SMALL and medium-sized enterprises (SMEs) are the backbone of the Australian economy, and with 2022 looking like the eye of the storm when it comes to the much-anticipated ‘great resignation’, there has never been a more critical time for SMEs to meet face to face and take to the skies to both retain and win new talent.

In a recent report, Microsoft found that 41 per cent of the global workforce is likely to consider leaving their current employer within the next year, with 46 per cent planning to make a major pivot or career transition.

Federal Government data shows small businesses contributed almost $418 billion to GDP in 2018-19 and Tom Walley, SME business travel specialist Corporate Traveller in Australia, said small and medium-sized businesses were at a critical juncture ahead of the hyped ‘great resignation.’

“Let’s face it, Zoom and Teams have been excellent tools over the past 18 months, and they will play a part going forward, but no business is going to sign deal worth millions over a virtual platform – there’s simply too much risk involved in taking that leap,” Mr Walley said.

“The vast majority of the feedback that I’ve received internally and from our customers is those who have made the effort to travel and see employees and prospects face-to-face have made more of an impact in a day or two than they would have in six months of virtual meeting calendar matching.

“Virtual platforms are excellent for information sharing but they really don’t cut it when it comes to key decision making. SMEs need to get back out there to engage with their own employees as well as linking up with potential prospects as soon as they possibly can.”

Mr Walley said several business owners have identified the last few weeks before Christmas as being a real window of opportunity to build and strengthen relationships ahead of the new year.

“SMEs have been inspirational in the way they’ve kept their businesses alive and used lockdowns to plan for the future and they want to get ahead of this so-called ‘great resignation’ that’s slated to take place next year – and our booking data supports that,” he said.

“London has stormed into the top three destinations booked by our Corporate Traveller customers from both Sydney and Melbourne and England’s capital has also made its way back into the top 10 as a whole brand – it hasn’t been in that position since before COVID hit globally.

“We know international travel is returning at pace out of Sydney and Melbourne and the enquiry we’re getting from Brisbane is unbelievable – the pent-up demand to travel both interstate and overseas for business from the Sunshine State is insatiable.

“There is now the realisation that only face-to-face interactions can save the leakage of talent and we’re expecting to see a significant uplift in international travel from February onwards. SMEs can’t afford not to travel and those that can, will.

“We know there may be some confusion early next year with the many different requirements for travel – but that’s where having a travel management company on your side has never been more vital – the recent relaunch of our ‘SAM’ app, for example, is like having our experts in your hand.

“I advise SMEs to have a marketing and sales strategy ready, innovate through your existing technology to differentiate your brand, create a cashflow positive strategy, strengthen customer service functions, improve business reporting, involve your human resources professional, update your business’s travel and expense policy, and, of course, take to the skies and get out to see your people and prospects.”

Below, Tom Walley forecasts seven areas he expects SMEs will focus on in 2022 in a continuing pandemic environment:

1. Businesses are likely to focus on nurturing repeat customers. Beyond customer acquisition, SMEs are likely to focus on driving customer loyalty as a key to business success. Mr Walley expects businesses will use every avenue to nurture customer relationships – from personalised communications with exclusive reward and discount offers in direct marketing, to social media and targeted online advertising. More businesses will encourage customer feedback to fine-tune their offerings and show customers they are valued.
2. SMEs will simplify their supply chains where possible. The pandemic has uncovered the business sector’s reliance on complex global supply chains and the significant impact of any disruptions along the chain. At the same time, Australians are beginning to understand the importance of locally made products. Mr Walley expects businesses to simplify their supply chains and try to localise some aspects to avoid disruptions and a dependency on other regions. Any shift to ‘Australian made’ will also help attract customers.
3. Growing adoption of AI. There will be an increase in AI-powered software, and Mr Walley expects more businesses to invest in software with AI technology in 2022 in their products, services, and customer interaction. AI will automate some processes, analyse data, improve the customer experience with predictive tools, and increase visibility across various phases of the supply chain. Corporate Traveller is a case in point. This year it re-launched its SAM (Smart Assistant Mobile) application, an AI-driven travel assistant app that provides travellers with real-time travel information, from itineraries to notifications and alerts.
4. A renewed focus on sustainability. Many businesses likely postponed sustainable initiatives during the pandemic while they focussed on protecting their employees and maintaining revenue. However, Mr Walley predicts SMEs will slowly take up their environmental programs in 2022, and some may even adopt more ambitious targets. Many are likely to pivot procurement to sustainable suppliers and establish goals to reduce waste and emissions across their operations, goods production, and their travel. Mr Walley expects flexible work arrangements to continue, while businesses maintaining travel to the workplace could introduce incentives for public transport use, cycling and other sustainable transport. More businesses restarting travel programs will focus on sourcing low-carbon transport options and accommodation with sustainable initiatives.
5. Embrace new payment methods. Cryptocurrency is gaining momentum in Australia and internationally – driven by looming concerns over growing inflation and the opportunities brought by major technological developments in decentralised finance. As a result, Mr Walley expects more businesses to diversify their payment mix to include crypto. However, he also expects adequate government regulation of the crypto industry to be implemented first, to decrease hesitancy and encourage a broader adoption of crypto.
6. SMEs will offer flexibility beyond WFH. With job ads increasing in October by 10 per cent on the previous month and 63 per cent on the previous year, applications have declined by five per cent. To attract talent, Mr Walley expects businesses to offer flexible work arrangements, including remote, casual, part-time, job share and contract job options, along with better entitlements and, for some, higher pay. Some businesses, particularly consultancies, may offer equity or profit share to retain indispensable senior employees. Due to the tight candidate market, more work may be outsourced to agencies, freelancers, or contractors next year.
7. Better and more flexible travel. In the absence of serious COVID variants that result in lockdowns and border closures, travel will again be an important business activity, particularly for building relationships and making sales. Mr Walley says that while international borders are likely to close again, businesses will still set their sights on domestic travel. At the same time, Mr Walley says businesses are developing new travel policies and procedures to mitigate health and safety risks among travellers. These may include engaging suppliers with good hygiene and safety protocols across air, hotel and transport that align with their own policies. Pre-trip COVID tests and confirmation of vaccination status will become the norm, while a higher proportion of businesses will engage with technology-driven travel management companies to equip them with information on restrictions and quarantine requirements in real-time. Businesses will review and upgrade their travel insurance, while seeking transport and accommodation cancellation policies that allow for last-minute changes.

