Yee Trinh profile image

Yee Trinh

Cofounder at

Member Since May 2014

Sydney, NSW,

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Operating a small business is tough. I've been there. Finding the people and resources you need to start, maintain and grow a business is no walk in the park. That's why SavvySME is here.

Qualified skills

Sales and Marketing

Reputation

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Insolvency

What happens when a business owes you money but is insolvent?

You should be aware of late payments and your debtor’s situation before they get to an insolvent stage, so you can negotiate directly and have a better chance of recovering money owed to you. A business can be restructured and undergo a turnaround plan.However, if they are already under administration, which will eventually happen when a business becomes insolvent, you may or may not get your money back depending on the circumstances and how many creditors there are. ASIC has some advice on what to do if you are dealing with an insolvent business. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Graphic Design

Should you outsource your graphic design or hire a graphic designer in-house?

It really depends on your business. If you're a restaurant, it doesn't make sense, however if you're a branding agency - then perhaps! The question is how often are you going to be requiring graphic design work done? Agreed with Narine Poghosyan. Having an in-house designer can work out more cost-effective. There can be a lot of training involved with unfamiliar design agencies or contractors. 

Yee Trinh answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Virtual Assistance

How much does an australian virtual assistant (VA) cost?

I agree with Ace Data. Blog commenting can come across as spam if you do it too much or harp on about the same thing, especially if you pepper them with links. Authors may end up just deleting them, so you have to write something insightful and relevant, not just agreeing or thanking.For tasks like blog or forum commenting, it is affordable if you want to switch to virtual assistant services in Australia. You can get better quality comments too. Do check out our list of top virtual assistants on our site and put in a quote to get VA rates.

Yee Trinh answered this question

What are the most popular accounting software for SMEs?

The most popular accounting software for small businesses are ones from MYOB, Xero, Quickbooks, Reckon, Saasu and Sage. There are some smaller names like Cashbook and Zoho for Australia. Which one is the best for you depends on your business, its complexities and whether you hire people and use payroll. However, unless your business is small that you hardly need to pay any taxes (first $18200 is tax-free), you should hire an accountant and bookkeeper to manage your finances and accounts because it simplifies things, keeps you away from problems with ATO and the law, and saves you money. It’s just not worth doing it on your own unless your venture is small, bordering on a hobby. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Intellectual Property

When do you need to trademark your business name or logo?

I’d say as soon as you have a viable product or service that is generating revenue or profit for you. Too often, people get overzealous before testing that they have a profitable business idea. At the start, just registering a business name is enough. Trademarking your business name or logo before you get decent sales or can prove there’s customer demand may turn out to be a waste of your money. But it’s still a good idea to just check the trademark registry to see what has been registered. Once you have a good gauge on the customer demand and proven sales, then it’s worth considering legally protecting your business’s intellectual properties. This can happen just after starting a business, or some time away. However, if your industry is highly competitive or your solution is somewhat unique, it may be advisable to trademark earlier than later, even right from the start. It’s always good to consult an intellectual property or business lawyer. There’s no harm and it’s better to be safe than sorry because you don’t need the headache and financial mess in the event of an IP infringement. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Sales and Marketing

Are newsletters dead in email marketing?

I don’t think newsletters are dead in email marketing, but maybe it has gotten competitive in certain industries. It’s why your newsletter need to have a point of difference instead of doing a run of the mill job. You must think of newsletters as a long-term game. It’s about understanding the issues your subscribers are facing and helping them out or educating and inspiring them regularly. You’re regularly engaging with them and nurturing them, building credibility and trust in you until they are ready to do business with you or buy your products. Before you start a newsletter, you need to sit down and hash out a plan that is tailored to your audience. I suggest looking at other newsletters to see what they offer and if there are any gaps you can find. And always monitor your newsletter’s performance, checking stats such as open rate, click through rate and where your readers are clicking in the email to gauge their interest. MailChimp regularly publishes benchmark numbers for email marketing, and you can see where you are faring to the industry average. For example, if your open rate is below the average of say, 18%, then you know that you need to try something new, such as A/B testing your subject lines. As long as you monitor your email marketing, then you can decide whether newsletters are worth running for your business or using other email marketing strategies to nurture your audience and get sales or leads. You can try working with an email marketer who has more knowledge and skills to help you out, as I feel that email is an important marketing channel for small businesses. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Starting a Business

Which dropshipping companies are great for ecommerce business?

