About Angus Jones

Angus started his first small business in 1989 and has since gone on to have a successful career in marketing. He realised although there were many websites for small business none was addressing the question of how to. Angus has a passion to articulate benefits that add value to customers/readers.

WOMEN’S SMALL BUSINESS CHAMPION AWARDS

From thousands of entrants from right across the nation, just nine have made the Information Technology Finalists List of the 2023 Australian Women’s Small Business Champion Awards – a prestigious and comprehensive programme that celebrates the growing number of Australia’s most inspiring and influential women in small business.

The only national annual awards programme of its kind created specifically to shine a spotlight on the rising economic and social contributions of women in small business – spanning all capital cities as well as rural, regional and suburban towns – the Australian Women’s Small Business Champion Awards is arguably the most diverse in terms of the breadth of represented industries and sectors.

Now in its second consecutive year, the 2023 Australian Women’s Small Business Champion Awards features more than 65 categories, judged by an independent panel of representatives who have relevant experience or an understanding of the operations of small business.

Among this year’s most competitive categories, Information Technology is proving one of the most challenging categories to judge, says Steve Loe, Awards Founder and Managing Director of Precedent Productions, which coordinates the Australian Women’s Small Business Champion Awards.

“The quantity and quality of entrants in the Information Technology category in particular is truly remarkable and so the ultimate selection of this year’s finalists has by no means been an easy feat.

“When the Champion Judges evaluate entries, they consider all aspects of a small business: its strategies, innovative initiatives, customer service, vision, growth, charitable and community support – to name but some of the judging criteria.

“We’re simply blown-away by the incredibly high calibre of Australia’s female-led small businesses in the marketing services sector and – while it’s certainly a welcome challenge – the next round of judging is bound to be even more challenging, as we continue to nut-through the nine impressive finalists to reach one category winner,” adds Mr Loe.

The nine Information Technology category finalists are:

ClanCyber.Digital (NSW), Compass IoT (NSW), CyberUnlocked (NSW), I.T. Lady (NSW), Midnyte City (VIC), Propel Technologies (NSW), Quick Look (QLD), TechAbility (NSW) and Wisdome (VIC).

In addition to honouring business category winners, the 2023 Australian Women’s Small Business Champion Awards also showcases the achievements of four individual category winners – Young Small Business Champion Woman Entrepreneur (aged 30 and younger), Small Business Champion Woman Entrepreneur (aged over 30), Australian Small Business Champion Influential Woman and Australian Small Business Champion Icon.

“The success of female-led small businesses in this country is absolutely on the rise, especially during the past decade and even during the current challenging economic climate,” says Steve Loe.

“Since our inception more than 40 years ago, Precedent Productions continues to present a multitude of state and national award programmes, so we’re generally in-tune with the country’s best performing business operators.

“We simply could not look past the spiking number of female small business trailblazers such as this year’s Information Technology finalists – and so deemed it only appropriate to present a standalone awards programme that really celebrates our nation’s women in small business,” adds Mr Loe.

Free-of-charge, entries closed on 21 July and the 2023 Australian Women’s Small Business Champion Awards is sponsored by Nine Plus, CUB, NOVA Employment, Castaway Forecasting, Xcllusive Business Sales and Big Clean.

Winners of the 2023 Australian Women’s Small Business Champion Awards will be announced on Saturday 23 September at National Presentation Evening Gala Event.

With a mounting reputation as the ‘Logies’ of small business, the red-carpet event will be hosted by accomplished journalist and popular broadcaster, Deborah Knight, at the newly-built Western Sydney Conference Centre at Penrith in NSW.

For more information including a full list of the 2023 finalists, visit: womensbusinesschampions.com.au.

Retailers pass on increased costs

Fifty-eight percent of Australian retailers admitted to passing the majority of the increased costs of doing business onto consumers, with 23% passing on all costs, as the Australian retail industry grapples with inflation, worker shortages, and softening consumer demand, new research from Shopify has revealed.

The Shopify Australian Retail Report, conducted in partnership with YouGov, unpacks the tactics retailers are employing to manage the current economic environment, their investment priorities for the next 12 months, and their plans to connect to Australian consumers who are becoming increasingly value conscious. The study of more than 200 medium to large retailers and 1,000 Australian consumers sheds light on shifting consumer behaviours and lays out effective pathways to growth for retailers to connect with customers facing economic pressures. 