Loungewear at work, a boom in pet accessories, and an emerging new generation of young e-entrepreneurs. These are just some of the consumer trends for 2022, or grow further, next year as a proportion of Aussies continue to earn a living from home, relocate out of cities, and take precautions to reduce their risk of viral infections.

The forecasts come from Davie Fogarty, Founder and CEO of Davie Group, the fast-growing company behind brands The Oodie, Calming Blankets and Pupnaps, which have amassed cult-like followings in the last three years. Davie was also recently added to the AFR Young Rich List, with Davie Group having turned over $182 million in FY21.

Davie says: “There are several key trends that will emerge, or grow further, that will drive a good amount of consumer spending. The impact of the COVID pandemic has seen more Australians embrace the indoors, changing their behaviour and clothing choices as a result. Businesses are similarly pivoting to meet these new needs, while the emergence of new technologies is drumming up consumer demand in new areas, while also helping young entrepreneurs break into different industries easily and successfully.

“At Davie Group, I am looking at ambitious ways to continue expanding our existing brands and acquiring new ones. I expect other business owners to similarly look at how they can evolve, grow and ultimately succeed next year and beyond.”

Below, Davie shares his nine consumer trends for 2022:

1. Loungewear will enter our workplaces and social lives. Now that hybrid working arrangements are widespread, Davie predicts more Australians will place an importance on, and invest in, lounge-style clothing, such as slouchy pants, track pants, sweats, tees and comfortable slip-ons or sneakers. There will be some ‘blurring’ between what we wear to bed or lounge around in at home, and what we wear out. Davie says, “Seeking comfort over fashion will be embraced more widely over the next year, as people and their employers become more used to people earning a living from home.” In anticipation of this trend, Davie is planning a loungewear collection launch for The Oodie in 2022.
2. Pet accessories will boom. As Australians have spent more time at home, pet ownership has increased significantly in the last two years, with 69 per cent of Australians now owning pets, and 19 per cent of pet dogs and 24 per cent of pet cats obtained during the pandemic.[1] With more people working from home in the company of their pets, Davie predicts pet products – along with pet ownership – will continue to boom in 2022. Davie’s own pet bed brand Pupnaps saw sales increase by 447 per cent from FY20 to FY21.
3. Bedrooms will become decentralised. Davie forecasts that Australians will move away from the bedroom as a place solely for rest and relaxation, as rooms become multi-functional. Australians will move to other areas of the house to read, relax and nap. Davie predicts more of us will invest in accessories usually associated with bedrooms – such as pillows, cushions, throws and candles – for living rooms, decks, rumpus rooms, studies or outdoor living areas.
4. Self-care will become a priority. Davie expects more Australians to prioritise their mental health and self-care needs to de-stress and reduce anxiety over the next year. Consumer demand for products and services that deliver on comfort, wellness and happiness will grow in 2022. Consumers will seek physical products that provide relaxation and a means of ‘escape’, along with experiences and services, such as spa treatments in and out of the home.
5. Online shopping will grow steadily. Davie says more consumers and retailers have moved online over the last two years. While the growth will slow this summer, retailers will increase their investment in the online shopping experience in 2022, and more shoppers will remain online. “I expect continued growth in eCommerce and social commerce, and more brands will embrace different platforms to attract new customers and sales. Viral social content designed to convert sales will grow, particularly as apps such as Tik Tok rise in popularity. Influencers will also continue to be a powerful tool for brands to drive sales online.”
6. Outdoor activities and social gatherings will grow in popularity. More Australians have been embracing outdoor spaces, which are less affected by lockdowns and present lower infection risks. Since March 2020, a third of Australians have prioritised their physical health and 89 per cent engaged in activities to improve their health.[2] Davie says this trend will continue in 2022, along with a demand for outdoor equipment and products. Identifying this trend some months ago, Davie had the foresight to acquire Outdoor Play, a US-based company specialising outdoor equipment and activewear.
7. Nights in will be the default. While more Australians will enjoy the outdoors during the day, nights in will continue in 2022. Australians became accustomed to staying in during the pandemic, improving their homes to increase their enjoyment at home. Renovation spend increased by 83 per cent in 2020, while Australians also invested more in revamping kitchens and outdoor spaces, such as patios, terraces and decks.[3] As a result, Davie forecasts more Australians will shift their focus to entertaining in the home. Davie says home entertainment and homewares will also be heavily invested in rather than spending on social outfits and nights out at restaurants.
8. Younger generations will gravitate towards eCommerce entrepreneurship. Davie predicts a growing appetite among young Australians for entrepreneurship, particularly in the eCommerce world. He says barriers of entry are shrinking. “It is easier and more affordable than ever to start an eCommerce business. Entrepreneurs used to spend a lot of time and money creating eCommerce stores and apps. However today, creating an app and eCommerce store is now as simple as the click of a button.”
9. More brands will accept crypto. Cryptocurrency gained significant momentum this year and Davie predicts it will become an accepted payment method by more businesses in 2022 and beyond. One of Davie’s own brands, Pupnaps, now accepts crypto payments and more Davie Group brands will follow next year.

