Business

What Does It Take to Stand Out as a Physical Store in 2023?

April 11, 2023 by Reporter Leave a Comment

It has been said that physical stores have been struggling to keep up with e-commerce in recent years, and it’s easy to see why. With the pandemic closing many businesses and leaving many more to transfer their businesses to online platforms, people have become far more accepting of digital shopping experiences. However, whilst this may appear concerning to those thinking about opening a physical store, there are certainly things that can be done to still stand out and make an impact as a physical store. In this article, we’ll dive into what it takes for physical stores to rock 2023.

Personalised Shopping Experience

To stand out from online retailers, physical stores need to focus on providing a personalised shopping experience. Thanks to technology, retailers can gather customer data to get a better understanding of their preferences and tailor the shopping experience accordingly. Physical stores can use this information to offer more personalised product recommendations and in-store promotions. Plus, customers get the added bonus of actually being able to touch and try on products, which online shopping can never beat. Retailers can even up the ante by offering in-store services like styling advice and workshops.

Innovative and Unique Products

If physical stores want to stay ahead of the competition, they need to offer products that are both innovative and unique. By sourcing products directly from wholesalers, retailers can offer a wide range of products that can’t be found anywhere else. For example, wholesale plush toys from Australia can be a great source for high-quality, unique toys that are sure to catch customers’ eyes. Retailers can also team up with local artists and makers to create exclusive in-store products, supporting local businesses and fostering a sense of community.

Sustainable and Socially Responsible

Sustainability and social responsibility are becoming more and more important to consumers, and physical stores can use this to their advantage. By sourcing products from eco-friendly and socially responsible suppliers, physical stores can appeal to customers who are looking for sustainable and ethical products. And by adopting eco-friendly practices in their own operations, like reducing waste and conserving energy, stores show customers they’re committed to sustainability and social responsibility.

Engaging In-Store Events and Activities

Physical stores can set themselves apart by hosting engaging in-store events and activities. This can include product demonstrations, workshops, and in-store promotions, giving customers a memorable and interactive shopping experience. These events can also help build a sense of community among customers, like hosting a local art show or workshop.

Online Presence

Even though physical stores have their advantages, they still need to have a strong online presence. A well-designed website and active social media accounts can help retailers reach a wider audience and drive traffic to their physical stores. Retailers can use their online presence to offer a more convenient shopping experience, like online ordering for in-store pickup.

Investing in Tech

Technology is key to enhancing the customer experience and making physical store operations more efficient. Retailers can invest in tech like customer relationship management systems, point-of-sale systems, and inventory management systems to gather customer data, streamline transactions, and keep track of inventory. Incorporating augmented and virtual reality into the shopping experience and having a mobile app for customers to browse products and place orders can also help set physical stores apart.

A Strong Customer Focus

Excellent customer service is a must for physical stores to succeed in 2023. Friendly and knowledgeable staff are crucial, and retailers can offer additional services like in-store pickup and returns, gift wrapping, and special delivery options to provide a more convenient shopping experience. Retailers can also gather customer feedback through surveys and online reviews to make improvements and provide a memorable shopping experience that sets them apart from online retailers.

Get Tech Ready

Incorporating tech into the shopping experience is a great tactic to stay relevant as a physical store. For example, retailers can use interactive displays and digital signage to make the customer experience even better and keep them engaged with the products. This is especially handy for showcasing new arrivals, special deals, and other important info. Physical stores can also leverage technology to drive more foot traffic. For instance, they can use geolocation technology to send targeted offers and promotions to customers when they’re nearby, to encourage customers to stop by and check out the products.

Easy Access

To make their physical stores even more accessible and convenient, retailers can offer extended hours, in-store pickup, and same-day delivery options. They can also make the shopping experience better by providing comfortable seating areas, free Wi-Fi, and other amenities for customers.

There are certainly challenges that abound for physical stores in this digital age, but there are also plenty of opportunities; they just need to step up their game and set themselves apart from the online guys. By using some of the techniques we’ve discussed in this article, you’re open to plenty of opportunities for success, here in the land of real life.

Recession-Proofing: 6 Tips for Managing Your Finances During an Economic Downturn

January 15, 2023 by Reporter Leave a Comment

jobs — Photo: Alicia Christin Gerald / Unsplash

Increased instability, job losses, and record inflation have pushed society to the edge, and we’re now facing the very real possibility of having to cope with a recession (or possibly a depression).

That certainly isn’t good news, as recessions and economic downturns are scary times, but it isn’t necessarily entirely doom and gloom either. As long as you take steps to protect yourself and your family from taking too much financial damage, you should be okay. That’s why we’ve put together this list of tips for managing your finances during an economic downturn.

