Running your business
You may like to check other topics, for example, Business planning. Click Smart Skills above to view other topics pages.
You may also like to contact the Business Hotline on 1300 363 711 (interstate/overseas callers telephone +61 7 3001 6359) and ask about the free Essentials for business success CD. Alternatively, contact your local regional centre for more information.
Profit drivers
This subject explains the concept of profit drivers – those few key
parameters that most contribute to business success. They’re what
you need to focus on. Some profit drivers are financial while others
aren’t. The subject explains how profit drivers are usually different
for different businesses and it should help you identify the profit drivers
of your own business. Timing: 5 to 10 minutes.
Profit drivers at work
If you’ve already begun your own business, you’re already generating
BAS statements and financial reports. Often these reports contain information
about the profit drivers of your business. This subject shows you how to
extract financial profit drivers from your financial reports and use them
to drive the success of your business. Timing: 5 to 10 minutes.
Ratios
This subject explains what ratios are and shows you how to use them. They’re
especially important when your profit drivers are ratios: then you can
use them to help manage the success of your business. The subject shows
how to calculate and monitor ratios and select those that are key to your
business. Timing: 5 to 10 minutes.
Benchmarking
Benchmarking is the process of comparing your own business results with the
results of similar businesses. The subject shows you how to benchmark to
improve the success of your business. Timing: 5 to 10 minutes.
Trend analysis
You can monitor your key business numbers over time, so that you can see
how they're going and manage your business accordingly. This process is
called trend analysis or trending. This subject introduces trend analysis
and shows how you can use it. Timing: 5 to 10 minutes.
Trending and benchmarking together
You can plot your profit drivers over time so that you can see how they're
going. You can also benchmark them against other businesses similar to
yours. This subject shows you how to use trend analysis and benchmarking
together to improve the success of your business. Timing: 5 to 10 minutes.
Planning an intervention strategy
Often you need to take specific actions to improve your business, either
to take advantage of opportunities or to address problems. This subject
should help you plan such intervention strategies and develop the means
of checking whether they're successful. Then you can adjust them in a timely
way when you need to. Timing: 5 to 10 minutes.
Employee
or contractor
If you are considering hiring staff, it is important to know the differences between an employee and a contractor.
Hiring
the right staff
Your employees are a valuable asset of your business, so it's important
to hire the right people. This involves identifying the type of people
you want to recruit, advertising in the right place, selecting the best applicant
and getting your new staff member working well within your team.
Improving
your interviewing skills
This fact sheet provides steps you can take to enhance your interviewing skills.
Staff
training
Staff training is an important part of your business - and is an essential element in the relationship between employer and employees. This fact sheet helps you to better understand your staff training needs and how to go about it.
Financial
ratios
This fact sheet shows how to extract financial ratios from your financial
statements and how to use them to help run your business successfully.
Balance sheet ratios
The important ratios that arise from a balance sheet include working capital, liquidity, net worth, return on assets and return on investment. This fact sheet explains what they are, what they mean and how to use them.
Profit
and loss ratios
Profit and loss ratios include gross profit margin, net profit margin, materials to sales, labour to sales, overhead expenses to sales and stock turnover rate.
Benchmarking
Benchmarking is a tool that enables you to compare your business's
performance with other, similar, businesses. It can alert you
to opportunities as well as problems with your business.
Business
growth tips
Every business wants to grow and be successful, yet it is important not to grow a business too quickly, straining resources. This fact sheet helps you identify if your business is growing too quickly and steps you can take if you are.
Exporting
Businesses in Queensland are in a strong position to capitalise
on export opportunities. This fact sheet introduces exporting and
refers you to websites where you can find out more.
Your
business and the environment
There are many sustainable and simple actions your business can take
to lessen its impact on the environment. Here's what you can do.
Risk management
Having a risk management plan in place can help your business avoid certain pitfalls. This fact sheet explains the benefits of risk management, the types of risks your business may face and how to insure against them.
Insurance
Being uninsured, under-insured or having the wrong kind of insurance can adversely affect your business. Here is an insurance checklist to help you chose the right cover for your business.
Professional indemnity insurance
Professional indemnity insurance protects you from claims made against you relating to the provision of professional advice or services. Find out how this insurance can be of help to you and your business.
Patents
This fact sheet explains what patents are, how to apply for one and how to commercialise them.
Protect
your intellectual property
Your intellectual property can be one of the most important assets for your business. For maximum benefit, you need to protect it and exploit it.
Managing
risks associated with suppliers and clients
To minimise the potential risks associated with business relationships,
and to gain a better understanding of the businesses you are dealing
with, you can conduct some simple research. Here's how to do it.
Glossary
of IT terms
If you've ever wondered what a computer or web technical term means, this fact sheet should help you. It explains over 70 terms, from authentication to the World Wide Web.
Benefits of e-business
Ever thought of doing business electronically and over the world wide web? Lots of Queensland businesses are doing it and making their mark worldwide. This fact sheet describes considerations in developing e-business.
Internet banking for business
This fact sheet takes you through the steps of setting up internet banking for your business.
Set up a website
A website allows you to conduct and market your business twenty four
hours a day, seven days a week. This fact sheet takes you through the
steps of setting up a website for your business.
Selling products over the internet
Selling products over the internet is very different from selling products in a retail environment. Here are some factors to take into account if you're considering selling products over the internet.
Become
a better decision maker
Decision making is an inescapable task for managers. How well you manage your business decisions determines how successful your business is. Here are some tips to help.
Importing
products
This fact sheet outlines the challenges of importing products into Australia, the costs involved and who can help you.
Management
Being a manager requires you to take on many roles and responsibilities. This fact sheet looks at what makes good management, the roles of management, what makes a good management team and how to develop your management skills
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