Local fintech startup YouPay launches unique online shopping option enabling friends and family to buy desired gifts – the solution can reduce massive waste of unwanted Xmas presents and US$39 trillion per year in abandoned cart missed sales

In 2020, retail e-commerce sales worldwide amounted to US$4.28 trillion, and e-retail revenues are projected to grow to US$5.4 trillion US dollars in 2022. Yet 88% of carts are abandoned, totalling US$39 trillion per year in missed sales.

A new solution from YouPay, a Brisbane fintech company that separates the payer from the recipient at the shopping checkout, seeks to address this waste – and also help reduce unwanted Christmas presents.

Youpay allows online shoppers to fill their cart and send it to another person to purchase on their behalf, instantly – has just launched on online street fashion behemoth and eCommerce success story, Culture Kings, and in the coming months is set to be integrated into the eCommerce platforms of some 250 other brands who have registered their intent to offer the solution.

YouPay’s collaborative approach to online shopping solves a problem countless shoppers encounter every day: how do you quickly shop for the products you want or need when you’re not the one who needs to pay for them?

YouPay’s offering increases conversions for eCommerce platforms, while for consumers it removes inefficiencies in the shopping process for a range of use cases such as gifts, as well as purchases from parents, partners, friends, professionals, employers, charities and more. These purchases can be made using whatever payment methods the retailer usually offers to its shoppers.

Research from The Australia Institute suggests that 30% of Australians expect to receive a Christmas gift they will never use, meaning that wasted presents total around $980 million every year, which usually end up in landfill.

And according to a Gumtree survey, millions of Australians may be waking up with more than Christmas leftovers, as over 19.3 million unwanted gifts were received last year. The survey found that 53 per cent of Australian adults, the equivalent of 8.5 million people, received at least one unwanted Christmas gift. Clothes and accessories topped the list for unwanted gifts (20%), followed by beauty products (15%).

YouPay, which recently closed an initial $4 million seed round with Sprint, a Brisbane based venture capital firm, aims to increase eCommerce conversion rates by providing an alternative payment mechanism to enable purchases by third parties.

“YouPay makes it easy for one person to shop online and another person to pay for it, quickly and securely,” said YouPay CEO and Founder Matt Holme.

“Shoppers simply fill their cart as usual, create a YouPay link, and then send that link to the person they would like to make the purchase.”

YouPay’s value proposition was enough to entice Culture Kings to jump on board and integrate YouPay into its checkout options – a significant move as the retailer generates 60% of its revenue from eCommerce. YouPay is now live on the site, launching in time for the busy holiday season.  

Culture Kings founder and CEO Simon Beard, who was one of the early adopters of Buy Now Pay Later, said YouPay provided a solution to a frustration for merchants and the consumers.

“With more than $1 million of goods left in abandoned carts each day, we were looking for a simple yet effective solution that would not only reduce this, but make it easier for our customers to be able to share their cart as opposed to sending a link to someone and hoping they select the right size and colour,” he said.

“YouPay solves a really common problem with a very simple solution – it is easy for customers to use and for purchasers to make a payment in one easy click. People can now share carts with parents, partners and friends, which is a great way to purchase and get what you want.

“The YouPay solution also has a wide range of use cases for consumers, businesses and the charity sector, that I think will really appeal to many organisations across these different areas.”

On seeing the platform and realising the significant potential, Simon Beard invested in the business and continues to provide guidance, support and feedback on how the platform could be further enhanced.

Mr Holme added that the aim was to allow shoppers to get the products they would actually like, while eliminating the heavy lifting a payer usually has to do that results in abandoned carts or incorrect purchases.

“We’re very conscious of the need for people to spend responsibly, and while there are many options out there, we believe our shared system will help reduce the risk of debt among consumers,” he said.