Protect Your Future

While making it through your present-day obstacles is your main concern, it’s crucial to ensure you’re not putting your future self at risk so that current-you can be a little more comfortable.

So, if you have a self-managed super fund, now is the time to enlist the assistance of one of the best SMSF specialist accountants in town. Those with commercial funds should also re-evaluate their strategy and check whether their current fund is performing at an acceptable level.

Make (and Stick to) a Recession Budget

Your usual budget won’t cut it during an economic downturn. Instead, you need a specific recession budget. This type of budget includes increasing the buffer you have in your emergency fund and cutting costs, the latter of which we’ll look at more deeply in the following sections.

Diversify Your Income

You’ll also want to build additional income streams, so you’re not reliant on your primary paycheck. That could include a side hustle, selling things you no longer need, or doing odd jobs advertised on local platforms and noticeboards.

Pay Yourself First

Even in a recession, saving should still be a priority. If you struggle to have funds left to save at the end of your pay cycle, try using the pay-yourself-first method. This strategy is particularly helpful if your emergency fund isn’t looking too healthy at the moment. However, paying yourself first can also help you reach financial goals you may not have otherwise been able to achieve. So it’s worth practising, no matter what your current situation is.

Look at Ways to Cut Costs

In addition to shopping around for groceries and seeing if your utility providers can give you a better deal, it’s also a good idea to look at ways to reduce your cost of living without sacrificing your lifestyle. While some sacrifices may become essential if times get rough, increasing the buffer between your expenses and income is always a good idea. Indeed, it is a vital step in preparing for a recession.

Invest if You Can

Finally, although spending extra money seems counter-intuitive when the world is going to hell in a handbasket, investing now can be highly beneficial to Future You if it’s within your means. That’s because stocks essentially “go on sale” during economic downturns, meaning you’ll be able to get a slice of the pie at a significantly reduced cost.

Remember that your strategy needs to be long-term to provide the most benefit, so you need to avoid panicking over the state of your investment fund when times are tight. Also, follow the golden rule of only investing amounts you can’t afford to live without.

Recessions aren’t fun, but they don’t have to be the end of the world. Take steps to protect the financial security of yourself and your family, and you should be able to ride it out. Good luck, and don’t be afraid to ask for help if you need it.

Employment Issues: 5 Workplace Problems an Employment Lawyer Can Help You Resolve

January 13, 2023 by Reporter Leave a Comment

work space — Photo: Gabrielle Henderson / Unsplash

If you’re having trouble at work and can’t find a resolution in-house, it may be time to call an employment lawyer. While you may think that the field is too narrow, there are many things an employment lawyer can help with, including getting more cash in your pocket. So, if any of the following situations apply to you, consider finding a local employment lawyer today:

Contract Negotiations

Whether you hire a small team of solicitors in Wodonga or the largest law firm in Sydney, it’s worth having legal representation when negotiating a contract. Companies primarily design contracts to benefit them – they exist to make money, after all. With a good employment lawyer on your side, however, you should be able to negotiate better pay, hours that suit your schedule, and any other perks you want to secure.

Unfair Dismissal Claims

Employment lawyers can also help you if you feel you’ve been dismissed unfairly. There are actually very few reasons that most contracts can be terminated, so it’s worth comparing why you’ve been let go against your contract to see if it’s legal. If it isn’t, you can seek advice from a solicitor on how to go about being compensated for your unfair dismissal. You may be entitled to a decent chunk of change, so it’s an avenue worth pursuing.

Harassment or Bullying

If you feel that you’re being bullied or harassed in the workplace, but talks with your manager have been unsuccessful at rectifying your concerns, you may have a legal case against the business. Harassment and bullying are not tolerated in today’s society. Depending on the severity of the behaviour, you may be able to take legal action, especially if the business has refused to take steps to fix the problem.

Pay Disputes

You can also seek assistance from an employment lawyer if you need help with your pay. That can include not being paid for hours worked, incorrect payments, or unreasonable delays. If talks with your employer fail to provide the results you’re looking for, it could be time to seek legal advice.

Remember to keep proof of all discussions and calculations detailing what you should have been paid. Previous payslips and data from time-tracking software or your workplace’s biometric time clock will be your best evidence. However, you can also calculate your hourly rate against your submitted timesheets if your payslip is wrong.

Discrimination

There are legal requirements surrounding discrimination and diversity in the workplace in Australia. If you’ve been unfairly treated or disadvantaged due to failure to comply, an employment lawyer can help.

Discrimination can arise from a lot of things. However, the main categories are disability, gender, race, and religion. That does not mean that these are the only things people may discriminate against you for, but they are the big four that most companies have policies about in addition to legislation.

