With Victoria’s seven-day lockdown inevitably impacting the state’s economy, the Victorian Government has announced support packages for the businesses most affected. The ‘circuit-breaker’ lockdown has forced many businesses to shut their doors and the packages aim to minimise the damage to Victoria’s workforce. Up to 90,000 Victorian businesses affected by the restrictions that remain until… Continue reading Support packages for Victorian businesses
A national business poll has been released showing one in three SMEs are considering closing or selling their business within the next six months, due to the impact of the COVID-19 recession, unless there is a significant improvement in conditions. The poll conducted by ScotPac, Australia and New Zealand’s largest non-bank SME lender, has also… Continue reading More SMEs predicted to close over the next 6 months, poll shows
Guest authored by Sam Allert, CEO of Reckon With 23 per cent of small businesses concerned they won’t exist this time next year without Government support, there were many eager business owners waiting to hear what the Budget delivered on Tuesday evening. A pre-budget survey conducted by Reckon interviewed over 1000 small businesses and found… Continue reading Has the Budget delivered for small businesses?
While the small business sector has been hit dramatically by the effects of COVID-19, they may also be our ticket out of economic distress. Small and medium sized businesses employ 4.8 million Australians (44 per cent) and are a major GDP contributor (57 percent). Employment growth in small businesses accounted for approximately 60 per cent… Continue reading Are small businesses the key to our COVID recovery?
Since the launch of the government’s SME guarantee scheme for small businesses suffering from the knock-on effects of COVID, we’ve seen how important it is to provide a financial lifeline to Australia’s SMEs in the wake of the pandemic. It’s not just in the interest of business owners and their employees; now more than ever… Continue reading Where the SME sector is headed in a post-COVID world
Australian micro businesses fared better than all comparative global markets, including the US, UK, Europe and Canada, in the wake of the COVID pandemic, despite the 12% decline of total invoiced dollar amounts in April 2020 compared to April 2019, according to data released by Invoice2go. Micro businesses have been some of the worst affected… Continue reading Australian micro businesses outperform global markets in COVID-19
Small businesses are pleading to be paid on time, with Ombudsman Kate Carnell urging big businesses not to use the COVID-19 economic downturn as an excuse not to pay up. The reports of big businesses using COVID-19 as an excuse to delay payments to their small business suppliers is disappointing. “Now is the time for… Continue reading Big businesses shouldn’t use COVID-19 as “excuse” not to pay
The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has written to Prime Minister Scott Morrison, requesting support for Australia’s small business sector, including the nation’s 1.4 million sole traders. Read up on: COVID-19 economic plans and the government’s stimulus package. “The COVID-19 driven downturn is already taking an unprecedented toll on the Australian small business… Continue reading COVID-19 support should extend to sole traders too
Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), urged senators to pass the Australian Business Growth Fund Bill on Wednesday. Ms. Carnell explained that the bill would significantly encourage growth and promote economic expansion for small and medium-sized businesses around the country. “We strongly support the investment by the Commonwealth in the… Continue reading Senators urged to pass equity bill that could see SMEs flourish
Small businesses are currently in a unique position over large corporates. During the last decades of the 20th century and even the noughties, it felt almost impossible to compete against large corporates. The bigger the company, the deeper the pockets and the greater the brand presence. Their scale and capabilities meant they did not need… Continue reading No board, no worries: The secret advantages of small businesses