Attracting top talent is essential for businesses seeking growth and success. As the demand for skilled professionals increases, companies must stand out from the others. To achieve this, organizations must establish a strong Employer Value Proposition (EVP)- a unique and compelling narrative that communicates what sets them apart as an employer of choice. Crafting an EVP that resonates with top candidates requires a deep understanding of their preferences, aspirations, and motivations. In this article, we will explore the importance of an EVP and provide insights on how to create an attractive and powerful narrative to attract top candidates.
Understanding Employer Value Proposition (EVP)
An EVP represents the unique benefits and rewards an employer offers its employees in return for their skills, knowledge, and expertise. Essentially, what can this company offer an employee in return for their skills? It is the foundation on which theemployer-employee relationship is built. An effective EVP aligns the organization’s culture, values, and mission with the desires and expectations of potential candidates. It addresses critical questions that job seekers often ask, “How does this company value its employees?”. A great way to craft a compelling narrative is for organizations to engage with their current employees through surveys and interviews to gather valuable insights into what they find most appealing about working with their company. When an organization understands what drives and motivates their employee, it can help develop an EVP that resonates with potential candidates.
Building Blocks of a Strong EVP
Clear Purpose and Mission
Candidates are often drawn to companies that have a clear purpose and a meaningful mission. Create a clear purpose within your organization in a way that inspires and connects with a potential employee. Highlight how their role contributes to the impact your company aims to make.
Compelling Benefits Package
Competitive salaries and benefits are no longer enough to attract the best talent when recruiting. Enhance your EVP by offering unique benefits, such as flexible work arrangements, unlimited paid time off, professional development opportunities, wellness programs, or performance-based incentives. Showing commitment to work-life balance and personal growth will appeal to top talent.
Emphasize Company Culture
A positive and inclusive company culture can be a significant differentiator for candidates. Showcase your culture through employee testimonials, success stories, and behind-the-scenes glimpses. Highlight employee-led initiatives, diversity and inclusion efforts, and community involvement to show your commitment to a supportive work environment.
Career Development and Growth Opportunities
Candidates are eager to advance their careers and obtain new skills. Offer a well defines career development plan that includes mentorship, training, and clear growth paths. Show that you invest in your employee professional growth, and they’ll be more likely to invest their talent in your company.
Transparency and Communication
Open communication is essential to building trust with potential candidates. Be transparent with your company’s values, goals, and challenges. Sharing authentic stories of how your organization overcomes obstacles and celebrates successes will add credibility to your EVP. When a company communicates with humility and honesty, encourages potential talent.
Workplace Flexibility
In a post-pandemic world, flexible work arrangements have become a top priority for job seekers. Consider offering options for remote or hybrid positions, demonstrating your organization’s commitment to employee well-being and work-life integration.
Leverage Technology and Social Media
With technology on the rise, social media plays a vital role in reaching potential candidates. Utilize these platforms to promote your EVP and showcase your organization’s culture.
Communicating Your EVP Effectively
Once you’ve crafted a compelling EVP, the next step is to communicate effectively to your target audience. Some strategies to implement in your company include:
Career Page and Job Descriptions
Your career page on the company website should be a central location for your EVP. Use compelling visuals, videos, and employee testimonials to showcase your company’s unique culture and benefits. Incorporate the EVP into job descriptions, ensuring candidates recognize the value of joining your organization.
Take advantage of recruitment events and job fairs to connect with potential candidates face-to-face. Bring your EVP to life through interactive activities and informative presentations.
Employee Referral Program
Your current employees can be your best advocates. Implement an employee referral program that incentivizes them to refer top candidates.
Conclusion
In the attempt to attract top candidates, a compelling Employer Value Proposition is your most important weapon. By understanding the needs and desires of potential employees and effectively communicating what sets your company apart, you’ll be better prepared to attract and engage the best talent. A well-crafted EVP creates a compelling narrative that inspires top talent to join your company and become valuable assets to its success. The EVP is not just a marketing tool but a genuine reflection of your organization’s commitment to its people and vision for the future.
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Social media is part of daily life for literally billions of people in 2023. When it first started, many companies viewed it as merely a fad. These days, they realize it can be an integral part of their marketing strategies.
You might reach out to a digital marketing agency in Utah if you’re not sure how to utilize social media to help your company on your own. We will get into a little more depth about social media and what it can do for business entities in the following article.