If you believe you have been discriminated against, you may have a legal case against the individual and your company. The best way to determine if your situation meets the legal requirements for unlawful discrimination is to consult an employment lawyer in your state.

We spend the majority of our lives at work, so it’s vital that the environment is positive and that our contract terms are fair. Employment lawyers can be quite helpful with this and many other matters. So if you find yourself in need of assistance, know that legal help is available.

Bad Business: Workplace Culture Crushers You Should Avoid

May 17, 2022 by Reporter Leave a Comment

As a workplace leader, it is paramount that you prioritise the development of a good work culture. Some of the many benefits of promoting and cultivating positive workplace culture include improved employee engagement, increased retention and higher rates of productivity amongst many others. Having a strong corporate culture is an achievable goal for any and every business. However, this doesn’t always just happen naturally. In some instances, toxic behaviours can quickly become rampant in the workplace and it is vital that managers and business owners get on top of unpleasant situations sooner rather than later.

To help you better identify the types of culture and behaviour that should not exist in the workplace, we have prepared a list of 7 workplace culture crushers that you should avoid at all costs. If it is your personal goal to foster a positive environment at the workplace, you definitely need to read on to find out more.

Overworking Your Employees

Are your employees constantly working overtime, day after day and month after month? Stress from being overworked can lead to a myriad of health problems such as insomnia, depression, anxiety and in more serious cases, heart disease. Aside from the mental toll overworking can have on an employee, sitting at a desk for hours on end can affect posture, stress levels and overall general health. It will come as no surprise that poor health can result in more sick days, high turnover, and rising health-insurance costs which can have a huge adverse effect on your bottom line.

The Solution: Avoid overloading employees with work they can’t manage during their normal working hours. You can also promote a more active lifestyle by encouraging staff to take daily walks or even consider investing in a few stand-up desks from https://standdesk.com.au.

Clique Culture

Clique culture doesn’t simply end when you graduate from high school. In fact, 43% of workers who were surveyed say their offices are populated by cliques—which are tightly knit groups of co-workers who socialise in and outside the office, and often exclude others. Of course, there is nothing wrong with having friendly employees who socialise with each other, but when “clique culture” comes into play, it may result in other employees feeling left out and demoralised. In essence, clique culture is the direct opposite of an inclusive culture as it creates an environment where people do not feel free or comfortable being their authentic selves.

The Solution: Eliminating clique culture starts at the very top of the organisation. It is important that upper management model the behaviours and the atmosphere that is expected of staff. Your organisation should also have a list of values that dictates how you treat each other both within and outside the workplace.

Office Gossip

We’ve all been guilty of spreading gossip at some point in our lives. Unfortunately, when this bad habit is brought into the workplace, employees end up turning against each other, resulting in a divided workforce. The harsh truth is that gossip and rumours have the ability to destroy a person’s self-confidence and affect their self-esteem. If you’re noticing that the rumour mill is churning more often than not in your workplace, it is vital that you address the situation head on.

The Solution: Identify individuals who seem to be involved with gossip most frequently and speak to them on a one-on-one basis. Emphasise the importance of fostering a positive work culture and be sure to also formally address the entire company to communicate that such behaviour will not be tolerated.

Unfriendly Competition

A little healthy competition is always a great thing in the workplace, but when healthy competition inches its way into unhealthy territory, you open your workforce to a myriad of detrimental issues and problems. Having competition as the focal point of your culture can breed animosity between employees and generally sabotages or prevents ‘rival’ success.

The Solution: Avoid placing too much value on performance. Pitting individuals against each other will only frustrate employees and undermine their value as individuals. Instead, stress on the importance of teamwork and create a platform for individuals to congratulate fellow colleagues for a job well done.

Lack Of Employee Recognition

At the end of the day, we are all human beings who strive to be accepted and recognised for our efforts. If your organisation seems to be lacking on the employee recognition front, you may end up with an unmotivated workforce that doesn’t perform to the best of their ability. Recognition

helps employees feel like their company values them and creates a sense of security in their value to the company.

The Solution: Carve out some time in your monthly meeting to recognise and appreciate other employees and implement regular employee spotlights. A simple pat on the back or “you’ve done a great job!” can also do a lot more for morale than you might think. You could even go the extra mile by rewarding your staff with monthly company lunches or get-togethers to show how much you appreciate their efforts.

No DEI Policy

A diversity, equity and inclusion (DEI) policy is an absolute must have in any modern organisation. DEI policies encourage representation diverse groups of people, including people of different races, abilities and disabilities, genders, religions, cultures, ages and sexual orientation. Failing to have a DEI in place can come across as management simply not giving a damn, which isn’t a good look at all.

