LIFE OF BUSINESS - Knowledge Bar #Business SurvivalLIFE OF BUSINESS - Knowledge Bar #Business Survivalhttps://www.lifeofbusiness.com.au/Knowledge/tag/business-survivalMon, 13 Apr 2026 01:47:55 +1000http://zoho.com/sites/<![CDATA[The Ultimate Guide of Transforming a Micro Business to a Small Business]]>https://www.lifeofbusiness.com.au/Knowledge/post/Micro-Business-GrowthGrow from a Micro Business ($50K - $2M Revenue or 0-4 Employees) to a Small Business ($2M - $10M Revenue or 4-20 Employees) in a systematic way.]]>

Grow from a Micro Business To a Small Business On Purpose

Grow from a Micro Business ($50K - $2M Revenue or 0-4 Employees) to a Small Business ($2M - $10M Revenue or 4-20 Employees) in a systematic way.

Many micro to small businesses are survival enterprises, operating out of necessity rather than with intent to grow. The survival rate of businesses over a 4-year period FY15-19 indicates that larger businesses generally survive for longer period compared to micro businesses (inc sole traders). In fact, sole traders have the lowest survivable rate at 60% which is less than the average survival rate of 65% and hasn't changed from the last period FY 14-18 (ABS 8165.0, Table 15, Feb20). Additionally, data from FY21-22 reveals that 81.2% of businesses exiting the market had turnover of less than $200,000. 

However, there was a large net movement of surviving businesses into the upper turnover size ranges, with businesses having a turnover at or above $200,000 increasing by 61,627 collectively (ABS, Jun 22).

This demonstrates the inevitability of micro businesses growing into small businesses in order to establish a reliable, sustainable, profitable, and scalable business that can thrive for years to come and leave a lasting legacy.

Transitioning from a micro business to a small business can also contribute to wealth creation. As revenue and employee numbers increase, there is the potential for higher profits and scalability. This growth can lead to increased wealth, as long as the business is effectively managed, risks are mitigated, and growth opportunities are seized.

We have built a Business Factory to guide and develop your business throughout its entire business life journey. We understand the challenges faced by SMBs in today's competitive landscape. That's why we offer reliable, research-based guidance tailored to your specific market needs. 

To help you build a unique value proposition that strategically positions your business for success, from start to finish.

With LIFE OF BUSINESS, you can develop a reliable, profitable, and scalable business model. We empower you to create innovative products, services, or systems that precisely fulfill the pinpoint market needs identified through our extensive market research.

Don't let uncertainty hold you back. Take control of your business journey with LIFE OF BUSINESS. Together, we'll unlock your true potential and pave the way for lasting success.

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]]>Tue, 25 Jul 2023 16:26:06 +0930<![CDATA[Building a safety habit during Covid-19 in an Organisation]]>https://www.lifeofbusiness.com.au/Knowledge/post/Covid-19-in-an-Organisation
  

Safety Punch Card Idea


Building a safety habit during Covid-19 in organisations in 2 months.


A behaviour or action becomes a habit when it goes and stays in our subconscious mind not only be conscious about it. One of the ways to build a habit in our subconscious mind is repetition, and it can take an average of 66 days for a person to form a new habit (Atomic Habits by James Clear https://jamesclear.com, New York Times bestselling book). For example, we are changing gears in a manual car without thinking much about it. For change a behaviour, James is saying we should answer these four questions.

          • How can I make it obvious?
          • How can I make it attractive?
          • How can I make it easy?
          • How can I make it satisfying?


My Idea: Writing is more effective than speaking, and the idea responds to the above changing habit four questions.



Safety Punch Card - Building a habit of Covid-19 safety in 2 months


This is only for people who have to be physically at offices or sites. The idea comes from Clock card machine or punch clock when we arrive and leave an office. It is now "Safety Habit Recorder" for Covid-19 where everyone writes a post note on a whiteboard/office board when they arrive and leave office/site by answering 4 questions that record the start and end times of everyone Covid-19 safety Habit during a day for 2 months.

Write on post note (Your name + date + Question No + Your response to each question on a whiteboard or an office board every day.


At the start of a Day:


1. What am I going to do today to keep myself and others safe? For example, follow 1.5 distance, Telling others out loud, using a Rubberband to remind me


At the End of a Day:


2. What have I done today to stay safe?


3. How many time did I notify or remind others to stay safe?


4. What else could we do together to keep safe?


The action of an organiser of each site/office in Every day:

      • Take a photo of the board 
      • Post the photo on the Workplace group every day from different sites
      • Reward/endorse the most useful and interesting idea or action or answer


It can start with only question 1 then and gradually adding the questions 2,3,4 over days to improve it.

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