When it comes to dropshipping, you can try the big and famous ones. First there’s Oberlo, which is one of the biggest suppliers and ships to many countries including Australia. The next, of course, is AliExpress, a little sister site of AliBaba. There is a difference between the two sites. AliExpress hosts retail products across categories such as beauty, clothing, homewares and toys. On the other hand, AliBaba has manufacturers, resellers and suppliers for many other categories aside from retail and they usually sell in bulk. With AliExpress, you can just buy one item and dropshipping is available.  You get access to thousands of suppliers from China with both at reasonable prices, but be careful with selecting the right manufacturer. Salehoo is another big name in the dropshipping business. They also ship to Australia and cover an extensive range of products in various categories. Their pricing is usually an annual or monthly membership fee and that gives you access to their suppliers and services. The smaller niche ones that dropship products in 1 or 2 categories may work out to be cheaper with a pay as you go kind of deal. The best part is, ecommerce website giants such as Shopify and BigCommerce integrate seamlessly with some dropshippers such as Oberlo and AliExpress, that can ship to your customers when an online sale happens so you don't have to arrange it manually. If you build a website with them, everything is easily connected so starting a business from scratch is much easier. You can dropship on Ebay too, but you must comply with their rules. Basically, the responsibility of dropshipping the product to the customer is on you. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

Would hiring virtual accountant work well for small business?

Yes, I think working virtually or online with an accountant is easier done nowadays, thanks to tools such as cloud accounting software, online meeting apps, cloud storage and all that jazz. In this digital age, you don’t necessarily need to meet up with your accountant face to face. They don’t have to be living in your area or even in the same state. If you’re a small business, generally, it works really well. Of course, not so for big businesses with multiple companies and complex needs. Working online saves time for your business. You can “meet” your accountant online, never having to leave your office or home office. Everything is stored online and accessible anytime. It can be cost effective too. For example, there are virtual CFO services available now, something which small businesses may not have been able to afford before – an expert to advice, strategize and help you thrive. There are a few online accounting services that charge a low fixed price for standard routine work. They can be good options too if you’re strapped for cash. An online working relationship is the same as any working relationship. You need trust, transparency, integrity and competency. It’s easy to suss this out over time once you’ve worked with them for a while. Make sure you read the terms and conditions, but you should do that with any accountant regardless. Also, I think it’s best to work with Australian accountants than those who outsource the work elsewhere. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Social Media

Should you keep your social media marketing in-house or outsource?

I think it’s best to ask, which is more time and cost effective for your business? In running and growing a business, usually, it comes down to time and money. Both options are viable with their own pros and cons. Hiring social media experts in your businessYour social media team will know your business, brand, policies, products, roadmap intimately, like nobody can. They understand the landscape, competitors and their every move, what worked and didn’t in social media. By hiring in-house, you’ll get a dedicated person or team to manage and grow your social media profile, unlike outsourcing. Turnaround time is faster too. You will be faster to react to news, changes and can pounce on opportunities on social media as they arise. There’s no time wasted going back and forth between your business and your social media company or agency. However, if you want to be serious, you'll need to hire a team and that involves salaries, payroll taxes, benefits, office space, utilities, training, etc. Even a one-person department will cost you, as the average social media manager pay in Australia starts from $60K annually and can go up to $90K. You’ll have to budget for when your employees go on sick leave and vacation. That’s not a problem when you outsource your social media management and campaigns as you are guaranteed they will deliver regardless.   Outsource to a social media company or agency You’ll get many experts under one roof, specialising in different areas with an agency. They will have worked with multiple clients across industries to cover the breadth and depth of knowledge and experience. Even smaller sized companies tend to have extensive experience and specialised skills. They can create and improve your social media strategy and ROI, campaigns, and perfect your social media branding. There’s no training needed, and they keep up with the latest trends, tools, updates and methods. When you outsource, you’re also hiring a fresh eye to look at your social media. There’s nothing like an objective and trained expert from the outside looking in, to improve your ads, content, processes and campaigns. Arguably, external parties can be more creative as they aren’t stuck on the same daily grind as your employees. If you need to scale, this is easily done by third parties as opposed to hiring more people. It can also be a time saver for small business owners who are wearing many hats. You’ll get to focus on other areas of the business. However, you may run your budget over if you don’t plan and monitor, especially as top-rated ones will be more expensive. Alternatively, hire small boutique companies and freelancers that are good and affordable. Outsourcing means it’s a slower process and they won’t know your business as great as your employees. They’ll have other clients and you may not be a priority. It really boils down to your business. There’s always the hybrid solution of outsourcing some areas of social media and keeping the rest in-house. 

