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Dymphna Boholt Explains the Relationship Between Relative Cost Structure and Business Growth Rate

Dymphna Boholt Explains the Relationship Between Relative Cost Structure and Business Growth Rate

The physical law that states for every action there is an equal and opposite reaction can be applied to any number of realms beyond physics, and surely most economists would agree that the physical law is aptly applied to the world economy, international trade and currency movements. As Dymphna Boholt explains, there is a ripple effect that has an impact far and wide, with changes in currency valuation abroad affecting small businesses at home.

In Australia, Boholt notes, the strength of the economy is a product of the country’s overall prosperity and the consumption that naturally comes along with a certain level of prosperity. Since the economy is so large in spite of its relatively small population, Australia has to rely quite a bit on the importation of goods from abroad to make up for its lack of economic diversity. As a result, a lofty currency valuation of the Australian dollar benefits the consumers purchasing goods or services from outside the country. The opposite reaction, however, is that foreign consumers become less likely to buy goods or services from Australian businesses due to the unfavorable exchange rate.

Small businesses have to be aware of how this relative cost structure will affect business performance, growth and long-term viability. It is surely the case that some businesses will be more likely to experience an adverse effect on performance and growth due to currency movements than others, but every small business should engage in a thorough evaluative process to ensure the business is insulated and secure in the event of any shifting currency movements. This is simply good practice, as it is always best to be prepared with a plan based on a wide range of potential circumstances.

Ironfish Review Identifies One Main Piece of Building a Strong Business

Ironfish Review Identifies One Main Piece of Building a Strong Business

Ironfish Review BusinessWhen you think of a business, the structure  and layout of a business are composed of a couple main things that, without them, the business would ultimately fail. One of the main pieces of business that every business shares as identified by Ironfish Review, is the holding of a great service or product that they want to share with the world at a cost, of course.

The product or service, which we will call the niche, is the thought of as the purpose of the business as well as one of the ingredients in fueling the business and powering it forward. This niche is the generator of income to better serve the clients/customers. No product, no business. No service, no business.

The second trait to a successful business is networking and building relationships. Notice nothing was said about building a clientele. Your clients will see right through you if your motive to build rapport with them is strictly to put money in your pocket. Building genuine relationships will take you and your business a long way.

Darren Pawski

Darren Pawski

 

As the managing director of Synergy Financial Solutions, Darren Pawski continues to lead an industry in which the education and empowerment of clients with regard to their short- and long-term financial planning remains absolutely essential. With nearly 30 years of experience in the industry with Commonwealth Bank as well as a number of other highly regarded financial services institutions throughout Perth and Western Australia as a whole, Darren is able to bring exceptional insight and expertise to his critical leadership role with Synergy Financial Solutions.

Ken Shipp/DOE PhotoDarren is a graduate of Deakin University, where he earned his diploma of financial planning. A firm believer in the benefits inherent in a commitment to taking advantage of further educational opportunities, Darren has since secured his Certificate IV in mortgage broking from Kaplan and is currently at work on his Masters of Finance and Banking from Edith Cowan University. Along with his laudable academic record, Darren has also been recognized for his work in the independent financial planning sector and was named the 2012 Member of the Year by the Association of Independently Owned Financial Planners.

An experienced senior manager who has spent the entirety of his career in positions of leadership in the financial services industry, Darren has also been a tireless supporter and advocate of the aged-care sector. During his time away from Synergy Financial Solutions, Darren is likely to be volunteering for a number of important causes and can often be found engaged in a variety of activities alongside nursing home residents.