With more than 2.5 million actively trading businesses in Australia – 472,731 businesses were started from 2021-22 in Australia and 305,085 exited. Many businesses fail in their first few years. Among the biggest challenges facing business owners at the moment, is finding and retaining top talent as the skilled worker shortage continues across many industries. Other significant challenges since the pandemic include continuing supply chain disruptions and increased operating costs.  Beyond situational factors, there are some common reasons why some businesses are more likely to fail than o ..read more

For the first time since its launch in July 2022, the Employment Hero SME Index has recorded a simultaneous decline in both average employment growth and median hourly wages in February 2023.  According to the latest data from the Index, the average employment growth decreased by -0.1 per cent, while median hourly wages fell by -1.5 per cent between January and February 2023. While it may be too early to draw definitive conclusions, this data raises concerns about Australia’s current state of small and medium-sized businesses (SMEs). The Employment Hero SME Index draws on a vast dataset o ..read more

As a woman in business, I know firsthand the challenges that come with building and retaining a strong and trusted team. It’s not only about finding the ‘right’ people, it’s about creating a culture that empowers and supports everyone on the team.  It wasn’t necessarily a deliberate tactic at the outset, but I have secured most of my staff through recommendations and by networking. I like to follow up on opportunities where potential staff are connected to me through colleagues, family or friends. There’s a natural gravity towards like-minded people, and many of the team hold a very simil ..read more

The latest Australian Bureau of Statistics report reveals that Australia’s annual inflation rate slowed down in February.  This is a positive sign for businesses, particularly small and medium-sized enterprises (SMEs), who have been struggling to cope with the rising costs of raw materials and other inputs. Monthly CPI indicator up 6.8% in the year to February 2023https://t.co/m2QBwgesY7 pic.twitter.com/MC0VGYsV3m — Australian Bureau of Statistics (@ABSStats) March 29, 2023 According to the report, the consumer price index (CPI) rose at an annual pace of 6.8 per cent last month, which ..read more

Welcome to this edition of Let’s Talk. Small businesses are a vital part of our economy and communities. However, as we become more aware of the impact of human activities on the environment and society, it’s imperative for small businesses to adopt sustainability and social responsibility practices. Not only does embracing eco-friendliness and social responsibility benefit the planet and society, but it also enhances a business’s reputation and customer loyalty and reduces costs. In this edition, our experts share their insights on the significance of small businesses adopting environmental s ..read more

In today’s digital age, the product photography is more critical than ever. In fact, studies show online shoppers discover products shared on social media, and many of them are photos of the products. Furthermore, high-quality images of products can attract potential customers, increase conversions, and elevate the overall brand image. However, capturing great product photos is easier said than done. It requires a combination of skills, knowledge, and practice. With businesses competing in a crowded marketplace, it’s essential to showcase products to stand out from competitors. Capturing ..read more

CreditorWatch, Australia’s leading commercial credit reporting agency, has unveiled its Portfolio Risk Benchmarking Report.  This report offers Australian businesses unparalleled access to credit risk benchmarking insights. The report is available free of charge to commercial lenders, financiers, and businesses with an annual turnover of at least $250 million. Businesses can access a free Portfolio Risk Benchmarking Report here. In light of the latest CreditorWatch Business Risk Index report, which has revealed a sharp 30 per cent year-on-year increase in trade payment defaults, busi ..read more

Australian businesses need flexible funding solutions to turbocharge their growth, but finding the right partner can be challenging. SomnoMed CEO Neil Verdal-Austin explains how the company turned to private credit fund Epsilon Direct Lending to help fund his company’s digital transformation strategy and market expansion – when big banks didn’t get on board. From our humble beginnings in Sydney back in 2004, SomnoMed has grown to be the world’s largest supplier of oral sleep apnea devices. Today, we operate in 28 countries, but the thing that’s been key to our global expansion and digital tran ..read more

Businesses seeking to enhance their sales process, improve customer engagement, and increase conversions must employ sales funnel automation tools.  Such tools use artificial intelligence, machine learning, and marketing automation to automate various sales funnel stages, from lead generation to closing deals. These automation tools offer businesses an opportunity to save valuable resources and time by automating repetitive tasks like lead scoring and follow-up emails, enabling them to focus on establishing productive relationships with customers and prospects.  Furthermore, these to ..read more

Australian financial platform, Airwallex, has reduced the cost of processing online payments made through domestic credit and debit cards by almost 30 per cent, allowing businesses in Australia to save up to $12,000 per year.  Starting from March 27th, both new and existing customers of Airwallex will enjoy a 45 basis point decrease in the fees they pay to process online payments using domestic credit and debit cards, with a new rate of 1.20 per cent per payment plus 30 cents. According to the company, this new rate is significantly lower than other major providers charging between 1.75 p ..read more