The Solution: If you don’t already have a DEI policy in place, it is time to implement one ASAP. You can do this by working with your HR team to draft and enact a policy that is designed to keep all employees feeling safe at work.

Poor Management Styles

Lastly, it can often be the poor management of a company that starts things on a downward trajectory. Warning signs of poor management styles can include high employee turnover rates, low morale and unhappy team members. In fact, bad management has caused hundreds of organisations to permanently close their doors. The last thing you want is for your business to suffer due to poor management skills.

The Solution: Ensure that your management staff is properly trained and are generally competent, honest and reliable. Every manager should be equipped with the skills to communicate clearly with employees and have a clear understanding of their responsibilities and role in the company.

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A strong and positive company culture is vital for your company’s longevity and business success. We hope that this list of negative workplace cultures to look out for aids you in building an exciting culture that will entice job seekers and retain employees for years to come.

How to Hire a Car in Australia | What You Need to Know

June 28, 2021 by Reporter Leave a Comment

If you plan to visit Australia, you need to know that a car will be essential for easy transport. How much time you will be spending in the country also matters when it comes to your mode of transportation. If you are staying for weeks, hiring a car will do you good, but if you plan to stay for months or even years, purchasing a car will be economical. Australia is considered one of the countries where people are allowed to drive at a young age. At 14, you can drive under your parent’s supervision. Most states will offer you a driver’s license at the age of 17. These qualifications, however, change when it comes to hiring a car in Australia. Here is what you need to know

1. You must be 21 or older

Car hiring companies will only allow you to hire a car if you have attained 21. If you are an Australian citizen, this means that your license will be three years old. If you are a visitor, you should have an open license that has been operational for at least one year. additional charges are given to people below the age of 25 and above the age of 75.

2. A car hire insurance is mandatory

If you are planning to travel to Sydney and need car hire for special events, you need to understand that an excess cover is necessary. This insurance will cover you against damage to the car and other properties.

3. You pick the car when it’s a full tank, and it’s expected to return that way

Whether you pick the hired car at the airport or a designated point, the hiring company will bring the car when it is fully fueled. It is expected of you that it is as it was when you received it on the day of returning. If you are coming from overseas, it will be better to book a classic car hire in Sydney online.

4. You need to stay in contact with the hiring company the whole time

When you hire a car, the hiring company has the right to know where you are taking their car and what you are doing with it. For example, it is prohibited to take a rented vehicle into ferries. That is why you need to have GPS either on the car or your mobile phone.

5. Adhere to the road rules

Australian roads are well taken care of, and any mistake you make on the road will warrant infringement notices sent to the hiring company. Be assured that this will cost you a lot. Here are some basic rules you should never forget.

Keep left when driving.
Don’t make left turns on any red signals.
Drunk driving is a crime. If you exceed the 0.5% limit, then you are on the wrong side of the law.
Seat belts on all seats are compulsory.
Never use your mobile phone when driving.
Pay your fines before leaving the country. Failure might lead to the refusal of car hires or the cancellation of your visa to the country.

Unfair Dismissal Claims: What Are They & How Do You Avoid Them?

September 28, 2020 by Reporter Leave a Comment

Operating a business requires a huge commitment from business owners both to the future success of their company and to the well-being of their staff. To ensure that your business continues to thrive moving forward, you need to ensure that your staff are motivated, productive and believe in the mission of your company. Unfair treatment of your staff, even in the case of a dismissal, can wreak havoc on your business and cause chaos within your company.

To avoid an unfair dismissal in Melbourne, business owners need to ensure they follow the correct protocols when letting employees go. An unfair dismissal claim could tarnish the reputation of your business, result in low staff morale and poor relations with the business community in your area going forward. You can be held liable under the Fair Work Act if an employees dismissal is determined to be “harsh, unjust or unreasonable” by the Fair Work Commission. This can be a stressful situation for business owners that can cause irreparable damage to your business, but with the right approach, you can avoid arriving at this unfortunate juncture.

Let’s explore a few ways that you can reduce your risk of facing an unfair dismissal claim in your business.

Don’t Rush A Dismissal

Although you don’t have any legal obligation to issue your employees with any number of warnings before you dismiss them, you need to be careful about how quickly you dismiss your employee. Firing them on the spot, for example, is never advised, as, from a legal standpoint, there are very few times where this is allowed. However, if there is sufficient evidence that the employee has broken the law while at work or has broken your safety protocols, you may be within your rights to dismiss them there and then but tread carefully.

Work With Them

As an employer, it is your job to inform underperforming or uncooperative staff members as to where they are going wrong and what they can do to improve. Failing to offer guidance and an opportunity to improve could be seen to be an unfair dismissal. Meet with the employee in question and outline what the issues are and put a plan in place to help them to reach their work goals. You should meet again in time to review their progress before moving forward with the dismissal. Should there be an unfair dismissal case, the favour will be with you at trial, as you will have offered a solution to the problem and a roadmap to improvement for your employee.