Yee Trinh answered this question

SavvySME Official
SavvySME Official, Official Account at SavvySME

Entrepreneurship

What's one inspiring quote you live by as an entrepreneur?

My favourite quote of all time, as a human being not simply as an entrepreneur. Also, my favourite musical! (although this quote is from the book) Anyone know which it is? ;) "Daring is the price of progress. All splendid conquests are the prize of boldness, more or less. For the Revolution to happen it was not enough that Montesquieu predicted it, that Diderot preached it, that Beaumarchais announced it, that Condorcet planned it, that Arouet paved the way for it, that Rousseau dreamed of it - it needed Danton to dare it.The cry, 'Boldness!', is a Fiat Lux. If mankind is to advance there must be installed permanently at the head of its columns proud instances of courage. Acts of daring light the pages of history and the soul of man. The sunrise is an act of daring. To venture, to defy, to persevere, to be true to one's self, to grapple with destiny, to dismay calamity by not being afraid of it, to challenge now unrighteous powers and now victory run wild, to stand fast and hold firm - these are the examples that the peoples need, the spark that electrifies them. The same formidable lightnings issue from the torch of Prometheus and the raucous bellow of Cambronne."

Yee Trinh answered this question

What's your best advice for those starting a business for the first time?

Not sure if it's my "best" advice, but I'd definitely say one of them is just to get started already! The sooner you start, the sooner you fail and the closer you are to success. 

Yee Trinh answered this question

For a small business, is Facebook worth the time and effort?

For most businesses, it's worth the time and effort if backed up with a solid plan and purpose. Know whether you're using it to connect with existing customers, grow brand awareness or convert into leads. Then do your research, plan accordingly, test and refine your strategy. The worst thing to do is to set up a Facebook page just because everyone is telling you to do online marketing, without any idea of the goal for that Facebook page. It's a project just like any other you work on within your business.

Leadership

How To Prepare Your Business For The Year Ahead | Must Read For Business Owners And Leaders

Welcome to 2017 Savvies! We hope you have had a wonderful Christmas and New Year’s holiday season. 2017 is going to be an amazing year for Australian businesses. Is your business prepared for the year ahead? It is a wonderful time of year, January. The fresh horizon, the open road, endless opportunities, all yours for the taking. Hopefully you’ve been lucky enough to have a bit of a break ...

Yee Trinh answered this question

What are the best kept secrets of successful business people?

Perseverance. Whether you're an actor, an entrepreneur, an athlete or otherwise, if you are aspiring to grand "success", you will encounter roadblock after roadblock after roadblock. What differentiates the failures from the Michael Jordans and Richard Bransons is often a string of setbacks in which the latter two pushed and persisted through.

Yee Trinh answered this question

Ava Lee
Ava Lee, at Swing

Social Media

Is there an advantage to email over other online marketing channels?

Email marketing is MASSIVELY powerful and in my opinion, perhaps more powerful than other online marketing techniques. Email marketing allows you to tailor messages to different customers based on the actions they take and their stage in the customer lifecycle, making it a much more intimate and effective conversation with your customers.. if you do it right.

Yee Trinh answered this question

Shannon Young
Shannon Young, Coach - Accelerator of People's Performance at

Business Growth

What is the most common headache of fast growing SME's?

I would have to agree with the two of you. maintaining company culturemaintaining quality hiring practicesmaintaining clear communication across the larger organisation with procedures and processes

Yee Trinh answered this question

What is your Conflict Response Style?

Naturally, I avoid conflict. I prefer pushing away an issue, hoping it won't happen a second time so as to prolong the need to deal with it. This is especially true in my personal life and have yet to really overcome this.At work however, the stakes are much higher as the company and community will potentially suffer. Consequently, everything gets laid on the table. Honesty is the best policy. I find it incredibly hard to deal with people who are not upfront and honest, as this only builds up tension that will surface later. We make a point at SavvySME, to have a session once every month or so where every person in the team has to make one complimentary point, and one of criticism about every other person. The goal is to break down any facade or tendency to purely say what the other person wants to hear.

