Category Archives: Small business

Meet Disruptive Change Head On

Business today is in a disruptive phase and small business owners cannot avoid the disruption. Changes to business models and industries have been caused by technology (the move from the use of desktop PC's to mobile technology), the sharing economy (Uber and Air BNB), the platform model (Trip Advisor, Hotels.com), international trends like the Coronavirus pandemic and the rise and fall of new and old industrial giants. In a small business, for example, if you ignore mobile technology and focus your website to the PC, customers used to scrolling through sales sites on their phones will turn away from old-fashioned websites that don't respond to their phone screens. Even in a small business, if you are in a disrupted industry, you will have to act to meet disruptive change head-on, or risk becoming a minor competitor to leading businesses in your industry. (more…)...
Read more

Managing Cashflow & Working Capital During Covid

Australia seems to have coped with the economic effects of Covid better than some other countries, but small businesses will still have a long haul to get back to where they were. This is especially true of some industries like the hospitality and tourism industries which suffer from a lack of demand, and the agricultural industries suffering from lack of supply (labour). Other industries may have fared better and are probably starting to look at new strategies and even opportunistically looking at merging or acquisition of another business. Whatever their situation there will soon be a need for more capital in Australian small businesses, and the need to manage cash flow and working capital. In this blog post, I will look at short-term cash and liquidity initiatives as well as cash flow forecasting. But before we start, I'd like to invite you to take a look at our revamped website at otsmanagement.com.au where we have clarified our focus on our two areas of service. Please take a look and explore our special focus areas of Small Business Advisory services and Managing Indigenous Organisations. We specialise in only these two client sectors and we invite you to take a look at what we...
Read more

Happy New Year, and what’s next?

Happy New Year! I hope you had a well-deserved Christmas holiday, ate and slept a lot and enjoyed your time with your family, and you're looking forward to a great New Year! After a pretty tough 2020, I think we all deserved the break! I'm pretty sure you don't want to be reading a lengthy treatise on New Year's Eve, so this is just a short note to wish you a Happy New Year and to provide some food for thought for later. Here are some ideas about what you need to think about as you enter 2021! (more…)...
Read more

Rethink Staff Annual Reviews

As a small business owner, you are probably glad to hear that the trend amongst large businesses is to do away with the staff annual review. Let's be honest, you probably weren't doing them! But I think before you celebrate, we should take a look at why large businesses are cancelling the staff annual review systems. (more…)...
Read more