Social Media Allows You to Establish Trust With Your Target Audience
If you want someone to buy one of your latest products or utilize one of your services, you need to get them to trust you. This matters even more if you are a relatively new company or you are one with which the target customer does not already have a longstanding relationship.
If you use social media the right way, you can establish yourself as a trusted entity. That way, the individuals who follow you are more likely to buy what you have to offer and remain loyal customers that stick with you in the long term.
It Lets You Tell the World About the New Products and Services You Offer
Social media is also a cost-effective way to let consumers know that you have a new product coming out or a service that is now available. You can extol the virtues of the product or service via some clever copy that you write and post on your social media channels.
You can also come out with pictures and videos of the product or service if you have the marketing budget and feel that would be more effective. A clever ad campaign via social media can be more effective in the 21st century than a TV commercial, radio spot, billboard, or other more conventional methods of marketing and promotion.
It Lets You Tell the World Your Stance on Topics That Seem Important
You can mention your products and services directly on social media, but sometimes, it’s helpful to show a little more tact. You might take a break from marketing your services and products and talk about what matters to you as a company on one of your social media platforms.
If something happens in the world, and you feel like you should weigh in on it, that might be something that endears you more to your target audience. If they think that you feel the same way they do about some societal issue, they are more likely to buy from you.
If you do this, though, you’ll want to make sure that you don’t say anything too controversial.
Remember that when you say something via your company’s social media channels, you’re speaking for your business entity as a whole. If you take sides when there’s a societal issue that’s controversial, that’s a declaration that might get you more customers from one group while alienating possible individuals from another.
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As businesses strive to attract and retain top talent from around the world, the H-1B visa program in the United States presents an excellent opportunity for employers. The H-1B visa allows you to hire foreign professionals in specialty occupations for a temporary period.
Understanding the H-1B Visa Program
You can use the H-1B visa for skilled workers in specialty occupations that typically require a bachelor’s degree or higher. These positions may be in the fields of Information Technology, Finance and Accounting, Architecture, Medicine and Healthcare, Law, Business, or Education among others. It enables you to fill critical roles with qualified individuals with specialized knowledge or expertise. The H-1B visa program is overseen by the USCIS (U.S. Citizenship and Immigration Services) and has an annual cap on the number of visas issued.
Requirements for Sponsoring Employees
To sponsor an employee in the H-1B visa program, you must meet certain requirements:
Specialty Occupation
The job you offer must qualify as a specialty occupation, requiring practical and theoretical application of highly specialized knowledge. Therefore, the position should require a bachelor’s degree or equivalent in a specific field.
Employer-Employee Relationship
You must establish a valid employer-employee relationship with the sponsored employee. This involves hiring, paying, firing, supervising, and otherwise controlling the employee’s work.
Prevailing Wage
You must agree to pay the sponsored employee the prevailing wage, which is determined based on the job location, position, and the employee’s qualifications.
Filing Process
Before you can sponsor foreign workers through the H-1B visa program, you must file a Labor Condition Application (LCA) with the U.S. Department of Labor (DOL). This involves:
Obtaining a Certified LCA
You initiate the process by obtaining a certified LCA from the DOL. This requires accurate information about the job, including the location, salary, and work conditions.
Form I-129 Petition
Once the LCA is certified, you file Form I-129. This petition for a Nonimmigrant Worker includes details about you, sponsored employee, and offered position.
Supporting Documentation
Along with Form I-129, you must submit supporting documents such as educational credentials, job offer letter, proof of your ability to pay the prevailing wage, and evidence of the employer-employee relationship.
USCIS Processing
The USCIS reviews the submitted documents, verifies your eligibility and the employee’s eligibility, and determines whether the position qualifies as a specialty occupation. If approved, the USCIS issues a Notice of Approval (Form I-797).
Cap and Lottery System
The H-1B visa program has an annual numerical cap on the number of visas available. The regular cap is 65,000, with. However, there is an additional more than 19,000 visas reserved for applicants with advanced degrees from U.S. institutions. If the number of petitions exceeds the cap, a lottery system randomly selects the petitions for processing.
Premium Processing and Expedited Cases
You can request premium processing, which expedites the USCIS review process for an additional fee. This service guarantees a response from USCIS within 15 calendar days of receipt.