“Given our wide-ranging applications and implementation potential across all eCommerce platforms, we are ready to carve our own path in the online shopping space.

“YouPay is a completely new segment in the online shopping universe, there’s a great amount of interest already. We can’t wait to get more merchants on board.”

With brands like Culture Kings already activated and more in the integration pipeline, the company expects greater momentum in 2022 as more consumers and merchants recognise the value of the YouPay solution.

Despite the various challenges presented by COVID-19, the Agribusiness, Food & Beverage industry has been a resilient capital markets performer with Australian businesses achieving outstanding results in the domestic and global Mergers & Acquisitions and Initial Public Offering (IPO) markets. Grant Thornton today released its Bite-Size Dealtracker 2021 takes a closer look at food and beverage trends as well as domestic and global trends of M&A and IPO activity for Agribusiness, Food & Beverage business from 1 July 2020 to 30 June 2021.

Cameron Bacon, Partner – Corporate Finance & Victorian Industry Leader of Agribusiness, Food & Beverage at Grant Thornton said: “This year’s Dealtracker insights clearly showed the Australian Food & Beverage sector experienced a very strong rebound in transaction volumes and values since the impact of COVID-19 on the market in the first half of 2020. This report explores which subsectors experienced the most growth in terms of deal volumes and values during FY21 demonstrating their dual popularity as both successful business ventures and trending growth in consumer demand.”

The following Agribusiness, Food & Beverage sectors demonstrated solid performance in the report and after a strong comeback in FY21 are predicted to continue to grow throughout FY22:

Craft Beer

Over the past few years, Australia’s interest and consumption in the craft brewery sector have continued to grow. The market has exploded over the last number of years with many new beers and ciders produced. As these new products gain increasing acceptance more transactions are taking place. The report found the number of transactions in the Australian brewery subsector currently makes up 4 per cent of Australian deals and this number is expected to grow significantly in the next 12 months with a major contribution from craft breweries.

Pre-packaged meals

This year has seen an increase in the pre-packaged food trend. It’s the return of the TV dinner, but not as we know it – gone are the fish fingers and soggy frozen vegetables, and instead, Australians are enjoying fresh vegetables, tender meats, healthy sides, and a variety of sauces from a range of cuisines in a pre-packed and convenient serve. Pre-packaged meals make up a component of the packaged foods and meats subsector which continued to account for the majority of all deals and is expected to maintain its lead in FY22.

Innovative agricultural products

With the increasing emergence of new technology for all sectors, Food and Beverage producers are proactively integrating them into their operational and production processes. Despite the composition of deals for this subsector staying consistent with the historical period, the size of Agricultural Product deals has seen an increase due to the push for innovation in the Subsector to reduce costs, increase yields and reduce emissions. Agricultural Products accounted for 30 per cent of the Australian top 10 deals monitored in the Dealtracker and this demand is expected to remain strong for the next year. Carbon capture is also an evolving space in the Agricultural Products subsector that is expected to have a stronger M&A presence in future years.

Plant-based meats

Part of this innovation in agricultural products has seen a rise in the production of plant-based meat alternatives, and in response, consumers have taken to these foods with great enthusiasm. Many of these plant-based products are a result of agricultural innovation and are packed with nutritional value. Plant-based meat products offer options to consumers who want to try something new but don’t want to stray too far from their traditional meals.

Distillers & Vintners

This year’s Dealtracker report discovered Distillers & Vintners accounted for 22 percent of all Australian acquisition deals in FY21. Wineries that have done well during the COVID-19 lockdowns have undertaken creative direct marketing activities delivering boxes of wine to doorsteps around the country. In addition, the rise in the popularity of spirits including bespoke gins, whiskies and vodkas throughout the pandemic has given this subsector a huge boost over the last year. This trend is expected to continue into FY22 with a predicted rise in M&A activity.

Download Grant Thornton’s latest Bite-Size Dealtracker 2021 report to learn more. The report provides further Food and beverage trends and details into the Agribusiness, Food & Beverage sector’s resilience when faced with changing market trends due to the COVID-19 pandemic, key areas of investment, and the factors leading to what will continue to be a strong year for activity in this sector.

Businesses are starting to plan their travel for 2022, however as the pandemic continues and new variants emerge, travel will remain a complex, yet doable business activity. As a result, a business travel expert says pre-planning and risk assessment to prioritise traveller safety and minimise disruptions must be a greater priority for businesses before resuming travel.

Tom Walley is the General Manager at Corporate Traveller, Australia’s biggest travel management company for SMEs and a division of Flight Centre Travel Group. He says that despite promising vaccination rates, the threat of the pandemic remains, and the new Omicron variant has thrust businesses into a world of uncertainty. “Businesses need to continue to be on high alert and ensure their duty of care to their travelling employees is a top priority.”

Tom’s comments come amid the recent release of the international ISO 31030 Travel Risk Management standard. Corporate Traveller welcomes the standard and says that its release is timely and important, given the current climate. He says: “As businesses continue to face a number of pandemic-related challenges, the availability of such a standard will help leaders implement the procedures and actions needed for traveller safely.