Yee Trinh answered this question

Jef Lippiatt
Jef Lippiatt, Owner at Startup Chucktown

Lifestyle and Health

How do you split out your time daily?

I like to have a routine day to day, but it's hard getting into a routine. I don't sleep much. ~5hours/day. I should sleep more but I like to get up early, get some exercise in, sort out the important emails and prioritise calendar tasks for the day. Ideally, I'll do the tasks that require significant thought early on in the day and do less cerebral work later on as I lose energy, but that doesn't always happen.

Yee Trinh answered this question

Leah Cortes
Leah Cortes, Owner / Personal Assistant at

Business Coaching

Does SavvySME organise business networking events?

Hi Leah!Thanks for your question. Good to see interest in offline events! We're setting up a few for later this year. Stay tuned and let us know what you'd like to achieve from such events, so that we can provide as much value to the community as possible. :)

Yee Trinh answered this question

What's your favourite case to read?

If one drinks too many bottles of Big Mac, I'm sure they could very well be confused by the burger of the same name.

Yee Trinh answered this question

How do I start a business?

Check out leanstack.com. This is the first thing I do before jumping into any business idea.

Yee Trinh answered this question

Wilson Lui
Wilson Lui, Business Owner at Sonley Stonegrill & Bar

Sales and Marketing

How do you promote a restaurant located away from the main road?

With any hospitality establishment, the best way to market your business is the hard, old-fashioned way - word of mouth. You need to get your current customers to spread the word. What do you need for this? 1. Exceptional product, exceptional service, exceptional atmosphere or an all around exceptional experience. You need at least one of the first three. Make your food tastes good, and make sure it looks good if you want them to share it on social media. If your food is average, make sure you employ and train your staff to go above and beyond. Treat your customers like royalty. Set the vibe in your restaurant. Make it different. Set it apart from the other restaurants in the area; whether it be through the decor, lighting or music. Best way is to give them all three, but that's easier said than done.2. Hand-hold your customers through the process of spreading the word. You can do this through social media prompts. Have written somewhere, "Check in at Sonley Stonegrill & Bar on Facebook". You could prompt them further with social media competitions if you aren't achieving the expected results just with these prompts. One very clever way businesses have their customers spread the word about them is simply by giving them a reason to. A business in Chatswood has a blackboard outside, on which they write very clever jokes related to coffee and bacon and such. It makes me laugh every morning on the way to work and I occasionally share it with my friends. Think outside the box. 3. (As suggested by Greg above) If you don't already have a decent number of customers, off which to leverage the above two points, a great way of bringing in customers to a relatively unknown establishment is through deal sites such as Groupon and Living Social. Offer a limited time deal. Be smart about this as Greg has warned above. With the customers you bring in through such deals, you can work your magic from points 1 & 2 with them. Good luck Wilson.

Yee Trinh answered this question

Jef Lippiatt
Jef Lippiatt, Owner at Startup Chucktown

Startup

What is the difference between hype and speculation?

The term "hype" suggests one's success is a temporary spike purely due to herd behaviour rather than being derived from the performance of the actual product itself. "Speculation" on the other hand, although also an aggregate of opinions, is based on educated opinions gathered from the evaluation of the contributing factors to a product's potential performance. There is a basis to their opinions rather than simple "bandwagoning".

Branding

The 6 pack abs you need to succeed in your business and career

Everything is about branding today. Whether you are in the corporate world, whether you are an entrepreneur or whether you're just looking for a job, you need to establish your image online. If I bump into you at an event, I will first judge you by the way you dress, hold yourself and speak to determine whether you are somebody I would like to work with. Similarly, the first thing your potent...

Yee Trinh answered this question

How can a virtual assistant help you?

Virtual assistants would be great for random tasks however I suppose it's the unfamiliarity factor that deters most of us from using them. We're not sure how reliable they are. Doing business face-to-face is just something we're used to. Putting a face to something gives us some confidence. It's hard to judge whether someone is good or not for the job online. How would you suggest we go about looking for a quality VA?

Yee Trinh answered this question

Ling Lee
Ling Lee, at Digital Marketing and Personal Branding

Information Technology

How often do you upgrade your gadgets?