Visa Duration and Extensions
The USCIS typically grants an H-1B visa for three years, with the possibility of an extension for an additional three years. However, the maximum duration may vary depending on the specific circumstances and the employee’s eligibility for certain extensions beyond the six-year limit.
Baseline
Sponsoring employees through the H-1B visa program can be a valuable strategy for you as a business owner seeking to recruit skilled professionals worldwide. You can navigate the process smoothly by understanding the requirements and following the necessary steps. However, it is essential to stay updated with the latest regulations and consult legal professionals for accurate guidance throughout the process.
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A platform mezzanine is an elevated floor system that sits above the base floor and the ceiling. They are typically found in industrial locations such as warehouses that have a lot of vertical space. By installing a platform mezzanine, you can take full advantage of your worksite’s space and make your location more useful for business activities. Sturdy and dependable structures, you can use a mezzanine for a wide assortment of daily tasks. Some of the most popular uses of a mezzanine include the following.
Mezzanine Uses
As a Work Platform: a common use of a mezzanine is as an extra work platform. Having more room means you have more areas that can be used for common jobs, such as fulfillment, packaging, assembly, and other common tasks.
Storage:storing documents, records, spare parts, materials, finished products, and other assorted items can take up a good deal of room. As a company grows, expands, and conducts business in general, you need more room. A mezzanine gives you floor space you can use for needed extra storage. You can also use extra add-ons such as grates and fencing to help create secure areas for storage.
Offices: plants and warehouses typically lack office space. A mezzanine is step one in building an on-site office. Because the platform is secure, you can construct office space for management and general employee use. A mezzanine is useful for this application because it adds extra space without impacting production needs.
Observation: a mezzanine can offer a high spot to serve as an observation deck. This can be useful for getting a broad look at daily activity and performance. You can watch and find ways to improve processes and procedures.
Easier Movement: warehouses and workshops can be crowded spaces that make moving from one part of the location to another difficult. A mezzanine can be used as a catwalk to walk over busy places to quickly move around your building.
A Maintenance Area: a mezzanine is separate and away from daily business activity, which makes it ideal for maintenance and repairs. Regular upkeep of tools and equipment is essential for business success. It also requires a dedicated area. A mezzanine used for repairs also gives you a safe area to store tools and repair equipment.
Easier Repairs: if you have large equipment, on-site repairs can sometimes be difficult and require a lift or a ladder to reach higher areas in need of servicing. A mezzanine allows for easier equipment access for maintenance and repair. This makes repairs easier and also safer as a mezzanine is far sturdier than a ladder.
Final Thoughts
A platform mezzanine is a practical addition to your worksite and can offer a variety of uses to make daily activities easier. If you have a lot of vertical space, and you’re not using a platform mezzanine, it can help make your job site more efficient.
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Launching a business can be an exciting and scary adventure that provides opportunities to grow and enhance yourself.
However, it takes a lot of effort to keep it running, despite various challenges and stiff competition. To ensure this, entrepreneurs must nail the right strategy, which entails online networking and research, marketing plans, and targeting the right audience.
There are many ways to achieve success in business, especially in Australia. The country is an attractive hub for investment and has proven advantageous for those keen on exploring other markets.
Australia has several benefits that attract young entrepreneurs to start businesses. It has a stable political background, a state-of-the-art tech sector, and vast natural resources. Additionally, the country boasts a high standard of living, attracting civilians and immigrants alike.
Ever since the free trade agreement was signed between Australia, New Zealand, and Southeast Asian countries on 1st January 2022, there have been no more barriers in trade regarding goods, services, and investments.
With that said, here are some tips which will ensure a successful business in Australia:
1. Select the Right Business Structure
Entrepreneurs and investors who wish to start their businesses in Australia have two options. First, to establish a new enterprise in the corporate sector or to open an office branch. The most commonly followed business structure, suitable for international investors in the past, is starting a private company limited by shares (Pty Limited).
It is relatively easier to set up a Pty Limited company, even for amateurs. However, if you need help setting up and understanding the nuances related to starting your business, we suggest getting in touch with Bevington management consultants.
This business structure can be set up in a day or two at minimum cost and share capital requirements.
However, one clause can be tricky, i.e., the company must appoint one director who is a resident of Australia and must also comply with the Australian Securities and Investments Commission (ASIC).
2. Read About the Social Security System in Australia
Australia’s tax system works differently than the rest of the world. Residents must pay 2% of taxable income to maintain the national health scheme. However, foreigners below the relevant low-income threshold are usually exempt from this.