“Travel management companies (TMCs) such as ours have worked with businesses over the last 18 months on risk mitigation strategies to ensure they can continue travelling. The new standard formalises these strategies and ensures businesses can implement them independently and easily, providing the protection needed in the event of COVID infection or other health and safety issues during travel.

“Organisations would be wise to review the new standard, as it provides a foundation for organisations of all sizes to reduce potential health, safety and security risks during every step of the travel journey. Certification is also beneficial to businesses and their employees as it can increase employee confidence to return to travel, improve productivity and sales, and provide reassurance to business partners and stakeholders, improving business reputation and credibility. As such, there are several actions I believe businesses can implement in their travel programme now to prepare for a safer return to travel in the new year.”

Adrian O’Connell, CEO of Standards Australia, says: “While December sees many lines of international travel open up to Australia, the pandemic is still ongoing and there are travel risks associated with this, including to personnel, reputation, finance, business continuity and resilience. These risks impact the organisation’s legal, compliance and duty of care responsibilities.

“ISO 31030 Travel Risk Management was developed to offer guidance to organisations on how to manage the risks as a result of undertaking travel. The standard provides a structured approach to the development, implementation, evaluation and review of its travel risk management policy and program.

“This recently launched ISO standard provides guidance to protect the workforce. The standard aims to generate recognised benefits by promoting a culture where travel-related risk is taken seriously resourced adequately, and managed effectively.”

Below, Tom shares the 7 must-have traveller safety protocols businesses should implement, which he recommends to his own business customers and are reflected in the new ISO standard:

1. Establish pre-travel authorisations. Tom says organisations would be wise to establish pre-approvals and booking procedures to provide better visibility over travel. This can include developing a mandatory booking process that clearly outlines the booking channels that can be used for all forms of travel, transport, and accommodation, as well as the senior leaders tasked with approving travel. It would also stipulate the approval process required to book travel outside official channels. Tom recommends using a centralised system, such as a platform developed specifically for the organisation or provided by a TMC to book travel. This can help businesses better manage travel and make changes quickly based on emerging issues.
2. Conduct a travel risk assessment prior to planning and booking travel. A travel risk assessment allows businesses to identify, analyse, and evaluate security threats and health and safety hazards that could occur during travel. Tom says TMCs can conduct such assessments on a company’s behalf or businesses can perform them independently. “Business would first assess potential risks and likelihood of them occurring. These could range from personnel risk, including injury or illness, legal risk, financial risk, and data risk, including breaches in data and confidentiality.” To analyse such risks, organisations can seek expert advice or source information from local government agencies and embassies, along with location-specific crime statistics. Organisations should also consider causes and drivers of risk, including the likelihood of an event occurring, potential consequences and the effectiveness of existing controls. Before commencing travel, businesses may also adjust certain protocols to minimise risk, such as changing the type of transport used or reducing the number of days travelled.
3. Assess and approve accommodation and transportation based on health, traveller safety, and security risks. Tom says organisations need to consider potential health, traveller safety and security risks when determining approved accommodation for travellers. He says the standard outlines how organisations can assess accommodation options, including assessing security policies and procedures, such as evacuation and other emergency procedures, evaluating the risk to data associated with internet service provided by a hotel, as well as the suitability of amenities, such as a room safe to keep personal and business property secure. The same applies to transportation. Organisations can consider a policy regarding airlines to use, assessing factors such as safety record and hygiene measures. For ground transportation, organisations can also stipulate pre-arranged transport options, such as authorised public taxis employees can use. It is also important to be mindful that the cheapest option may not be the best for keeping travellers as safe as possible – so comparisons are recommended.
4. Source relevant, reliable, and up-to-date information and advice for travelling employees. Organisations should proactively source relevant and reliable information and advice to provide to its travellers prior to and during travel. It should be location-specific and highlight the medical and security levels of risk. Tom says the findings from the organisation’s risk assessment can be used for such advice and information. “Organisations that travel regularly can also consider onboarding a travel management company, which are equipped with innovative technology and expert teams that can source and provide information to businesses and travellers in real-time. Travel management companies can also change itineraries before and during travel based on changing circumstances and increased risk to ensure traveller safety.”
5. Perform pre-and-post-travel checks on all travelling employees. Pre-travel checks can assess whether an employee is medically fit to travel, whether that be COVID-related or general health. Checks should consider pre-existing health conditions and ensure procedures such as testing, vaccinations and quarantine are adhered to prior to travel, particularly if an employee is travelling to a location with a high rate of COVID cases. Tom says post-travel checks are also important, particularly if a traveller has been involved in a stressful situation or event. To minimise risks, organisations can also advise employees to travel with appropriate first-aid equipment and medicines or equip travellers with a medical kit.
6. Track travellers for peace of mind. Tom says the standard outlines three methods organisations can consider to track travellers: itinerary based, expenses based, or technology based. However, he warns tracking travellers should only be used to ensure their safety and give businesses peace of mind, particularly when travelling to a high-risk location. Itinerary-based tracking relates to the collation of booking information, from transportation to accommodation, to identify where travellers will be, and when, throughout their journey. This method keeps organisations informed and allows travellers to check-in with managers at agreed points in the journey for added peace of mind, while still maintaining privacy. Organisations could use a system that tracks an employee’s expenses, which can indicate where the traveller has been as well as ensure travel budgets are adhered to. Technology-based tracking involves using a device or specific app on the employee’s phone which can monitor and record movements, allowing organisations to view their precise location.
7. Evaluate the travel program through employee surveys. Businesses can conduct employee surveys to identify any gaps and areas of improvement needed in their travel program. The surveys assess all areas of the travel program, including the support and information provided before and during travel, the booking process, and the overall travel experience. Tom says, “The survey could ask for specific feedback, particularly regarding health and traveller safety, to ensure travel remains seamless and safe for all employees.”

