7 Creative Ways to Overcome Australia’s Workforce Shortage

Be confident that you’re hiring the right person for the job, every time. One of the most exciting parts of operating your own business is that it gives you the opportunity to work independently; you are in control. Once you start hiring employees, that dynamic can shift. Getting the right staff for your business is critical. These are the people who will be representing your brand every day, in their dealings with customers. You’ll need to be able to learn to trust them to get the job done the way you expect, so that you can work on other parts of the business (and take a breather, when you need it). According to the latest Business Conditions and Sentiments report from the Australian Bureau of Statistics, an increasing number of businesses are struggling to find employees. Follow these steps for hiring staff for your small business to ensure they are the right fit. Five steps to hiring employees for your small business 1. Write a clear job description The job description is the first step to finding the right staff for your vacant role. It should outline the desired criteria required for the position, as well as how to apply. Your job description should include: job title day-to-day duties and expectations of the job level of authority necessary qualifications, skills, licences or education requirements application deadline It is also important to specify the type of person you want to hire and the role’s salary or pay range. This ensures that only interested and eligible candidates will apply. You should be clear on what the role really offers and requires, and not overpromise in the description. Sometimes a holiday job is just a holiday job necessary to get you through a busy period — be upfront about that. 2. Advertise the position on job sites Now it is time to make your vacancy visible. Think about the kind of employee you are trying to attract, and how they might search for jobs. To help potential employees find you, use sites like LinkedIn or your social media channels. Alternatively, you can pay a small fee to post your ad on hiring websites like Seek and Indeed to reach maximum people. There are also industry-specific job boards you can utilise, such as ones for hospitality roles. You could encourage fellow employees to share the posting, or even put up signs within your own business’s shop window. 3. Review job applications Often, the most consuming part of hiring employees for your business isn’t the interviewing itself — it’s deciding who to interview. Reviewing job applications is a time-consuming step, because you’re judging from a piece of paper (or digital document) whether the person can do the job. A logical first step is striking out all those who have never worked in your industry — unless, of course, you’re looking to train someone from scratch. It’s easiest to keep a record of each candidate’s strengths and weaknesses as you read through job applications, then create a shortlist of those that have the required experience. Keep these to review when it comes to selecting the candidates that you choose to interview. 4. Interview your selected candidates When it comes to interviewing potential employees, there are a few criteria you should be looking for and questions to ask. Background and training Does this person have the knowledge and skills required to do the job? Ask them to explain how their current knowledge and previous work experience could help them in this new role. Personality Fit is an important consideration, especially in a small business. Ask yourself, will this person fit our team? Seek examples of how they’ve dealt with conflict, or what kinds of personality traits they think they will bring to the job. Behaviour How will this person deal with the job and the specifics of your workplace dynamic? Workplace-based scenario questions could show how the candidate will respond to the stressors of the job — such as rush hour at a CBD cafe, or Black Friday at a retail store. Ability to improvise Can this person deal with the unexpected or unfamiliar? Ask questions that they might not have prepared for, or for an example of a way they have overcome an unknown situation. Thought processes How does this person solve problems? This is when ethical or metaphorical questions and scenarios can be used to show how they would respond to hypothetical situations, such as when a customer’s card is declined. Many small business owners find they don’t have the time to train staff for the job. You could also consider testing a potential employee’s skills by asking them to undertake specific scenarios, such as making a cup of coffee if the role is for a barista. 5. Prepare for their first day Congratulations — you’ve found the right person for the job. Now it’s time to onboard them and ensure they are ready to start working. Use the training and orientation process to not only teach new employees about their role and the expectations that come with it, but also to outline your business goals and values. Training should be detailed and specific to the job, but not overwhelming and not all at once. Utilise other staff to teach the intricate ways of your business.It is important to bring new employees up to speed as quickly as possible, to help them feel part of your business and to ensure they add value to your business. A proper staff induction usually involves a run-down of the business, staff organisational chart, HR policy, and safety manual. You will also need to set up new staff with the tools they need to do the job. In their role, do they require access to your accounting software? Social media profiles? Stocktake tracking technology? Consider what level of access is required for this person to fulfill their role. All customer-facing staff will need to learn how to use your Zeller Terminal, for example. However, you can still restrict their ability to provide refunds by requiring a PIN. The PIN can be given to employees after they pass probation, if you wish. Hiring the right staff for your small business is a time-consuming but important step in growing your business. Think carefully about the type of person you want in the role and make sure your job ad reflects that. When it comes to interviewing and selecting the right candidate, asking thorough and relevant questions is critical. For more tips on growing your business, sign up to our Business Blog .