People who earn a high income are expected to pay an additional surcharge of 1-1.5%. But this is not all; employers are also obligated to pay a portion of their retirement fund set aside for their employees. It is an addition to the means-tested federal government Age Pension.
Employers must also pay a fringe benefits tax (FBT) on non-monetary allowances offered to employees or even their families. The present rate is 47% and applies to both Australian and foreign residents.
3. Incentivize Your Business
Every country has some incentives to offer to new businesses, which are intended to help them initially. Australia has tax treaties with approximately 40 countries which in turn helps businesses.
A range of tax credits and investment incentives are offered, which include research and development. It also includes tax credit activities carried out in Australia.
To assist new entrepreneurs further, the government offers developmental grants for the export market, venture capital investment incentives, and deductions for capital expenditures.
However, in the case of capital expenditures, the business must be involved in the buying and selling of oil and mineral exploration and production.
According to Tax Summaries, these taxes are currently 30% for corporate tax, while for small and medium-sized businesses, it has a yearly turnover of 25%.
4. Make Sure That You Appeal to Your Audience
Determining your target audience is vital, as they’re the key to your success. If your product or service appeals to your consumers, well, congratulations! You’re on the right track. Businesses can reach overnight success, but creating momentum and sustaining it is important.
You must appeal to your target market and expand your resources over time. Go for the easy goals first while being consumer-friendly to market your product effectively.
5. Construct a Business Plan
It is important to develop a business plan, as it will help to keep you organized and stay on track. A business plan doesn’t have to be complicated but can also consist of one page.
A business plan can help you to define your objective and tell you what goals you need to achieve next. It will aid you to push your business forward more easily.
Here are a few points to consider when drafting a business plan:
Always Go for Simplicity
Your business goals should be easy to read and understand, not just by you but also by your team. You need people who believe in your business idea and are willing to invest in it. For this purpose, they must understand the plan and nature of the business.
Keep Room for Flexibility
There’s no one way to do business, so ensure there is wiggle room for any changes down the line. You may need to make multiple adjustments to your objectives and goals.
6. Cater to the Consumer
If you’re catering to your consumers, you’re doing your business right. Customer experience is the first impression you give to your consumer, and it tells them how much you value their input.
Creating a great consumer experience can separate you from your competitors. It can also help you to gain insight and feedback from your consumers.
In the long run, it will help you to solve your problems before they occur.
Final Thoughts
Even the smallest step matters when achieving business success. With the six tips highlighted in this article, you can kick-start your business in Australia. It will help you to build a solid foundation on which you will achieve lasting success.
We hope you learned something from this article. If we missed something, please tell us in the comments below.
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Employer Value Proposition: Crafting a Compelling Narrative to Attract Top Candidates
/in Talent Management/by StrategyDrivenAttracting top talent is essential for businesses seeking growth and success. As the demand for skilled professionals increases, companies must stand out from the others. To achieve this, organizations must establish a strong Employer Value Proposition (EVP)- a unique and compelling narrative that communicates what sets them apart as an employer of choice. Crafting an EVP that resonates with top candidates requires a deep understanding of their preferences, aspirations, and motivations. In this article, we will explore the importance of an EVP and provide insights on how to create an attractive and powerful narrative to attract top candidates.
Understanding Employer Value Proposition (EVP)
An EVP represents the unique benefits and rewards an employer offers its employees in return for their skills, knowledge, and expertise. Essentially, what can this company offer an employee in return for their skills? It is the foundation on which theemployer-employee relationship is built. An effective EVP aligns the organization’s culture, values, and mission with the desires and expectations of potential candidates. It addresses critical questions that job seekers often ask, “How does this company value its employees?”. A great way to craft a compelling narrative is for organizations to engage with their current employees through surveys and interviews to gather valuable insights into what they find most appealing about working with their company. When an organization understands what drives and motivates their employee, it can help develop an EVP that resonates with potential candidates.
Building Blocks of a Strong EVP
Clear Purpose and Mission
Candidates are often drawn to companies that have a clear purpose and a meaningful mission. Create a clear purpose within your organization in a way that inspires and connects with a potential employee. Highlight how their role contributes to the impact your company aims to make.