2021 has been a year of immense change in digital with no signs of slowing down in 2022. Tech trends from the rise of Web3 to the increased adoption of artificial intelligence (AI) and virtual reality (VR), the past year has opened a host of new digital web offerings for Australian small and medium-sized businesses (SMB).

Small businesses are the lifeblood of the Australian economy, accounting for over 97% of all Australian businesses, and over 2.3 million employees. Next year, SMBs must focus on how to set themselves apart by planning ahead and adapting to the latest digital tech trends. Here are a few that will take the industry storm next year:

Headless will drive omnichannel experiences

Put simply, headless technology is the separation of the front end of a website (the visible elements that users interact with) from the back end. Headless adoption is growing in Australia, with two-thirds of Australian businesses (66%) already using the technology. Transitioning to headless site infrastructure allows SMBs to seamlessly connect with their customers across all devices to serve personalised digital experiences and is set to be the future of all websites. A headless website also makes it easier to collect, aggregate and clean first-party data which is now more important than ever in a post-cookie world.

Welcome web3

Web3 is based on the increased availability of high-speed internet connections through wireless carriers like 5G networks. A new generation of technologies, bolstered by smarter websites, powerful mobile devices and rapid internet speeds, are giving SMBs pioneering ways to access data and opportunities to reach consumers. The cost to publish content and advertise in a Web3 environment is significantly lower through traditional media channels. Lowering the cost of entering a market encourages small business creation and helps more new small businesses thrive.

The rise of AI and VR

To help SMBs increase customer engagement, AI and VR help bolster the buyer experience in line with their customers’ needs. AI helps personalise their customer experiences while VR can bring them to life. Think chatbots — those non-human customer service beings that are trained to engage in human-like exchanges online.

Using AI to automate marketing campaigns based on analysis of the kinds of goods customers are likely to buy, suitable price points and the times customers are most likely to make a purchase help greatly improve cost efficiencies, resource delegation, and saves significant amounts of time.

If the COVID-19 pandemic has taught us one thing it is that now more than ever, people matter. For brands to succeed they must understand the value of human connection and replicate this in their digital services. It is important SMBs employ innovative technologies to ensure a firm foundation for success. Technologies like headless, Web3 and AI and VR will be central to making this a reality. So, what’s your first move in 2022?

By Ricky Blacker, APAC Site Leader at WP Engine

It’s hard to think of a cultural change that’s had as pronounced an effect on our modern working lives as the COVID-19 pandemic. Initially, as it caused us to leave our offices and switch to remote work, there was a pervading sense that soon enough we’d be back to our workplaces and typical working days. But, as the crisis rumbled on and we dipped in and out of lockdowns, the idea of working exclusively from an office has become an anachronism. Remote work as a standard practice is here to stay and the future of business lies in the hybrid working model.

In fact, employees now expect hybrid working conditions to such an extent that over half of Australian bosses anticipate employees to be in the office just three days a week moving forward.

Embracing the hybrid model provides a rare opportunity to reset the way your business operates, and while implementing it permanently may seem complex – actually, it isn’t.

Hacking hybrid work to leverage its benefits (flexibility, opportunity for work–life balance) and avoid its pitfalls (blurred work and home boundaries, sedentary working days) is all about capitalising on the strengths of in-person and remote work at the same time.

Successful hybrid work starts with trust

Successful hybrid working is underpinned by a healthy company culture which, according to research, drives performance, offering up to three times greater total returns. Conversely, stats show that 70 percent of transformations fail, largely due to people and culture-related challenges.

A healthy culture is one based on trust, where the company’s expectations, outputs and ways of working are clearly set out for and understood by employees, who are also empowered to deliver on them autonomously.

Yet employees need more than a company or values mission statement for this – which can be nothing more than empty words in a document – they need authenticity. For leaders to model transparency and offer frequent, open communication and access to information.

To put it simply, staying productive while working in a hybrid model is as simple as ensuring everyone understands exactly what needs to be done and to what standard and deadline, then giving the relevant people the space and flexibility to do it.

Set your people up for success

To succeed at the hybrid model, it’s vital that businesses not only communicate clearly to their staff, they must also genuinely listen to what employees need and trust their team.

As business leaders, we need to provide clear direction to help people to understand the why and the what of value creation and then get their insights and input into how we can achieve this. After all, who better to advise than those who are on the front line of what we create and do?