I probably update my phone every couple of years. Laptops and tablets probably less frequently - as long as they're functioning. I don't see the need to update for a device with better features all the time, if it fulfills my basic requirements!

Leadership

How To Prepare Your Business For The Year Ahead | Must Read For Business Owners And Leaders

Welcome to 2017 Savvies! We hope you have had a wonderful Christmas and New Year’s holiday season. 2017 is going to be an amazing year for Australian businesses. Is your business prepared for the year ahead? It is a wonderful time of year, January. The fresh horizon, the open road, endless opportunities, all yours for the taking. Hopefully you’ve been lucky enough to have a bit of a break ...

Branding

The 6 pack abs you need to succeed in your business and career

Everything is about branding today. Whether you are in the corporate world, whether you are an entrepreneur or whether you're just looking for a job, you need to establish your image online. If I bump into you at an event, I will first judge you by the way you dress, hold yourself and speak to determine whether you are somebody I would like to work with. Similarly, the first thing your potent...

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Insolvency

What happens when a business owes you money but is insolvent?

You should be aware of late payments and your debtor’s situation before they get to an insolvent stage, so you can negotiate directly and have a better chance of recovering money owed to you. A business can be restructured and undergo a turnaround plan.However, if they are already under administration, which will eventually happen when a business becomes insolvent, you may or may not get your money back depending on the circumstances and how many creditors there are. ASIC has some advice on what to do if you are dealing with an insolvent business. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Graphic Design

Should you outsource your graphic design or hire a graphic designer in-house?

It really depends on your business. If you're a restaurant, it doesn't make sense, however if you're a branding agency - then perhaps! The question is how often are you going to be requiring graphic design work done? Agreed with Narine Poghosyan. Having an in-house designer can work out more cost-effective. There can be a lot of training involved with unfamiliar design agencies or contractors. 

Yee Trinh answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Virtual Assistance

How much does an australian virtual assistant (VA) cost?

I agree with Ace Data. Blog commenting can come across as spam if you do it too much or harp on about the same thing, especially if you pepper them with links. Authors may end up just deleting them, so you have to write something insightful and relevant, not just agreeing or thanking.For tasks like blog or forum commenting, it is affordable if you want to switch to virtual assistant services in Australia. You can get better quality comments too. Do check out our list of top virtual assistants on our site and put in a quote to get VA rates.

Yee Trinh answered this question

What are the most popular accounting software for SMEs?

The most popular accounting software for small businesses are ones from MYOB, Xero, Quickbooks, Reckon, Saasu and Sage. There are some smaller names like Cashbook and Zoho for Australia. Which one is the best for you depends on your business, its complexities and whether you hire people and use payroll. However, unless your business is small that you hardly need to pay any taxes (first $18200 is tax-free), you should hire an accountant and bookkeeper to manage your finances and accounts because it simplifies things, keeps you away from problems with ATO and the law, and saves you money. It’s just not worth doing it on your own unless your venture is small, bordering on a hobby. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Intellectual Property

When do you need to trademark your business name or logo?

I’d say as soon as you have a viable product or service that is generating revenue or profit for you. Too often, people get overzealous before testing that they have a profitable business idea. At the start, just registering a business name is enough. Trademarking your business name or logo before you get decent sales or can prove there’s customer demand may turn out to be a waste of your money. But it’s still a good idea to just check the trademark registry to see what has been registered. Once you have a good gauge on the customer demand and proven sales, then it’s worth considering legally protecting your business’s intellectual properties. This can happen just after starting a business, or some time away. However, if your industry is highly competitive or your solution is somewhat unique, it may be advisable to trademark earlier than later, even right from the start. It’s always good to consult an intellectual property or business lawyer. There’s no harm and it’s better to be safe than sorry because you don’t need the headache and financial mess in the event of an IP infringement. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Sales and Marketing

Are newsletters dead in email marketing?