Hear Their Side

If you have any allegations to bring against an employee, whether it is regarding underperformance or misconduct, you need to allow them to respond to the allegations. While this is certainly a fair way to approach the situation, it is also legally required that you take this approach. You are obligated to clearly outline the allegations and communicate them clearly to the employee in writing. They need to be given an opportunity to consider the allegations before you meet with them to discuss the issues. You must give their response genuine consideration or you could end up facing an unfair dismissal trial down the line.

Ensure You Avoid An Unfair Dismissal Case

Employees are dismissed for a variety of reasons and you are completely within your rights as a business owner to dismiss employees who are not performing well, who breach safety protocols or who do not behave appropriately in the workplace. However, before you dismiss an employee, you must take the time to ensure you have not given cause for unfair dismissal. Treating your employees with respect and compassion, even in a dismissal, will ensure your business avoids being hit with an unfair dismissal claim in the future.

4 Common Relocation Mistakes You Should Avoid At All Costs

September 14, 2020 by Reporter Leave a Comment

Source:https://www.pexels.com/photo/happy-couple-unpacking-boxes-in-new-home-4247768/

They say you commit mistakes to bridge the gap between inexperience and experience. But moving home isn’t exactly the best time for the hit and trial approach.

In fact, relocation is stressful and exhausting. One rookie mistake down the line can cost you a lot of money and energy. Therefore, these mistakes must be avoided at all costs.

In this post, we will talk about the 4 common relocation mistakes to avoid.

Not Curating A Moving Checklist

Most people underestimate the power of moving a checklist, and therefore, start the process without one. Not only does it lead to disorganisation and chaos, but chances are likely that you may forget one or the other important task that has to be done.

So, sit down. And before you start the planning process, write down everything you have to do pre-move, during the move, and post-move.

Once that list is ready, you can move ahead and start the work.

Making It A DIY Project

Many people assume that relocation is a DIY task. Mostly, because they want to save costs associated with hiring a professional moving company.

The truth is relocation is not a one man’s job. And while it may be tempting to avoid moving costs, things can get out of hand if you don’t know what you are doing. Moreover, if you are moving on your own, you will have to hire moving pods, buy various supplies and accessories, which will ultimately cost you a lot of money and energy. Plus, you may not know the tricks to move heavy furniture like the professionals.

So, it is advised that you hire reliable but cheap removalists in Sunshine Coast. Qualified movers have the knowledge and experience to tackle all kinds of relocations.

Waiting Until The Last Minute To Pack And Also, Being A PackRat

When it comes to packing, waiting last minute can lead to chaos that can further make unpacking much more difficult. So, ensure that you start packing as soon as you finalise the moving date.

Now, we are not asking you to pack everything in a go. Rather, go room by room, and wrap things at ease. Packing in haste is a recipe of disaster. So, take things slow, and label each box properly. You can also consider writing down a list of all the items every box contains.

Moreover, avoid making the mistake of packing all your belongings. You may have collected a lot of clothes, utensils, furniture, accessories over these years, but that doesn’t mean they have to gather a place in your new house too. Moving house is a perfect opportunity to declutter. So instead of being a packrat and moving everything you have, dispose of the things that you no longer need/ use.

Nobody likes to keep broken or useless goods with them. So take out some time and assess the stuff that you can donate/ sell or throw away.

For certain items that take a lot of space in your home but are needed only once a year, consider options of storage in Sunshine Coast.

Not Keeping An Essentials Bag For First Week At The New Place

A common mistake that a lot of people make is packing everything all together and forgetting to set out some essential items. Now, that can cause you extreme inconvenience.

So, make sure you pack an essentials bag with all the things you may need for the first week at your new place. With numerous things to look after, you may not get the time to unpack immediately after the relocation.

A bag with essentials can help you transition better.

TIP – Keep some clothes, toiletries, food items, towels, bedsheets, and medicines.

Final Thoughts

Moving can get stressful and overwhelming if you don’t have a set plan. So, plan everything in advance and avoid these mistakes to move without any hassles.

Hopefully, this was helpful.

4 Main Tips to Be a Successful Business Administrator

August 5, 2020 by Reporter Leave a Comment

Business administration is a great career for you if you’re patient, able to make decisions on your feet and have a keen eye for detail. If you’re not sure where to start, we’ve got you covered. Don’t hesitate to explore this career further even if you don’t tick all the boxes – there is plenty of time to learn and prepare yourself mentally for a stress-free business administrator job. If you are wondering how to be a successful business administrator, check out our 4 tips below and see for yourself.