Unsurprisingly, almost all (99%) of Australian retailers have been impacted by macroeconomic pressures with the increased costs of wages (45%) being the biggest strain on company budgets, followed by the increased cost of servicing debt (43%), and surging operational costs, including energy bills and rent (41%). 

For 95% of Australian retailers, the immediate response to manage these mounting pressures has been to pass at least some of the increased costs of doing business onto consumers. The one group bucking this trend is direct-to-consumer retailers (DTC), with 62% absorbing the majority of costs, signalling the sector is still coveting raw customer growth over profitability. The tension, for retailers, exists in the finding that three in four (75%) Aussie consumers say they have opted to cut back spending in order to save money and 82% of Australians have changed their spending habits due to increased cost of living. 

“Australian retailers are in a precarious position, as they are facing growing price-sensitivity amongst consumers dealing with the higher cost of living, whilst having to overcome those same inflationary pressures themselves. It really is like being stuck between a rock and a hard place,” said James Johnson Director of Technology Services & Enterprise, APAC at Shopify. “In such a competitive environment, many of the retailers we’re speaking with are doubling down on customer-focused initiatives, whether that’s expanding their product offering to appeal to a broader range of consumers, or investments in customer experience, personalisation, and loyalty programs.”

Customer experience is a top priority for Aussie retailers 

Ninety-three percent of Australian retailers cite customer experience as either important or critical. In fact the retailers most likely to view customer experience as critical for their business’ survival were also those that may be considered the most successful by measures – 50% of businesses with $500m+ annual revenue, 41% of retailers in operation for 20+ years, and 34% of retailers with 500+ employees.

Australia’s largest and most successful businesses are betting on personalisation to improve their customer experience over the next twelve months, adopting methods such as data-driven recommendations and personal touches like handwritten notes with delivery. Nearly half (47%) of businesses with over 500 employees, and nearly three quarters (73%) of businesses earning over $500m in revenue, have adopted or are planning to implement personalisation strategies, being their biggest priority for the next twelve months. 

DTC businesses are also making personalisation a top priority when it comes to customer experience with 62% saying this will be their focus. 41% of B2C retailers are looking to invest in additional customer insights such as qualitative and quantitative data as their number one priority. Whereas, B2B organisations have a strong focus on the integration of online shopping with in-store experience as their main focus with 41% of businesses doing this. 

Jehan Ratnatunga, Co-Founder & VP of Strategy and Digital Product at Who Gives a Crap said “If we want to meaningfully grow market share, we need to understand and drive a behavioural shift. There’s education or sampling or driving behaviour to ‘top of mind awareness’, our brand campaign is a first step in that direction”

“We do need to think about where the customer is. We’ve been DTC for years, but the supermarkets still capture most of the market, so we need to think about an omnichannel approach to reach those customers. Our DTC experience will always be the best way to engage directly with customers but there are still customers we can’t reach without an omnichannel approach.”

Investment in tech 

Technology is important for efficiency, but it’s also incredibly important for enabling customer experience excellence, an especially valuable trait for retailers as consumer behaviour evolves. Almost all (98%) of Australian businesses are investing in different technology measures over the next 12 months, with nearly half (44%) investing in real-time data analysis. 

Almost two thirds (64%) of respondents will be using technology to improve their customer experience through automation. Second to this, over half (55%) said they are planning to enhance their customer’s online experience such as automatic refunds. Interestingly, retailers located in NSW are 50% more likely to enhance online customer experience in the next 12 months compared to those in Victoria. 

Highlights from the increased costs research:

Macroeconomic pressures retailers are facing 
  • The increased cost of wages is the main challenge businesses are grappling with in most states and territories, with South Australia (59%) and Western Australia (52%) most impacted.
  • Queensland businesses cited the increased cost of servicing debt as their main challenge (58%), while Victorian businesses cited increased operational costs (42%) like energy bills and rent
  • Victorian retailers were the least likely to plan price increases in the next 12 months at 16%, almost half the rate of the most likely, NSW at 28% 
  • One in five (21%) businesses are looking for new non-bank sources of finance, jumping to 35% for businesses in WA
  • Businesses with $500m+ revenue cited digital transformation as the biggest challenge their business was facing (55%), but did not perceive maintaining profitability or people management as challenges (both 9%)
  • Conversely, maintaining profitability was the number one challenge for businesses with $100-499.9m in revenue (47%), while they were least concerned with cyber security (11%)
Customer experience takes hold 
  • On average, Australian retailers are planning to invest 13.2% of total revenue in customer experience over the next 12 months, with those turning over $500m+ investing the most at 15.9%
  • Personalisation is the top customer experience initiative businesses are investing in, at 41% – a number that jumps to 71% for businesses with $500m+ annual revenue
  • This is followed by promotions (28%), most prevalent with businesses turning over $50-$99.9m p.a., and investments in additional customer insights (28%), also most popular with businesses clearing $500m+ p.a.
  • 55% of enterprises with $500m+ revenue are investing in the integration of online shopping with the in-store experience, as are 42% of businesses with between $100m-$499.9m in revenue
Tech talks 
  • Real-time data analysis (44%) is the primary technology investment retailers are making in the next 12 months,  most pronounced with businesses generating $100,-$499.9m at 58%
  • This is followed by technology upskilling programs for internal teams (41%) and supply chain optimisation initiatives (36%)
  • 26% of retailers are reviewing the total cost of ownership of their tech platforms, with 19% aiming for vendor consolidation
  • 54% of DTC retailers were investing in a customer data platform, while 46% were investing in social commerce

Start-up funding

It’s an exciting time setting up a business but as entrepreneurs strive to take their start-up to the next level they often encounter a major challenge in securing start-up funding. With uncertainty in the current economic climate traditional financing options such as bank loans and venture capital investments are harder to get and often are not suitable for start-ups or SMEs. Entrepreneurs may lack the necessary collateral, credit history or track record to qualify for business loans. Venture capital funding is highly competitive and typically demands a significant equity stake in the business. 

So how do you grow your business and source enough capital to drive that expansion? It’s time to look outside the box and seek alternative funding solutions that satisfy your business’s unique needs. Here are some solutions worth investigating –

Bootstrapping

Many start-up founders begin their journey by bootstrapping which involves self-funding their business using personal savings or revenue generated from sales. Some owners bootstrap by cutting costs, cutting back operations or looking for other creative short-term financing solutions. A good example is a company taking deposits for pre-orders of a product and using those funds from the orders to actually build and deliver the product. Whilst this option provides control and flexibility it may not be enough to sustain long-term growth or support large-scale expansion. It can also increase financial risk as a company may not be able to cover unexpected or emergency costs and it does place a limit on operations.

Angel Investors for start-up funding

Angel investors provide capital for start-up funding or small businesses in exchange for equity or convertible debt. Along with financial support, these individuals often bring industry expertise and valuable connections to the table. Engaging with angel investors can be a good strategic move especially if you’re seeking mentorship and guidance. However, similar to venture capital funding, it can be difficult to secure and cannot be relied upon as a sole funding strategy. You are also diluting your shareholding in the early days of the business.

Invoice Financing 

Popular overseas, invoice financing has gained popularity in recent years but is still an underutilised resource for start-ups in Australia. It allows entrepreneurs to access working capital based on their outstanding invoices. Instead of waiting for customers or stakeholders to pay their invoices, business owners can sell them to a third-party finance provider at a discounted rate and receive a percentage of the invoice value upfront ranging from 70-90%.

This allows owners to access capital immediately upon making a sale to their customers, which would otherwise be tied up in unpaid invoices and ensures a consistent and steady cash flow to support expansion. It is also adaptable and can be used on a recurring or selective basis depending on the business needs. It’s particularly valuable for businesses who face unexpected expenses, seasonal fluctuations or are in a rapid growth phase. Strong cash flow is vital to support the growth of any business, especially start-ups.

Crowdfunding

Crowdfunding platforms enable businesses to raise from a large pool of individuals who each contribute small amounts. It’s a way to not only generate capital but it also builds a community of supporters who rally around the business concept. Crowdfunding requires compelling pitches and effective marketing to be successful. It’s also become more difficult in the current economic climate with the cost of living affecting many everyday potential investors.

Grants and Programs

It’s worthwhile exploring whether there are grants and government programs that are aimed at supporting your start-up funding or small business. These initiatives often focus on specific sectors or are targeting environmental or social impact causes. Securing a grant can provide much-needed financial assistance and access to additional resources however they can involve a lot of work to apply for and take some time even months to arrange.

The most appropriate source of funding to grow your start-up will depend on the stage your business is at but by exploring and utilising these different solutions, entrepreneurs can fuel their growth, drive innovation and achieve their aspirations of scaling their businesses to new heights.