Compelling Benefits Package
Competitive salaries and benefits are no longer enough to attract the best talent when recruiting. Enhance your EVP by offering unique benefits, such as flexible work arrangements, unlimited paid time off, professional development opportunities, wellness programs, or performance-based incentives. Showing commitment to work-life balance and personal growth will appeal to top talent.
Emphasize Company Culture
A positive and inclusive company culture can be a significant differentiator for candidates. Showcase your culture through employee testimonials, success stories, and behind-the-scenes glimpses. Highlight employee-led initiatives, diversity and inclusion efforts, and community involvement to show your commitment to a supportive work environment.
Career Development and Growth Opportunities
Candidates are eager to advance their careers and obtain new skills. Offer a well defines career development plan that includes mentorship, training, and clear growth paths. Show that you invest in your employee professional growth, and they’ll be more likely to invest their talent in your company.
Transparency and Communication
Open communication is essential to building trust with potential candidates. Be transparent with your company’s values, goals, and challenges. Sharing authentic stories of how your organization overcomes obstacles and celebrates successes will add credibility to your EVP. When a company communicates with humility and honesty, encourages potential talent.
Workplace Flexibility
In a post-pandemic world, flexible work arrangements have become a top priority for job seekers. Consider offering options for remote or hybrid positions, demonstrating your organization’s commitment to employee well-being and work-life integration.
Leverage Technology and Social Media
With technology on the rise, social media plays a vital role in reaching potential candidates. Utilize these platforms to promote your EVP and showcase your organization’s culture.
Communicating Your EVP Effectively
Once you’ve crafted a compelling EVP, the next step is to communicate effectively to your target audience. Some strategies to implement in your company include:
Career Page and Job Descriptions
Your career page on the company website should be a central location for your EVP. Use compelling visuals, videos, and employee testimonials to showcase your company’s unique culture and benefits. Incorporate the EVP into job descriptions, ensuring candidates recognize the value of joining your organization.
Recruitment Events and Job Fairs
Take advantage of recruitment events and job fairs to connect with potential candidates face-to-face. Bring your EVP to life through interactive activities and informative presentations.
Employee Referral Program
Your current employees can be your best advocates. Implement an employee referral program that incentivizes them to refer top candidates.
Conclusion
In the attempt to attract top candidates, a compelling Employer Value Proposition is your most important weapon. By understanding the needs and desires of potential employees and effectively communicating what sets your company apart, you’ll be better prepared to attract and engage the best talent. A well-crafted EVP creates a compelling narrative that inspires top talent to join your company and become valuable assets to its success. The EVP is not just a marketing tool but a genuine reflection of your organization’s commitment to its people and vision for the future.
Is Social Media a Good Avenue to Market Your Goods and Services?
/in Online Marketing and Website Development/by StrategyDrivenSocial media is part of daily life for literally billions of people in 2023. When it first started, many companies viewed it as merely a fad. These days, they realize it can be an integral part of their marketing strategies.
You might reach out to a digital marketing agency in Utah if you’re not sure how to utilize social media to help your company on your own. We will get into a little more depth about social media and what it can do for business entities in the following article.
Social Media Allows You to Establish Trust With Your Target Audience
If you want someone to buy one of your latest products or utilize one of your services, you need to get them to trust you. This matters even more if you are a relatively new company or you are one with which the target customer does not already have a longstanding relationship.
If you use social media the right way, you can establish yourself as a trusted entity. That way, the individuals who follow you are more likely to buy what you have to offer and remain loyal customers that stick with you in the long term.
It Lets You Tell the World About the New Products and Services You Offer
Social media is also a cost-effective way to let consumers know that you have a new product coming out or a service that is now available. You can extol the virtues of the product or service via some clever copy that you write and post on your social media channels.
You can also come out with pictures and videos of the product or service if you have the marketing budget and feel that would be more effective. A clever ad campaign via social media can be more effective in the 21st century than a TV commercial, radio spot, billboard, or other more conventional methods of marketing and promotion.
It Lets You Tell the World Your Stance on Topics That Seem Important
You can mention your products and services directly on social media, but sometimes, it’s helpful to show a little more tact. You might take a break from marketing your services and products and talk about what matters to you as a company on one of your social media platforms.
If something happens in the world, and you feel like you should weigh in on it, that might be something that endears you more to your target audience. If they think that you feel the same way they do about some societal issue, they are more likely to buy from you.
If you do this, though, you’ll want to make sure that you don’t say anything too controversial.