Never Stop Learning

Whatever career you choose, there is always room for improvement. Business administration courses prepare you for this career and shed light on how you can contribute to companies by working on real projects that prepare you for the competitive business world. The curriculum is practical, so you can demonstrate your theoretical knowledge and gain practical experience which comes in handy when you need to solve real business problems and overcome different business challenges. A diploma of business administration is proof that you’re able to apply yourself to the task and know every nook and cranny of the business or a company you represent.

Organization

Being organized and able to work under pressure are two key skills a successful business administrator has to possess. People rely on you to help the business evolve, show off your critical thinking skills and come up with creative solutions to problems if there is need to. This is also a great way to prosper in your career. Job duties include managing files and data, managing meetings and helping the business run smoothly by using a range of specialized managerial techniques. The core of all these job duties lies in organization and time management. Prioritize your daily goals according to their importance for the company to maximize the profit and minimize the time necessary for completing the task.

Be Inquisitive

As a beginner, don’t be afraid to ask questions or make mistakes. While interacting with different experts in the field, you can learn a lot about case studies or presentations that are relevant for your future career growth, if you’re interested in climbing up the ladder one day. Pay attention to details, and how you communicate with others. First impression does matter. When a new client arrives, it is your job to make him feel welcome and keep him in the loop about meetings and day-to-day business operations. While speaking to him, you can find out more information about the way he conducts his business and the approaches he prefers.

Adept in Technology

Computer literacy is a pretty common job requirement these days. Creating reports, data entry forms or a calendar that includes important dates doesn’t require advanced computer literacy. However, you have to be proficient in the Microsoft Office package and efficiently use it to accomplish your daily tasks. A thorough understanding of operating systems the company uses, customer relationship management systems and different applications for scheduling or responding to e-mails is necessary. In addition, it would be helpful to have great keyboarding speed and accuracy. Furthermore, your verbal and written communication skills will be the icing on the cake for your employee that will most likely seal the deal.

It’s important not to be afraid of constructive criticism or any type of feedback. Don’t take it personally. The feedback is there to help you do your job better and make necessary changes, if necessary. What do you like the most about this career and what skills should a successful business administrator possess? Tell us all about your opinion in the comment section below!

Breaking Down Business Insurance: What To Consider

August 4, 2020 by Reporter Leave a Comment

Risk is an inherent part of life, and it is an inherent part of doing business. Business owners have different attitudes when it comes to risk management. But virtually all owners know that business insurance is an essential, if not legally required, component of protecting their businesses from financial ruin.

And most business owners will find that a visit to a business insurance broker helps to reduce risks that are unique to their industries. There are multiple types of business insurance. Each protects from a unique set of risks. You have to consider what kind of risks your business is likely to run into. Then, you can invest in the right business insurance to avoid financial ruin in the event that these risks become a reality.

Let’s look at some of the essential things that you need to consider when it comes to business insurance.

Commercial General Liability Insurance

General liability insurance keeps your business safe from some of the most common risks that you will encounter. Indeed, virtually all businesses have the potential to encounter liability claims from staff or customers. These claims can include injuries and property damage. In the case that either of these harms happens to a third-party in your business, you will have to prove that you were not negligent. But even if you are innocent, the legal fees to defend yourself can add up. It is good to have general liability insurance to keep your business going.

Business Interruption Insurance

There is always the potential for your business to be impacted by a disaster, whether this is human-caused or natural. Floods, fires, earthquakes and the like can all create major disruption and impact your normal revenue streams. As a business owner, however, you still need to pay bills and manage costs while disasters are being resolved. Business interruption insurance will help you stay solvent during these periods.

Product Liability Insurance

If your business sells physical or non-physical products, product liability insurance is a must. When you are in this type of business, your customers might find a problem with your products that can be traced to your business itself. Whether the case has merit or not, going to court to defend your business properly is expensive. And your business still needs to be run well throughout a prolonged legal struggle.

Fortunately, product liability insurance keeps your business financially protected in the event of product liability cases, such as products that cause injuries or illnesses to customers. This type of insurance is important to have if you routinely sell physical products.

On the other hand, professional liability insurance is available for those business owners who provide a service rather than physical goods. This type of insurance is slightly different depending on the industry that you are in. However, the general principle is the same. The insurance will protect you from any claims that allege a customer has faced loss because of your actions.

Commercial Property Insurance

Like other types of property insurance, commercial property insurance keeps the physical premises of your business, and all of its equipment inside, protected from loss. This is a must, especially if your business has invested in costly equipment.