Here are 4 tips to help you keep your cash flow under control. No matter how many sales are made, if your takings aren’t settled and at your disposal quickly, your business is going to struggle to scale up. As restrictions continue to ease across the country and businesses begin to reopen their doors, it’s the perfect time to take stock of where you’re at. For most business owners, the lifting of lockdowns marks the end of a significant period of disruption — one which has had a negative impact on cash flow. A recent survey undertaken by Xero, the accounting software platform, explains the current pains being felt by the Australian small business community are driven by a delay in invoice payments — which has a knock-on effect. 63% of the small businesses surveyed said their customers are often behind on payments, which affects a business owner’s ability to pay their suppliers, staff, and themselves. In fact, 24% of those surveyed said that they are currently delaying paying themselves. Keep reading to discover ways to protect and speed up your cash flow. The light at the end of the tunnel It’s impossible to predict what customer sentiment will be like coming out of lockdown. However, what we do know is that reopening is happening ahead of the festive season — the busiest time of year for many businesses. It’s highly likely that Australians will be ready to spend big. For example, as explained in the Zeller Hospitality Report , 25% of diners in metro areas are planning on dining locally more frequently than prior to the pandemic. This “revenge spending” phenomenon is likely to give all types of businesses a boost, as consumers begin splashing the disproportionate amount of cash saved during lockdown. This means there’s a good chance you’ll need access to extra cash to cover the costs of additional stock and staff. Here’s where good cash flow comes in; it can streamline this period of uncertainty by giving you the flexibility to adapt to demand. Why cash flow is critical to business success The term “ cash flow ” refers to the net money flowing in and out of your business. A positive cash flow gives you more room to pay bills, staff, and invoices without seeking loans — adding further interest to your outflow. For this reason, a business’s ability to manage its cash flow typically determines its likelihood of success. One of the reasons you might have poor cash flow is due to late payments. When customers don’t pay their invoices in time, it inhibits your ability to invest, grow and employ . And unfortunately, this means that 63% of small businesses themselves fall often behind on payments, causing stress for 35% of business owners. It’s a vicious cycle. Fortunately, there are a few things every merchant can do right now to improve their cash flow. Tips for protecting your business’s cash flow Track your incomings and outgoings closely One thing that can immediately empower you with greater cash flow control is full visibility of the money coming in and out of your business. Access to this information will provide you with a real-time read on the financial health of your business. Plus, it helps you quickly understand your short-term cash flow, allowing you to make more reliable business decisions now that can fast-track your growth in the long term. Something like the Zeller Dashboard will afford you this visibility, whilst also equipping your team with the insights to meet (and surpass) their targets. Plus, if you take a few minutes to set up Xero Bank Feeds , you'll get an up-to-the-minute view of incoming and outgoing Zeller transactions in your Xero organisation for streamlined reconciliation and analysis. Consider changing accounting software How much time do you spend managing your invoices each month? The average small business owner spends 12.4 hours a month managing their accounts — precious hours that could otherwise be spent reinvested in growing the business and speeding up cash flow. One way to get those hours back is by changing your accounting software. If you’re wondering whether your accounting software is hindering your efficiency, ask yourself these questions. Does it integrate with your other software tools, such as reporting, inventory management and email marketing software? Does it come with a mobile app? Is there support available when you need it? If you can’t answer yes to all of these questions, it might be worth researching accounting software options that are better suited to your business. Speed up your cash flow cycle The days between manufacturing a product or providing a service and the exchange of payment is what’s referred to as your cash flow cycle. It’s a measure of the amount of time it takes for your business to convert its investments into cash. While the length of this cycle tends to differ from industry to industry, no two businesses will ever be the act same. This is because every business’s cash flow cycle is influenced by a number of factors. Regardless of what industry you operate in, the goal should always be to reduce the number of days in your cash flow cycle — that’s how you boost your overall efficiency and free up more cash. As simple as that sounds, the average small Australian business is unfortunately forced to wait 25.5 days for payment. The total cost of these late repayments equates to a whopping $115 billion each year being withheld from small-to-medium business cash flow. Something as simple as replacing your EFTPOS terminal can help speed up your cash flow cycle. Not only does Zeller Terminal give you the ability to accept contactless mobile payments – making it easier for customers to pay immediately – but it also accepts a broad range of payment methods. The easier it is for your customers to make payment, the sooner you’re likely to get paid. Know your cash reality Now that you’re across the cash that’s coming in and out of your business, as well as how long it takes to arrive in your bank account, it’s time to work out what it’s costing you to keep the lights on: your daily burn rate. This can be worked out by dividing your total monthly expenses by the number of days in a month. This is the cash required to operate your business on a day-to-day basis. Once you know your daily burn rate, take the total amount of business funds in your bank account and divide it by that rate to determine the number of days for which you have cash on hand. If you’re feeling shocked at the result, rest assured — you’re not alone. Most business owners operate on nine to 12 days' worth of cash. While it doesn’t sound like a strong position to be in, it is indeed manageable. From here, however, make it your mission to get to a point where you’re operating with three to six months of cash on hand. It’s not the sweet spot for every business, but it is a good rule of thumb recommended by professionals. Understanding the length of your cash cycle helps you calculate an accurate cash-on-hand target. If you take payments via an invoicing system, your sales cycle will be on the longer side and you’ll need more days of cash on hand. If your business is largely transactional (i.e. customers pay on the spot), you won’t need as much of a buffer. The trick is understanding your business’s financial health and setting effective targets for improvement. Needless to say, these are strange times we’re in, but achieving a cash flow boost will help you navigate them more confidently and seamlessly. Now that you know how to strengthen your cash flow, it’s time to optimise every other aspect of your business for its return. Sign up to our Business Blog to cash in on valuable insights sent straight to your inbox. Please note this article is for educational purposes only. Zeller does not accept responsibility for the accuracy of the information presented in this article.