Productivity – the key to thriving when times are tough

Dave Adams • April 3, 2023

Productive businesses are like cacti – able to survive and grow in tough conditions using minimal resources. So, let’s look at how your business can emulate those prickly plants and thrive in what is shaping up to be a challenging environment for businesses.

With high inflation, rising rates and even talk of a possible recession on the cards for Australia, it can be a tricky time to be running a small business.

It can be beneficial during tough times, or even in anticipation of challenging times on the horizon, to focus on increasing productivity – doing more with less resources. Some species of cacti can do without water for up to two years – they are masters at doing a lot with a little, but as a business it can be hard to ensure you are running a lean machine without losing output, sacrificing quality or profits.

Here are a few ways you can improve your business’s productivity and run a lean, but productive, machine:

Maintain and keep the focus on growth

Just like the cactus that manages to keep growing with minimal resources, your business should also focus on growth. It’s important that the processes you are putting in place to enhance productivity and remove unnecessary costs do not constrain growth.

Make sure you set goals for achievable growth milestones and review them regularly against progress.

Empower and motivate employees to improve their output

One of the best ways to improve productivity is to involve the team. Share your goals and aims and get everyone in on the journey with you. Equally, working together to set achievable goals and targets for individuals will improve buy-in as well as productivity, as people tend to work more efficiently when they’re involved in the decision-making process and focused on achieving clear objectives within agreed timeframes.

Innovate to make the most of existing resources

Innovating does not mean you have to reinvent the wheel – there are a lot of existing systems and applications out there that can help you to be more productive as a business. Seek out technology solutions that remove mundane, repetitive tasks and support collaboration and automation. Review your processes and try to streamline how things are done and promote efficiencies.

Orient to the provision of customer value

Productive businesses tend to be focused on business processes that deliver customer value. Orienting and pivoting to the provision of customer value will help you uncover inefficiencies like outdated procedures and unnecessary steps.

The process works best when employees at every level are encouraged to suggest changes to improve the way things are done. If an employee can identify a shortcut that makes their work faster without sacrificing results, support them to implement it.

Outsource certain tasks

Using third party providers can enhance productivity as you can pay for services as you need them and avoid making major investments in infrastructure, software, or personnel.

Another advantage of outsourcing is you’re able to increase the efficiency of your business by getting expert help without having to hire experts full-time.

Implement lean financial practices

Running a lean business means reducing or removing unnecessary costs so it’s a clever idea to review your cash flow to see whether you can reduce your costs anywhere in the business. Review your suppliers and ensure you are getting the best deals from utilities providers.

Part of your lean implementation can also be to cut down on liabilities by not keeping  excessive amounts of stock. You can do this by implementing good inventory management practices and forecasting to match supply and demand.

While for many businesses it’s important to project an image of success with big fancy offices, lavish workspaces can incur excessive costs that that eat into profits. With working from home becoming more common, it might be worth reviewing your office space requirements while looking for ways to reduce ongoing costs.

Operating your business in the most productive manner and with minimal outlay and overhead costs isn’t about penny-pinching – it’s a mindset shift that will enable your business to be sustainable in the long term, not just responding to adverse economic conditions.

Do you know how your super is performing?

By Nikki Ashurst • November 2, 2026
Many Australians don't know how their super fund has performed or what it invests in. Are you one of them? Here's what to check and why it matters. Do you know how your super fund performed over the last two years? Many Australians don’t and are working towards their financial future without fully understanding one of their most important assets and without a clear plan for how their super may support them in retirement. That's not surprising, as many people view super as something that should run quietly in the background while they're busy with careers, families and everything else that life throws at them. But when you’re not sure what’s happening behind your balance, it’s harder to know whether you’re on track, whether your current approach reflects your goals or what opportunities might be available to help you make the most of what you’ve built so far. Your super isn't sitting in an account, it's invested Super is invested by a fund on your behalf across a mix of assets, with those investments working to grow your balance over time. Those include: Shares Ownership in Australian and international publicly listed companies. Their value can rise and fall, sometimes substantially over short periods but shares can provide capital growth over the long term. Property and infrastructure Real assets like office buildings, shopping centres, airports and energy networks. They can produce income and don't always behave in the same way as share markets, helping diversify investment holdings. Fixed interest and bonds Lending to governments and companies in return for interest. They can provide regular income and be steadier than shares, although returns and risk vary depending on the investment. Cash Generally, the most stable and lowest risk investment type. It can provide stability and faster access to money but typically offers lower longer term return potential. The investment option you choose determines the mix of assets held in your super based on your risk appetite. Most super funds offer options from conservative to high growth. If you’re young, a growth option with a higher exposure to growth assets like shares could offer higher returns over time – but it also comes with higher risk. As retirement nears, you might want to consider a more conservative approach with more defensive assets, like bonds for example to protect your savings. If you've never made a choice, you're probably in your fund's default option, which is designed to suit a broad membership. It’s worth knowing whether the mix you're in matches your circumstances and goals, including how far you are from retirement. Why performance alone is not a true comparison If you're thinking about how your super compares, returns are often where people start. The trouble is that a return figure means nothing without context: What it's being compared to Growth and conservative options invest differently and with different levels of risk. Compare like with like or the comparison may not be genuine. The comparison period A single year can be heavily influenced by short term market conditions. Super is measured in decades, so five, seven and ten year returns tell you far more about whether a fund is consistently doing its job, albeit not a predictor of future performance. Fees and tax Published returns should reflect investment fees, costs and tax but administration fees may be charged separately from your balance. Two funds quoting the same return can leave you in meaningfully different places once all fees are accounted for. Then there are the things that returns can't show you at all. For example, what insurance is attached to your account and what it's costing you, whether the fund offers guidance, tools and advice or simply sends a statement once a year. Another consideration maybe the level of support available when you need it. When comparing funds, it's worth looking at the full picture, including performance, fees, investment options, retirement support and member benefits. What today’s decisions mean tomorrow To understand how your super stacks up, start here: Find your investment option It's on your annual statement and in your online account. Look at what's in it Your fund publishes the asset allocation (shares, cash etc.) for each investment option. Check the long-term return for that option Focus on five and ten year returns, not just last year and compare them with equivalent options. Understand the total cost Add together administration fees, investment fees and insurance premiums as an annual dollar figure. Comparing super is about working out which option will perform best for you. Before you jump in, it’s worth understanding what's behind the numbers so you can make decisions based on more than a headline return. Knowing where you stand is the first step A super balance tells you where you are today. Understanding how your super is invested, how it compares and whether it's aligned with your goals helps show whether you're heading in the right direction. Source: MLC The information in this article does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Capstone Financial Planning nor their directors, employees or authorised representatives gives any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document. Principal Wealth Management Pty Ltd trading as BMO Financial Solutions ABN 53 109 336 601 is a Corporate Authorised Representative (CAR 277821) of Capstone Financial Planning Pty Ltd ABN 24 093 733 969 Australian Financial Services Licence (AFSL) No. 223135.

The SMSF landscape is changing

By Jude Schofield • October 7, 2026
More Australians are choosing to take direct control of their retirement savings by establishing a self-managed super fund (SMSF) and according to the SMSF Association, Aussies now see their super as an important part of building and managing their overall wealth.