I don’t think newsletters are dead in email marketing, but maybe it has gotten competitive in certain industries. It’s why your newsletter need to have a point of difference instead of doing a run of the mill job. You must think of newsletters as a long-term game. It’s about understanding the issues your subscribers are facing and helping them out or educating and inspiring them regularly. You’re regularly engaging with them and nurturing them, building credibility and trust in you until they are ready to do business with you or buy your products. Before you start a newsletter, you need to sit down and hash out a plan that is tailored to your audience. I suggest looking at other newsletters to see what they offer and if there are any gaps you can find. And always monitor your newsletter’s performance, checking stats such as open rate, click through rate and where your readers are clicking in the email to gauge their interest. MailChimp regularly publishes benchmark numbers for email marketing, and you can see where you are faring to the industry average. For example, if your open rate is below the average of say, 18%, then you know that you need to try something new, such as A/B testing your subject lines. As long as you monitor your email marketing, then you can decide whether newsletters are worth running for your business or using other email marketing strategies to nurture your audience and get sales or leads. You can try working with an email marketer who has more knowledge and skills to help you out, as I feel that email is an important marketing channel for small businesses. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Starting a Business

Which dropshipping companies are great for ecommerce business?

When it comes to dropshipping, you can try the big and famous ones. First there’s Oberlo, which is one of the biggest suppliers and ships to many countries including Australia. The next, of course, is AliExpress, a little sister site of AliBaba. There is a difference between the two sites. AliExpress hosts retail products across categories such as beauty, clothing, homewares and toys. On the other hand, AliBaba has manufacturers, resellers and suppliers for many other categories aside from retail and they usually sell in bulk. With AliExpress, you can just buy one item and dropshipping is available.  You get access to thousands of suppliers from China with both at reasonable prices, but be careful with selecting the right manufacturer. Salehoo is another big name in the dropshipping business. They also ship to Australia and cover an extensive range of products in various categories. Their pricing is usually an annual or monthly membership fee and that gives you access to their suppliers and services. The smaller niche ones that dropship products in 1 or 2 categories may work out to be cheaper with a pay as you go kind of deal. The best part is, ecommerce website giants such as Shopify and BigCommerce integrate seamlessly with some dropshippers such as Oberlo and AliExpress, that can ship to your customers when an online sale happens so you don't have to arrange it manually. If you build a website with them, everything is easily connected so starting a business from scratch is much easier. You can dropship on Ebay too, but you must comply with their rules. Basically, the responsibility of dropshipping the product to the customer is on you. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

Would hiring virtual accountant work well for small business?

Yes, I think working virtually or online with an accountant is easier done nowadays, thanks to tools such as cloud accounting software, online meeting apps, cloud storage and all that jazz. In this digital age, you don’t necessarily need to meet up with your accountant face to face. They don’t have to be living in your area or even in the same state. If you’re a small business, generally, it works really well. Of course, not so for big businesses with multiple companies and complex needs. Working online saves time for your business. You can “meet” your accountant online, never having to leave your office or home office. Everything is stored online and accessible anytime. It can be cost effective too. For example, there are virtual CFO services available now, something which small businesses may not have been able to afford before – an expert to advice, strategize and help you thrive. There are a few online accounting services that charge a low fixed price for standard routine work. They can be good options too if you’re strapped for cash. An online working relationship is the same as any working relationship. You need trust, transparency, integrity and competency. It’s easy to suss this out over time once you’ve worked with them for a while. Make sure you read the terms and conditions, but you should do that with any accountant regardless. Also, I think it’s best to work with Australian accountants than those who outsource the work elsewhere. 

Yee Trinh answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Social Media

Should you keep your social media marketing in-house or outsource?

I think it’s best to ask, which is more time and cost effective for your business? In running and growing a business, usually, it comes down to time and money. Both options are viable with their own pros and cons. Hiring social media experts in your businessYour social media team will know your business, brand, policies, products, roadmap intimately, like nobody can. They understand the landscape, competitors and their every move, what worked and didn’t in social media. By hiring in-house, you’ll get a dedicated person or team to manage and grow your social media profile, unlike outsourcing. Turnaround time is faster too. You will be faster to react to news, changes and can pounce on opportunities on social media as they arise. There’s no time wasted going back and forth between your business and your social media company or agency. However, if you want to be serious, you'll need to hire a team and that involves salaries, payroll taxes, benefits, office space, utilities, training, etc. Even a one-person department will cost you, as the average social media manager pay in Australia starts from $60K annually and can go up to $90K. You’ll have to budget for when your employees go on sick leave and vacation. That’s not a problem when you outsource your social media management and campaigns as you are guaranteed they will deliver regardless.   Outsource to a social media company or agency You’ll get many experts under one roof, specialising in different areas with an agency. They will have worked with multiple clients across industries to cover the breadth and depth of knowledge and experience. Even smaller sized companies tend to have extensive experience and specialised skills. They can create and improve your social media strategy and ROI, campaigns, and perfect your social media branding. There’s no training needed, and they keep up with the latest trends, tools, updates and methods. When you outsource, you’re also hiring a fresh eye to look at your social media. There’s nothing like an objective and trained expert from the outside looking in, to improve your ads, content, processes and campaigns. Arguably, external parties can be more creative as they aren’t stuck on the same daily grind as your employees. If you need to scale, this is easily done by third parties as opposed to hiring more people. It can also be a time saver for small business owners who are wearing many hats. You’ll get to focus on other areas of the business. However, you may run your budget over if you don’t plan and monitor, especially as top-rated ones will be more expensive. Alternatively, hire small boutique companies and freelancers that are good and affordable. Outsourcing means it’s a slower process and they won’t know your business as great as your employees. They’ll have other clients and you may not be a priority. It really boils down to your business. There’s always the hybrid solution of outsourcing some areas of social media and keeping the rest in-house. 

