If you are a director of a company, irrespective of size, there is a new requirement under Australian law that you must have a Director ID. The Federal Government has introduced a system of unique identifiers for directors of Australian companies as part of modernising the country’s business registries. The Director ID is a unique identifier which will be kept indefinitely by the person to whom it is issued.

Cost restructuring, downsizing, reengineering – they all lead to the same exit door. Perhaps, it’s strange to be discussing this subject now. Many businesses are booming, and their only problem is getting staff. However, history tells us that the cycle will turn.

We are sometimes so wedded to our current business model and practices, that we are unwilling to face the challenges of planning ahead – working on the business instead of in the business.

Achieving an owner’s vision and objectives for their business requires all key elements to be aligned, then implemented to ensure success. The secret to ensuring growth is to review the commercial model collaboratively and critically (how the business makes money), then enhance this model to optimise Sales and Profit.

While it might seem obvious that business planning is an important part of improving performance, it has not always been widely accepted that this is the case. In 1994 Henry Mitzberg, a well known Canadian business writer and thinker argued that there was a difference between strategic thinking and strategic planning and that the bureaucracy of the planning could stifle the thinking.

The Covid-19 pandemic has seen a wide range of businesses adapt, pivot and drive growth through their online e-commerce presence and they all have one thing in common.. their online growth was as a result of their existing ecosystems of customers, contacts and connectors.

The Victorian Government’s Mentoring Program provides eligible Victorian businesses with eight hours of mentoring, coaching or consulting services for free.

The GED applies to any person who is engaging in an activity in Victoria that could cause a risk to human health or the environment. This is a fundamental change which means that many businesses will now be experiencing environmental regulation for the first time.

There has been a lot said about the inflationary impact of supply shortages of key materials and components across multiple industries and sectors. Most of the commentary is related to the inflationary impact and the affect this may have on interest rates that the RBA is steadfastly predicting to stay at historically low rates until 2024.

The research is clear – business owners who have a clear exit strategy are more likely to achieve long term value from their businesses, whether that be passing the business on to the next generation or selling when the time is right.

We have all been impacted by the unprecedented sequence of events that have transpired because of the COVID-19 pandemic. As devastating as the events have been there are windows of opportunity emerging for many businesses globally.

When facing a crisis, the first priority is to understand your current situation to re-establish your foundation, and then allow you to focus on how to move out of the crisis.