Invest In Business Insurance

Consider the points outlined here and start looking into what business insurance is best for your own business. Especially in the context of the coronavirus, it is important to have financial protection in the event of business disruptions. Insurance helps to keep your business safe from the unexpected. So, even though it can be costly, it is essential for any business owner who is thinking about the long-term viability of their business.

Big four banks to dish out refunds into bank accounts before June end

June 27, 2020 by Reporter Leave a Comment

No one gets money for free, but the refund from Commonwealth bank, Westpac bank, ANZ and National Australia Bank might be hitting your bank account soon.

Forget EOFY tax return refunds from the tax office, this is sweeter as you don’t have to apply for it, its your money getting refunded without any paperwork needed.

If you see this in your commonwealth bank account

Additional interest
refund
Value Date_ 25/06/2020

The refund posting may look different depending on which bank you bank with.

Fancy a $10,000 refund?

Refunds can be anywhere from couple of thousand dollars to even $10,000 or more depending on how many loans you have with the bank.

Why the refund ?

If you have a refund looking like above in your bank account you could have possibly got a refund related to remediation done on your home loan, refunding you amounts of interest that was wrongly charged by the bank.

This is due to the remediation the banks have been forced to do due to the government enquiry into banks and how they treat and charge their customers.

CBA Refund on home loan interest charges 2020 for COVID19

This is not a refund, but more like a payment for the interest on interest you get charged for your deferred home loan repayments. Australia’s largest bank will make payments to home loan customers impacted by coronavirus to offset interest charges.

When a home loan repayment is deferred for six months, interest is calculated and added to the loan balance each month which can result in customers paying interest on interest each month. Anyone having a home loan could possibly get this refund before end of June this year.

“This means for an average loan of $350,000, CBA will be refunding approximately $45 to offset the effect of interest on interest over the six-month period. Customer payments will vary based on their loan amount and interest rate.” Commonwealth bank representative said.

2020 – Big four’s Banks current relief packages for covid19

The four major banks in March announced they would allow home loan customers to defer mortgage repayments for six months as part of a $100 billion scheme with the Reserve Bank of Australia to alleviate stress on Australian households, as thousands are tipped into unemployment.

CBA – Following the end of the six-month pause, home loan repayments remain the same as before, with the loan term being extended. CBA will also make a one-time payment to offset the interest on interest being charged to customers over the deferral.

Westpac – Impacted customers are being offered a 3-month pause with the option for a further 3 months after review. Home loan repayments increase after the deferral, but the loan term remains the same.

NAB – Following the repayment holiday, home loan repayments increase, but the loan term remains the same.

ANZ – Customers can choose to keep the loan term the same or extend it by six months, with a review at three months, with both options likely resulting in mortgage repayments increasing after the pause.

Robodebt refund: June 2020

The Federal Government has announced it will refund more than $721 million dollars in wrongly issued Centrelink debts to over 373,000 Australians.

The incorrect debt collections made between the 2015/2016 financial year and November 2019 targeted individuals who had supposedly received more welfare than their income entitled them to.

The debts were automatically calculated by special algorithms without human intervention and became known as rob debts.

How do I get my robo debt refund?

If your eligible, the amount will get credited in your account, so update your details on mygov if not done already. Government Services Minister Stuart Robert said 190,000 individuals will be repaid starting from July 1.

Royal Banking Commission Australia

Started: 14 December 2017

Ended: 4 February 2019

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry.

2018 CBA Junk Insurance Refund

After the royal commission, refunds for 140,000 were said to be issued to CBA customers

Commonwealth Bank will issue $16 million in refunds to 140,000 people who were sold add-on insurance right before the bank’s ‘junk’ products become the subject of royal commission hearings.

“Consumer credit insurance” has been pitched to customers as a safety net that’ll help them meet their credit card or loan repayments if they lose their job, become sick, injured or die. The financial regulator characterises them as not of much value and consumer groups simply describe them as ‘junk’.

Consumer Credit Insurance. Consumer credit insurance (CCI) covers you if something happens to you that affects your ability to meet your credit repayment. You may be offered CCI cover by your lender when it approves your credit (such as a credit card, personal loan or mortgage).

Find more about this here- https://www.choice.com.au/money/insurance/insurance-advice/articles/commonwealth-bank-refund-16m-junk-insurance-royal-commission-080318

2016 -Recent Fee for no service scandal:

The sweeping scandals – tagged by ASIC as “fees for no service” in its landmark report in October 2016 – saw the big banks and AMP targeted for practices dating back years where millions of dollars in fees were creamed off accounts for financial advice never given.

Wealth management and financial advice industries were involved and investigated in the banking royal commission for this scandal.

