BGES

Eric Tjoeng – CEO, Business Growth and Exit Specialists

The 10 Australian Business Strategies & Experts to Watch in 2021

As we gear up to the end of the year, I’d like to wish you all a Safe, Healthy, Merry Christmas and a Successful 2022!

For business owners, we have been facing unprecedented challenges with the COVID pandemic. But with our resilience, never say die attitude, being agile and being able to adapt, many of us have been able to sustain our business and some even take the opportunity to pivot and grow. For some unfortunately, unable to adapt and perished.

We are drawing to a close for 2021, and we should start thinking about how we can make the most of 2022 from business and personal perspectives.

One of the top key reasons for business failure is not having a business strategy/plan– BOQ July 2021. Spending time strategising and creating a good direction for sustainability and growth would bear good fruits for your business in 2022, including your strategy for products/services, marketing, sales, finance, operations, customer service.

Some areas to be considered for your business in 2022 should include:

• The demand for your product/service, your customer buying behaviour, your customer expectation. Do we need to pivot or fine tune our business model to adapt and remain relevant?
• What resources would you need to run your business, including Cash, People, Supply, Process, Operation and Management?

• What are the issues to be resolved and who is responsible for it and by when? Including Cash requirement, People requirement, Supply requirement, Process requirement, Operation requirement, Leadership and Management requirement.

Likewise thinking and planning for your personal wealth creation would be wise, taking into account your risk tolerance profile, and getting the right help when needed.

Seasons Greetings and Best Wishes for 2022.

Sharing practical wisdom from experienced colleagues

George Mavros – Associate Partner (Sales, Marketing and Intellectual Property), Business Growth and Exit Specialists

Merry Christmas is easy – just have the mindset that no matter what we have been through for 2021 – we have survived and for that alone, take time to enjoy the break even if just a few days and re-evaluate what are the real important things in your life.

You know no matter what you have been through if you are still standing – you are still in the game of life.

So let’s make 2022 the most prosperous you can!

What is your business, marketing,  sales, finance, resource STRATEGY?

Without a strategy, you may well be trying to do the wrong thing, at the wrong time, for the wrong reason, with the wrong people, to get the best out of the year/s ahead.

Find it hard to get started on these things?

Give yourself permission to WRITE Something – that may be wrong – THEN go back and RIGHT the parts that are wrong.

Most people try to write the perfect plan or strategy from the very first attempt, not me!

I think the first thing is to just get something down then go and tidy it up. You will be amazed how much was actually right and how much quicker you can get going.

Lina Tjoeng – Principal Solicitor, MLC Lawyers

2022 and Human Resources

Recruitment and availability of skilled local labour will certainly be a challenge in 2022.

With government and business recognition of this shortage of skilled local labour and with the opening of the overseas borders, it makes sense to have a strategic plan complementing your human resource requirement with overseas skilled labour.

In general, you can employ an overseas worker in 2 ways:

• Employing a non-citizen who is already in Australia whose visa allows them to work, such as an international student or a  working holiday visa holder
• Sponsoring a skilled worker who lives overseas or temporarily in Australia for a work visa on a permanent or temporary basis.

One of the challenges for businesses will be the understanding of the process and the eligibility, as well as understanding what is the employer’s obligation to do so. Here is where a reputable and experienced Migration Lawyer will be most helpful to assist, and to explore the different avenues, to proceed with the process if it will be a good fit.

In 2022, businesses need to explore different avenues to fulfil their human resource requirement.

Merry Christmas and Have a Safe, Healthy and Awesome 2022!

Milind Kulkarni – Digital Transformation Leader at Samartha Information Systems

2022 and Technology

Every year brings wonderful opportunities. The growth and development of Information Technology (IT) has made it possible for individuals to enjoy more comfort, convenience and productivity than ever before. As a result, it has become applicable to organise the business world around the use of IT. The new year is just around the corner. This is the time when planning for the following coming year begins. Business owners can consider the following ways to use IT to improve productivity.

1. Machine Learning
2. Artificial Intelligence

Machine learning is an area of computer science that emphasises the creation of computer programs that can learn from data. Machine learning applications include speech recognition, machine vision, natural language processing, healthcare, and finance. There are a wide range of algorithms used in machine learning, and the choice of which to use depends on the problem being solved and the kind of data available.

Artificial Intelligence is not hard to implement if you know-how. We are here to help you. With the increase of technology and the world’s growing population, businesses are recognising the benefits of using artificial intelligence within their company. Many companies and business owners are implementing artificial intelligence into their businesses to increase the efficiency of their operations. This technological development and evolution are changing the industries in the world, and new AI start-ups are being born and evolving many businesses. Artificial intelligence has positive and negative effects on small businesses, and they should be aware of the impact AI will have on their business. 

Nowadays, small businesses have more technology at their disposal than ever before. We have many new options that can make a big difference in running a small business. In essence, having the right technologies can help run a small business as efficiently as a large corporation.

For 2022, make sure to use technology to grow your business.

Best wishes for 2022!

Pina Brandi – Property Strategy at PB Property

2022 should be the year to take action for property investment

When talking about the property market and 2022 there is a lot of speculation going.

Over the past year only, Sydney house prices have risen over 24%, Melbourne 15% and Brisbane 20%. But the momentum in growth is showing signs of easing, since peaking in March 2021.

Sure housing market growth will slow, the current levels of growth are unsustainable in the long term, but our improving economy and the opening of our international borders this year will underpin demand for housing.

This is where I see a lot of opportunity in the Off-the-plan space, people that are not 100% ready yet to get into a mortgage but have some savings and want to secure a piece of the pie for when Australia is back at a 100% capacity receiving people from all over the world.

While money saved in your bank account might give you a sense of security, remember that just by taking inflation into consideration you are losing at least 3% value every year that passes. Better have it invested in a Property.

Can you imagine securing a property in a great location at a great price and being able to have an asset to rent out to at least 1 of the 200.000 visa holders that are waiting to re-enter Australia in 2022? 

2022 should be the year to take action.

Have a great 2022!