Of course, in these new times, this communication must include advice from our people on how we can better serve them, too. How can we help them create clearer boundaries between work and home, take more breaks, feel more purpose in their work?

Then, in keeping with our healthy culture, we must deliver. The cold hard truth is employees will walk away if they don’t get what they’re promised, with stats from LinkedIn showing a 26 per cent jump in Australian workers moving companies compared with before the pandemic.

Promote a sense of belonging

Research by career coaching platform BetterUp highlights the importance of inclusion and belonging for retention and engagement – emphasising the manager-employee relationship. According to its latest Insights Report, when managers are viewed as inclusive, employees are almost three times more committed to an organisation and have over three times more engagement and job satisfaction.

In a hybrid working model, leaders have a responsibility to create a sense of inclusion and belonging for their teams, key areas of focus to improve this include training, work wellbeing initiatives and internal communications.

Training:

• Businesses need to try to minimise feelings of isolation, starting from remote onboarding practices (which need to be rethought across the board) and continuing through to the day to day
• Employees need a point of contact so they can ask questions when they need to
• Employers need to tap into employees’ desire for development opportunities, asking what it is they want to do and why, which could help create an overlap between individual purpose and professional lives
• Social agility training should be provided, which can help support employees in new ways of working as well as keeping job satisfaction high

Wellbeing at work:

• It’s now the role of employers to set employees up for remote work in an OHS-friendly way. At Brother we partnered with Actevate to ensure everyone had the correct equipment and were sitting correctly while working from home
• Companies need to provide incentives, such as discounts on corporate gym memberships and social events with an active element (always voluntary and never forced)

Internal communications:

• According to the Harvard Business Review, improving employee engagement increases productivity by as much as 22% 
• Internal comms should be filtered through a lens that shows how the company is aligning with and achieving its purpose and how employees’ individual purpose fits into that too. Standard practices such as monthly whole of company updates that share what’s happening and give opportunity for people to connect in small groups create ample opportunity for this
• At Brother our internal comms include newsletters and virtual seminars, which have helped continue to build our culture in and out of lockdowns

Make your technology an enabler

With the right tools for the job people can do anything, and the role of technology in a hybrid infrastructure is to be an enabler.

Everyone has embraced tools that support a decentralised working environment and 52% of Australian businesses say they’ll increase spending on collaboration, communication and productivity technologies over the coming year.

However, if the plan is to increase investment in tech, then that spending has to be strategic so as to not overload employees with too many tools.

Functionality is key and organisations transforming for hybrid work should seek to keep productivity high and burn out low by opting for tech that’s fast, reliable, secure and everyone can access from anywhere – right in the flow of their work.

The key to success here, just like everything else in the hybrid model, is to keep it simple and people-centric. All it needs to do is allow people to communicate, share ideas, collaborate, and even socialise – just like they did in the office.

Andy O’Donnell is a Director (Sales, Product & Marketing) at Brother Australia. With over 16 years in the organisation, Andy has helped to launch countless new products and innovations from Brother, all while supporting the brand’s mission to provide the best ‘at your side’ service to its customers.

Small Business Answers has various guides on technology enablers here.

COVID lockdowns have propelled digital adoption, unleashing a swathe of new tools and services that are finally accessible to smaller companies. It’s an exciting time, levelling the playing field for SMBs. More so with the recognition that we’re never going “back” to how things were pre-pandemic, but new technologies, processes and workplace arrangements are here to stay and form the basis for SMB trends for 2022.

So, what’s in the crystal ball? Here are four key predictions 4 top SMB trends for 2022 :

1. SMBs accessing enterprise-grade tech

Sophisticated platforms that leverage AI and machine learning are no longer the domain of large enterprises. Cloud-based, SaaS solutions are democratising IT. Everyone is “buying up”, with SMBs buying traditionally mid-market and even enterprise-grade products. This means that formerly enterprise-level technology such as ERP is now accessible to smaller businesses. 

SMBs can get in on the action without worrying they’ll be left behind due to a lack of capital to invest in buying solutions outright. Instead, there’s a much lower upfront cost to access the latest ERP technology. It also means they don’t have to worry about the cost of IT support as that’s typically part of the subscription package with SaaS services.

2. Time-stacking meetings

As we’ve moved to Zoom or Microsoft Teams, we’ve just supplanted the meeting with the Virtual Meeting. We’re all tired of this and to be frank it’s tiring. Email has largely been replaced by lots of contextual chats, such as Slack and Teams. The issue is that we don’t always need face-to-face instant feedback in communication. Meetings (physical and virtual) can be replaced with asynchronous messages, videos, and small incremental chats.

Instead of booking a meeting to review a document “when our calendars collide”, businesses will increasingly use real-time collaborative documents where they tag each other in small incremental comments for review. This works great with customer proposals as well. There’s no need to send a long email ever again. Instead, you can send a small document with a Vidyard video of you talking about it. 2022 will see people “time stacking” the necessary, with many actual meetings in small sections of the day while taking the rest of the day to work asynchronously across many channels, many devices, and a wide selection of connections (that are ubiquitous).