Commonwealth bank Wealth package refund in 2015

This happened in 2015. If you held a wealth package, you could have got a refund. The Commonwealth Bank of Australia (CBA) was said to refund approximately $80 million to around 216,000 Wealth Package customers as compensation for failing to apply fee waivers, interest concessions and other benefits since 2008.

It equated to an average refund per customer affected of around $370, which includes interest. In this case bank staff had to manually apply many of the discounts available under the Wealth Package, which in some instances did not occur.

2017 – CommInsure refunding – CCP premiums

Commonwealth Bank and insurers QBE and Virginia Surety would repay a total of over $26 million to people who were mis-sold add-on insurance, including consumer credit insurance.

CreditCard Plus (CCP) Insurance protects customers’ credit card repayment obligations in the event of death, terminal illness, disability and involuntary unemployment.

Following a review of their records, they identified that CCP Insurance may have been sold to a number of customers who may not have been eligible for all the benefits when they bought their policy. Therefore, they were refunding the premiums paid by impacted customers.

More details here – https://www.commbank.com.au/insurance/creditcard-plus/faqs.html

2020 Westpac refund for small business – Merchant terminal fee relief

The Merchant terminal fee relief was a part of Westpac’s COVID-19 support package for Australian businesses, for 3 months, starting in April 2020.

All eligible merchant customers would have received their final refund payment and westpac are working to provide you with a GST adjustment note for tax purposes in the coming weeks.

Who is eligible? -Merchant customers with a total card spend of less than $5 million per annum.

More here- https://www.westpac.com.au/help/disaster-relief/coronavirus/business/merchant-terminal-fee-refunds/

2015 – 2019 Nab Refunds

NAB’s refund program was set up in 2015, however only about $300 million has been paid back to customers. IN 2015 National Australia Bank WAS SAID TOl refund A$25 million ($18.38 million) to around 62,000 wealth management clients who were wrongly compensated.

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2015-releases/15-194mr-nab-wealth-refunds-additional-customers-following-asic-action/

In 2019 Nab was ordered to pay back money to customers for junk insurance given to customers by shoddy financial advice. This came about by the royal banking commission.

It now expects another of its remediation Project Hunt to be finished in October.

ASIC is currently overseeing more than 100 remediation programs expected to pay out more than $2 billion to consumers on top of the almost $1 billion that has already been returned. About $10 billion has been set aside by the industry for remediation programs.

Qantas refund /Airline refund/ Flight Centre Travel agent refund

Qantas and Singapore airlines have many destination flights from Australia and there are thousands of customers still waiting for refunds directly from the airlines or then from flight centre or travel agents.

Airlines have given a mix of “travel credit” “travel vouchers” flights for future and money refunds. Flight centre has attracted court action and being looked into by authorities for delay in them giving refunds to customers.

Those customers who have accepted a travel credit voucher may not be eligible for a refund of money, however those whose flights got cancelled will be able to claim a refund.

Delayed air ticket and hotel accommodation refunds by travel agents and airlines could lead to further legal action being taken by irate customers due to interest charges escalating on credit cards.

Qantas Refunds

https://www.qantas.com/us/en/book-a-trip/flights/compensation-and-refunds-policy.html

Singapore Airline refund

https://www.singaporeair.com/en_UK/us/travel-info/charges-changes/cancellations-refunds/

Flight Centre Refunds

https://www.flightcentre.com.au/support/bookings#my-options

https://www.accc.gov.au/media-release/flight-centre-to-refund-cancellation-fees

The ACCC has received more than 6000 complaints from consumers dissatisfied with travel companies’ refund policies and cancellation fees, with thousands more contacting their local state or territory fair trading agencies seeking assistance resolving individual disputes.

Qantas is refunding customers for flight cancellations after the ACCC COVID-19 Taskforce raised concerns with the way the airline had handled claims

CRUISE REFUNDS

COVID-19 has been called one of the worst things to happen to the cruise industry in decades.

Thousands of cruise customers from big cruise companies like Caribbean Cruise, Princess Cruise, Carnival Cruises and P & O Cruises are awaiting their refunds due to cancellation of cruises all over the world.

Most cruise liners though American owned, operate from overseas tax haven countries and so has been denied by USA for financial bailouts in the COVID19 Crisis times.

Most cruise liners are offering cruise credits to their customers leaving not many options to disgruntled clients.

Princess cruises

https://www.princess.com/news/notices_and_advisories/notices/refunds-and-future-cruise-credits.html

Royal Carribean Cruises

https://www.royalcaribbean.com/faq/questions/booking-cancellation-refund-policy

P&O cruises

https://www.pocruises.com/request

Carnival Cruises

https://help.carnival.com/app/answers/list/search/suggested/1

Reference Websites

Banks:

Westpac Bank – https://www.westpac.com.au/