Yee Trinh answered this question

SavvySME Official
SavvySME Official, Official Account at SavvySME

Entrepreneurship

What's one inspiring quote you live by as an entrepreneur?

My favourite quote of all time, as a human being not simply as an entrepreneur. Also, my favourite musical! (although this quote is from the book) Anyone know which it is? ;) "Daring is the price of progress. All splendid conquests are the prize of boldness, more or less. For the Revolution to happen it was not enough that Montesquieu predicted it, that Diderot preached it, that Beaumarchais announced it, that Condorcet planned it, that Arouet paved the way for it, that Rousseau dreamed of it - it needed Danton to dare it.The cry, 'Boldness!', is a Fiat Lux. If mankind is to advance there must be installed permanently at the head of its columns proud instances of courage. Acts of daring light the pages of history and the soul of man. The sunrise is an act of daring. To venture, to defy, to persevere, to be true to one's self, to grapple with destiny, to dismay calamity by not being afraid of it, to challenge now unrighteous powers and now victory run wild, to stand fast and hold firm - these are the examples that the peoples need, the spark that electrifies them. The same formidable lightnings issue from the torch of Prometheus and the raucous bellow of Cambronne."

Yee Trinh answered this question

What's your best advice for those starting a business for the first time?

Not sure if it's my "best" advice, but I'd definitely say one of them is just to get started already! The sooner you start, the sooner you fail and the closer you are to success. 

Yee Trinh answered this question

For a small business, is Facebook worth the time and effort?

For most businesses, it's worth the time and effort if backed up with a solid plan and purpose. Know whether you're using it to connect with existing customers, grow brand awareness or convert into leads. Then do your research, plan accordingly, test and refine your strategy. The worst thing to do is to set up a Facebook page just because everyone is telling you to do online marketing, without any idea of the goal for that Facebook page. It's a project just like any other you work on within your business.

Yee Trinh answered this question

What are the best kept secrets of successful business people?

Perseverance. Whether you're an actor, an entrepreneur, an athlete or otherwise, if you are aspiring to grand "success", you will encounter roadblock after roadblock after roadblock. What differentiates the failures from the Michael Jordans and Richard Bransons is often a string of setbacks in which the latter two pushed and persisted through.

Yee Trinh answered this question

Ava Lee
Ava Lee, at Swing

Social Media

Is there an advantage to email over other online marketing channels?

Email marketing is MASSIVELY powerful and in my opinion, perhaps more powerful than other online marketing techniques. Email marketing allows you to tailor messages to different customers based on the actions they take and their stage in the customer lifecycle, making it a much more intimate and effective conversation with your customers.. if you do it right.

Yee Trinh answered this question

Shannon Young
Shannon Young, Coach - Accelerator of People's Performance at

Business Growth

What is the most common headache of fast growing SME's?

I would have to agree with the two of you. maintaining company culturemaintaining quality hiring practicesmaintaining clear communication across the larger organisation with procedures and processes

Yee Trinh answered this question

What is your Conflict Response Style?

