Small Business Entrepreneur funding Investment

Getting Australian Angel Investors on Board

Do you believe in angels?

Well, they are a different breed. These are angel investors, these are people who provide the initial capital for your startup in exchange for company shares in the form of equity or convertible debt.

The question is – will you get angel investors on board just for the much-needed financing alone?

Launching a startup can be even tougher if they don’t buy into your long-term vision and are just in it for the return on investments. If you come to think of it, there is no such thing as ‘free lunch.’ They don’t invest big money in your startup out of the goodness of their heart. They do it because it’s all about generating profit at all costs.

But if you think it through, there are different types of angel investors you might consider working with. Friends and family members are more likely to believe in your vision no matter what. Private individuals can be more sceptical about your success. Investor groups tend to focus more on cashing in on your startup. Alternatively, crowdfunding platforms allow you to raise funds without having to see people face-to-face.

So, how do you find angel investors in Australia?
  1. Personal Network

You all have friends and family on board already right? Well, they are the ideal angel investors you may want to work with. However, you might fall out with them if things don’t go well with your startup.

  1. Angel Investor Groups

Typically, angel investors work in groups based on geography or industry. They have their own application process so you may want to sharpen your presentation skills when pitching it in front of them. At the end of the day, it’s all about making the best impression to convince them to invest money in your startup.

  1. Social Networking

If you want to venture beyond your friends and family, you may want to network with people on LinkedIn and other platforms specially dedicated to angel investors and startups looking for funding.

  1. Go Local

Sometimes, you need to do your own research to find prospective investors on sites like AngelList, FundingPost, Crunchbase or Pitchbook. If you prefer local then you can try Australian angel sites like Perth Angels, Byron Bay Angels, Brisbane Angels, Southern Angels, Melbourne Angels, Sydney Angels, or Scale Investors.

  1. Incubators and Accelerators

There are organisations that offer support services to startups from early to advanced stages. Normally, they already have an extensive network of mentors that include industry leaders, angel investors, and venture capitalists.

Work with Gillett & Associates so they can help you plan and strategise towards securing much-needed financing for your startup.