Remember that when you say something via your company’s social media channels, you’re speaking for your business entity as a whole. If you take sides when there’s a societal issue that’s controversial, that’s a declaration that might get you more customers from one group while alienating possible individuals from another.
Sponsoring Employees on H1-B Visas: What Business Owners Need to Know
/in Talent Management/by StrategyDrivenAs businesses strive to attract and retain top talent from around the world, the H-1B visa program in the United States presents an excellent opportunity for employers. The H-1B visa allows you to hire foreign professionals in specialty occupations for a temporary period.
Understanding the H-1B Visa Program
You can use the H-1B visa for skilled workers in specialty occupations that typically require a bachelor’s degree or higher. These positions may be in the fields of Information Technology, Finance and Accounting, Architecture, Medicine and Healthcare, Law, Business, or Education among others. It enables you to fill critical roles with qualified individuals with specialized knowledge or expertise. The H-1B visa program is overseen by the USCIS (U.S. Citizenship and Immigration Services) and has an annual cap on the number of visas issued.
Requirements for Sponsoring Employees
To sponsor an employee in the H-1B visa program, you must meet certain requirements:
Specialty Occupation
The job you offer must qualify as a specialty occupation, requiring practical and theoretical application of highly specialized knowledge. Therefore, the position should require a bachelor’s degree or equivalent in a specific field.
Employer-Employee Relationship
You must establish a valid employer-employee relationship with the sponsored employee. This involves hiring, paying, firing, supervising, and otherwise controlling the employee’s work.
Prevailing Wage
You must agree to pay the sponsored employee the prevailing wage, which is determined based on the job location, position, and the employee’s qualifications.
Filing Process
Before you can sponsor foreign workers through the H-1B visa program, you must file a Labor Condition Application (LCA) with the U.S. Department of Labor (DOL). This involves:
Obtaining a Certified LCA
You initiate the process by obtaining a certified LCA from the DOL. This requires accurate information about the job, including the location, salary, and work conditions.
Form I-129 Petition
Once the LCA is certified, you file Form I-129. This petition for a Nonimmigrant Worker includes details about you, sponsored employee, and offered position.
Supporting Documentation
Along with Form I-129, you must submit supporting documents such as educational credentials, job offer letter, proof of your ability to pay the prevailing wage, and evidence of the employer-employee relationship.
USCIS Processing
The USCIS reviews the submitted documents, verifies your eligibility and the employee’s eligibility, and determines whether the position qualifies as a specialty occupation. If approved, the USCIS issues a Notice of Approval (Form I-797).
Cap and Lottery System
The H-1B visa program has an annual numerical cap on the number of visas available. The regular cap is 65,000, with. However, there is an additional more than 19,000 visas reserved for applicants with advanced degrees from U.S. institutions. If the number of petitions exceeds the cap, a lottery system randomly selects the petitions for processing.
Premium Processing and Expedited Cases
You can request premium processing, which expedites the USCIS review process for an additional fee. This service guarantees a response from USCIS within 15 calendar days of receipt.
Visa Duration and Extensions
The USCIS typically grants an H-1B visa for three years, with the possibility of an extension for an additional three years. However, the maximum duration may vary depending on the specific circumstances and the employee’s eligibility for certain extensions beyond the six-year limit.
Baseline
Sponsoring employees through the H-1B visa program can be a valuable strategy for you as a business owner seeking to recruit skilled professionals worldwide. You can navigate the process smoothly by understanding the requirements and following the necessary steps. However, it is essential to stay updated with the latest regulations and consult legal professionals for accurate guidance throughout the process.
Uses of a Platform Mezzanine
/in Managing Your Business/by StrategyDrivenA platform mezzanine is an elevated floor system that sits above the base floor and the ceiling. They are typically found in industrial locations such as warehouses that have a lot of vertical space. By installing a platform mezzanine, you can take full advantage of your worksite’s space and make your location more useful for business activities. Sturdy and dependable structures, you can use a mezzanine for a wide assortment of daily tasks. Some of the most popular uses of a mezzanine include the following.
Mezzanine Uses
Final Thoughts
A platform mezzanine is a practical addition to your worksite and can offer a variety of uses to make daily activities easier. If you have a lot of vertical space, and you’re not using a platform mezzanine, it can help make your job site more efficient.
Six Tips to Ensure Your Business Is Successful
/in Managing Your Business/by StrategyDrivenLaunching a business can be an exciting and scary adventure that provides opportunities to grow and enhance yourself.