3. A major focus on trust

Since COVID, many consumers and businesses have started making online purchases for the first time and/or are buying online more often, and critically the average value of individual transactions (Average Order Values) is rising. Previously, most online purchases were for smaller-ticket items. But now, McKinsey data shows that 70% of B2B decision-makers are open to making new, fully self-serve or remote purchases over $50,000, and 27% would spend more than $500,000.

This level of spending requires high confidence in a vendor. This means having a platform that is reliable and robust, with high-level SOC-2 cyber security. SMBs will increasingly outsource this functionality, partnering with solution providers who can offer near 100% uptime and enterprise-grade cyber security. The beauty of the digital world is that everything can be outsourced as a service, and we’ll see this trend continue as online transactions continue to grow even after lockdowns end.

4. Getting transparency throughout operations

COVID has placed a huge strain on supply chains, starkly revealing inadequacies in internal processes, logistics and fulfilment. Provenance and visibility in fulfilment are becoming vital for consumers, who want to know where a product is from, where it is in the shipping process, or when it’s arriving. Providing this level of transparency has traditionally been hard for SMBs, reliant as most are on a network of different partners (versus retailers – such as Amazon – who own and control the entire end-to-end process).

2022 is the year when everything gets connected and visible. Smart ERP systems will enable different parties to plugin, providing real-time data on the entire process from the warehouse through to the doorstep. Businesses will increasingly integrate disparate systems into a single platform or solution, such as inventory, CRM, accounting, and payroll. Reports will be generated in real-time, allowing businesses to pivot and adapt according to changing market circumstances and volatility, rather than solely pegged to traditional “quarters” and “financial years”.

2022 probably won’t be an easy year. For some SMBs it will be a year of regeneration and regrowth, for others a year of review and readjustment. What it won’t be is “back to normal” or predictable. That’s why moving to solutions and processes that accommodate volatility will be such an overarching trend.

Charlie is the CEO of Wiise and author of the 4 top SMB trends for 2022. With 25+ years of tech experience, including leadership roles at Salesforce, Microsoft and Dropbox, Charlie has also built and mentored several startups through fundraising, product-market fit and scalable go to market activity. 

Australian accounting software provider Reckon (ASX:RKN) is proud to announce their partnership with OZEDI Holdings Pty Ltd, to power Reckon’s newly available eInvoicing solution.

eInvoicing will enable the instant digital exchange of invoices between each party’s accounting software systems, without manual data entry. This will mean quicker turnaround times, improved cash flow, better security, more efficient processing, and greater visibility over the invoicing process.

This new partnership will bring the benefits of eInvoicing to all Reckon One and Reckon Accounts Hosted accounting software customers via OZEDI’s Peppol Access Point – a trusted and highly secure network, at no extra charge to customers.

Reckon CEO Sam Allert commented on the eInvoicing opportunity and the reasons for selecting OZEDI as their dedicated Access Point:

“The widespread use of eInvoicing has the potential to simplify processes and help small businesses get paid faster. The Federal Government and ATO recognise this as demonstrated with their funding drive to accelerate digital transformation across the business sector, as do we. Businesses have been rapidly digitising their processes over the last few years and this has only been accelerated by the COVID-19 pandemic,” said Allert.

In terms of costs savings, the ATO has estimated that it costs an average of $30 to process a paper invoice and $28 to process an emailed PDF invoice[ii]. With eInvoicing coming in at less than $10.50 per invoice, eInvoicing will be up to three times more cost-effective.

Late invoices are a chief concern for Australian businesses and significantly impact their cash flow and financial security. In fact, research from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), estimates that 53% of invoices are paid late and are an average of 23 days overdue.[iii]

Allert further noted that “Overdue invoices are worth $115 billion, or $52,000 for every small business in Australia, according to the ASBFEO. We believe that the introduction of eInvoicing will help mitigate these late payments and long turnaround times, boosting cash flow and income security for Australian businesses.”

OZEDI CEO Christian Walkerden said he was incredibly proud to partner with Reckon and their range of dynamic products to help bring the benefits of eInvoicing for Reckon customers.

“The best part of our partnership is the fact that Reckon customers can now enable eInvoicing directly through Reckon’s software and they’re ready to send and receive eInvoices. OZEDI’s ability to seamlessly integrate with Reckon’s software means Reckon customers will be able to simply flick a switch and they’re ready to go.

We see ourselves as an extension of the Reckon team, collaborating and adding our expertise to the project, from initial testing and QA, through to the marketing and communication, that’s why OZEDI is more than just an Access Point, we’re a Digital Partner.”

Allert added “We have selected OZEDI as our digital partner to bring our clients a much more efficient and secure way to manage their invoice processing, given they have paved the way for eInvoicing in Australia and New Zealand.

With this solution, all Reckon One and Reckon Accounts Hosted clients can easily enable eInvoicing by simply requesting that eInvoicing be turned on.”

For more information or to enable eInvoicing through Reckon, visit https://www.reckon.com/au/e-invoicing/

Also read Small Business Answers guide to Invoicing