Weekly Digest – 14 April 2022

Good, Business

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Business Conditions Improved in March

The National Australia Bank showed its index of business conditions doubled to +18 in March, while confidence added 3 points to +16. The surge was largely driven by the retail sector, which saw conditions rise 23 points, as well as recreation & personal services and finance, business & property. However, inflation runs hot with purchase costs and labour costs rising at the fastest pace in the history of the survey, pushing retail prices up.

Unemployment Rate Predicted to Fall Below 4%

The official jobless rate could drop as low as 3.8% when the Australian Bureau of Statistics reports labour data for March, according to market economists. However, labour shortages force some restaurants to limit services, and recruiters find it difficult to secure talent even at higher wages.

Australia to Invest $44 Million In New AI Centres

The government us to invest $44 million in four new artificial intelligence (AI) and digital capability centres to stimulate growth and employment. The aim of the investment is to give small and medium-sized businesses access to local expertise to enable them to develop and adopt AI technologies.

 

Networking

Sometimes you want to try something new when it comes to networking with other business owners. Here are some unconventional ways for you to grow your network and bring in new leads.

1. Collaborate with others in the industry

You know your niche, so you know the questions to ask others when it comes to your industry. Collaborate with people who fit your ideal market. For example, you could create a newsletter where you ask people in your niche market questions about the industry, or you could send out a survey to your market for the purposes of creating a report about the state of the industry. Ask the people you want to work with if they’d be a speaker at an event you host.

The more people you speak with, the more your name will be seen as a leader in the industry, so don’t be afraid to reach out to people to share their insights.

2. Try a new social media platform

You want to be where your customers are, but if you’re looking to network with new people, you may want to try a new social media platform. If you’ve always used Facebook, give LinkedIn a try. Learn about how to use the new platform–including any groups or communities you can be part of. Once you’re on the new platform, look for leaders you can connect with and start sharing your content to a new audience.

3. Videos

Users are increasingly engaged by video content. It’s personal, it shows the human side of your business and it fosters relationship building. You don’t have to spend a lot of time or money creating video content, either. Using the camera on your smartphone, you can film yourself talking about your services, your business or sharing insights about your industry. You can even record personal messages to go out to leads, so they can get to know you better.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.