However, it takes a lot of effort to keep it running, despite various challenges and stiff competition. To ensure this, entrepreneurs must nail the right strategy, which entails online networking and research, marketing plans, and targeting the right audience.
There are many ways to achieve success in business, especially in Australia. The country is an attractive hub for investment and has proven advantageous for those keen on exploring other markets.
Australia has several benefits that attract young entrepreneurs to start businesses. It has a stable political background, a state-of-the-art tech sector, and vast natural resources. Additionally, the country boasts a high standard of living, attracting civilians and immigrants alike.
Ever since the free trade agreement was signed between Australia, New Zealand, and Southeast Asian countries on 1st January 2022, there have been no more barriers in trade regarding goods, services, and investments.
With that said, here are some tips which will ensure a successful business in Australia:
1. Select the Right Business Structure
Entrepreneurs and investors who wish to start their businesses in Australia have two options. First, to establish a new enterprise in the corporate sector or to open an office branch. The most commonly followed business structure, suitable for international investors in the past, is starting a private company limited by shares (Pty Limited).
It is relatively easier to set up a Pty Limited company, even for amateurs. However, if you need help setting up and understanding the nuances related to starting your business, we suggest getting in touch with Bevington management consultants.
This business structure can be set up in a day or two at minimum cost and share capital requirements.
However, one clause can be tricky, i.e., the company must appoint one director who is a resident of Australia and must also comply with the Australian Securities and Investments Commission (ASIC).
2. Read About the Social Security System in Australia
Australia’s tax system works differently than the rest of the world. Residents must pay 2% of taxable income to maintain the national health scheme. However, foreigners below the relevant low-income threshold are usually exempt from this.
People who earn a high income are expected to pay an additional surcharge of 1-1.5%. But this is not all; employers are also obligated to pay a portion of their retirement fund set aside for their employees. It is an addition to the means-tested federal government Age Pension.
Employers must also pay a fringe benefits tax (FBT) on non-monetary allowances offered to employees or even their families. The present rate is 47% and applies to both Australian and foreign residents.
3. Incentivize Your Business
Every country has some incentives to offer to new businesses, which are intended to help them initially. Australia has tax treaties with approximately 40 countries which in turn helps businesses.
A range of tax credits and investment incentives are offered, which include research and development. It also includes tax credit activities carried out in Australia.
To assist new entrepreneurs further, the government offers developmental grants for the export market, venture capital investment incentives, and deductions for capital expenditures.
However, in the case of capital expenditures, the business must be involved in the buying and selling of oil and mineral exploration and production.
According to Tax Summaries, these taxes are currently 30% for corporate tax, while for small and medium-sized businesses, it has a yearly turnover of 25%.
4. Make Sure That You Appeal to Your Audience
Determining your target audience is vital, as they’re the key to your success. If your product or service appeals to your consumers, well, congratulations! You’re on the right track. Businesses can reach overnight success, but creating momentum and sustaining it is important.
You must appeal to your target market and expand your resources over time. Go for the easy goals first while being consumer-friendly to market your product effectively.
5. Construct a Business Plan
It is important to develop a business plan, as it will help to keep you organized and stay on track. A business plan doesn’t have to be complicated but can also consist of one page.
A business plan can help you to define your objective and tell you what goals you need to achieve next. It will aid you to push your business forward more easily.
Here are a few points to consider when drafting a business plan:
Always Go for Simplicity
Your business goals should be easy to read and understand, not just by you but also by your team. You need people who believe in your business idea and are willing to invest in it. For this purpose, they must understand the plan and nature of the business.
Keep Room for Flexibility
There’s no one way to do business, so ensure there is wiggle room for any changes down the line. You may need to make multiple adjustments to your objectives and goals.
6. Cater to the Consumer
If you’re catering to your consumers, you’re doing your business right. Customer experience is the first impression you give to your consumer, and it tells them how much you value their input.
Creating a great consumer experience can separate you from your competitors. It can also help you to gain insight and feedback from your consumers.
In the long run, it will help you to solve your problems before they occur.
Final Thoughts
Even the smallest step matters when achieving business success. With the six tips highlighted in this article, you can kick-start your business in Australia. It will help you to build a solid foundation on which you will achieve lasting success.
We hope you learned something from this article. If we missed something, please tell us in the comments below.