Naturally, I avoid conflict. I prefer pushing away an issue, hoping it won't happen a second time so as to prolong the need to deal with it. This is especially true in my personal life and have yet to really overcome this.At work however, the stakes are much higher as the company and community will potentially suffer. Consequently, everything gets laid on the table. Honesty is the best policy. I find it incredibly hard to deal with people who are not upfront and honest, as this only builds up tension that will surface later. We make a point at SavvySME, to have a session once every month or so where every person in the team has to make one complimentary point, and one of criticism about every other person. The goal is to break down any facade or tendency to purely say what the other person wants to hear.

Yee Trinh answered this question

Jef Lippiatt
Jef Lippiatt, Owner at Startup Chucktown

Lifestyle and Health

How do you split out your time daily?

I like to have a routine day to day, but it's hard getting into a routine. I don't sleep much. ~5hours/day. I should sleep more but I like to get up early, get some exercise in, sort out the important emails and prioritise calendar tasks for the day. Ideally, I'll do the tasks that require significant thought early on in the day and do less cerebral work later on as I lose energy, but that doesn't always happen.

Yee Trinh answered this question

Leah Cortes
Leah Cortes, Owner / Personal Assistant at

Business Coaching

Does SavvySME organise business networking events?

Hi Leah!Thanks for your question. Good to see interest in offline events! We're setting up a few for later this year. Stay tuned and let us know what you'd like to achieve from such events, so that we can provide as much value to the community as possible. :)

Yee Trinh answered this question

What's your favourite case to read?

If one drinks too many bottles of Big Mac, I'm sure they could very well be confused by the burger of the same name.

Yee Trinh answered this question

How do I start a business?

Check out leanstack.com. This is the first thing I do before jumping into any business idea.

Yee Trinh answered this question

Wilson Lui
Wilson Lui, Business Owner at Sonley Stonegrill & Bar

Sales and Marketing

How do you promote a restaurant located away from the main road?

With any hospitality establishment, the best way to market your business is the hard, old-fashioned way - word of mouth. You need to get your current customers to spread the word. What do you need for this? 1. Exceptional product, exceptional service, exceptional atmosphere or an all around exceptional experience. You need at least one of the first three. Make your food tastes good, and make sure it looks good if you want them to share it on social media. If your food is average, make sure you employ and train your staff to go above and beyond. Treat your customers like royalty. Set the vibe in your restaurant. Make it different. Set it apart from the other restaurants in the area; whether it be through the decor, lighting or music. Best way is to give them all three, but that's easier said than done.2. Hand-hold your customers through the process of spreading the word. You can do this through social media prompts. Have written somewhere, "Check in at Sonley Stonegrill & Bar on Facebook". You could prompt them further with social media competitions if you aren't achieving the expected results just with these prompts. One very clever way businesses have their customers spread the word about them is simply by giving them a reason to. A business in Chatswood has a blackboard outside, on which they write very clever jokes related to coffee and bacon and such. It makes me laugh every morning on the way to work and I occasionally share it with my friends. Think outside the box. 3. (As suggested by Greg above) If you don't already have a decent number of customers, off which to leverage the above two points, a great way of bringing in customers to a relatively unknown establishment is through deal sites such as Groupon and Living Social. Offer a limited time deal. Be smart about this as Greg has warned above. With the customers you bring in through such deals, you can work your magic from points 1 & 2 with them. Good luck Wilson.

Yee Trinh answered this question

Jef Lippiatt
Jef Lippiatt, Owner at Startup Chucktown

Startup

What is the difference between hype and speculation?

The term "hype" suggests one's success is a temporary spike purely due to herd behaviour rather than being derived from the performance of the actual product itself. "Speculation" on the other hand, although also an aggregate of opinions, is based on educated opinions gathered from the evaluation of the contributing factors to a product's potential performance. There is a basis to their opinions rather than simple "bandwagoning".

Yee Trinh answered this question

How can a virtual assistant help you?

Virtual assistants would be great for random tasks however I suppose it's the unfamiliarity factor that deters most of us from using them. We're not sure how reliable they are. Doing business face-to-face is just something we're used to. Putting a face to something gives us some confidence. It's hard to judge whether someone is good or not for the job online. How would you suggest we go about looking for a quality VA?

Yee Trinh answered this question

Ling Lee
Ling Lee, at Digital Marketing and Personal Branding

Information Technology

How often do you upgrade your gadgets?

I probably update my phone every couple of years. Laptops and tablets probably less frequently - as long as they're functioning. I don't see the need to update for a device with better features all the time, if it fulfills my basic requirements!

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