Contributed by By Angus Sedgwick, CEO of OptiPay

Loyalty rewards for local businesses addzme

An all-in-one loyalty and point of sale (POS) app, addzme, has been launched to the Australian marketplace. addzme is an Australian-born product by established POS brand Shift8, that bridges the gap between small businesses and their customers. It serves as a comprehensive loyalty and POS system, empowering businesses to integrate loyalty programs into their marketing mix, while providing customers with a one-stop app to earn rewards. 

The app, available on iOS and Android, offers a seamless and convenient way for customers to earn loyalty incentives and rewards and is designed with small businesses in mind. 

addzme was developed for small businesses and aims to vitalise the business community and their customers, equipping them with a cost-effective loyalty and incentive platform.

Amy Renae, addzme’s CEO, has been with Shift8 for over 10 years and said that addzme can “change the landscape” for both small businesses and their consumers.

“When we think of brand loyalty programs, we immediately imagine the big brands – most people probably have a loyalty card that they carry around in their wallet, or have apps on their phone that they use to receive rewards from all the big franchises,” Renae said.

“We want to level the playing field and make it accessible for hard-working small businesses to create their own loyalty and incentive programs, and make it as easy as possible for their customers to participate. For customers, you just download one app, sign up, and reap the rewards everywhere you go, whether it’s your hairdresser, local cafe, fish and chip shop, plumber, and so much more. There are no limits.”

For business owners to get started, addzme can be easily integrated with existing Shift8 POS systems, and for businesses that don’t have this, addzme offers a free 30-day trial of their Loyalty Scanner App, available on the iOS App Store. This loyalty system requires no integration with existing POS setups and comes with a low monthly fee.

In addition to this, addzme offers a 30-day trial to the addzme point of sale system, an all-in-one platform that businesses can adopt to ensure a coherent and efficient process for them and their customers. 

For more information on addzme, visit https://addzme.me/, or contact:

Avast Q2 Threat Report

Social engineering, the use of psychologically manipulating people into sharing personal information, is now the biggest threat to online safety, according to Avast, a leader in digital security and privacy and brand of Gen™. The Avast Q2 Threat Report, has found that over 75% of all threat detections on desktops were attributed to scams, phishing, and malvertising. Data for the quarter, April through June 2023, also showed a significant increase in overall cyber risks, with an increase of 24% in unique attacks blocked over the previous period, the highest risk seen in three years.

“Our findings signify a marked shift in the cybersecurity landscape,” said Jakub Kroustek, Avast Malware Research Director. “Not only are the number of threats some of the highest on record, but malicious actors are also turning more to psychological manipulation more often than traditional techniques of malware attacks. This results in the need for our security to adapt but also the need for people to better understand scams and educate themselves as an additional layer of defense.”  

The Rise of Scams

Scams of all types continue to increase, now accounting for over three-quarters of all detections. From April-June alone, Avast researchers have uncovered a range of prolific scams ranging from dating hoaxes to fraudulent donation sites to deceptive advertising to thousands of new phishing emails. The methods may vary, but the end goal remains the same: to deceive unsuspecting individuals into revealing sensitive information or parting with their hard-earned money.

Phishing – requests for information seemingly from a well-known and trusted entity such as a bank or a government agency – accounted for 25% of all threats in Q2. They prey on human instincts of trust and create a sense of urgency, compelling victims to divulge confidential information or engage in financial transactions under false pretenses. Furthermore, the adoption of smishing – phishing through SMS – has capitalised on the high open rates and innate trust individuals place in text messages.

There are also indicators of future trends on mobile, such as cybercriminals using AI to craft nearly perfect imitations of legitimate communication, making it increasingly difficult for individuals to differentiate between what is real and what isn’t.

Australia saw a massive surge (89%) in scam attacks which began in April and lasted the duration of the quarter. Attackers have focused mostly on malvertising and malicious browser push notifications as a delivery mechanism for these scams. As a result – scam attacks now form more than a half of all the blocked attacks in the Avast userbase

Adware and Coinminers Decrease Slightly, Changing Approach

While adware showed a decline in prevalence in Q2 over the previous quarter, it continues to persist across desktop, mobile, and browser platforms. One notable example is the HiddenAds campaign, an adware threat attached to well-known gaming applications which garnered tens of millions of downloads during its app store reign.

In the ever-evolving landscape of cryptocurrency mining, coinminers have been facing a continuous decline in their activity, with a 4% decline in risk ratio over Q1 of 2023 supported by challenges for authors due to the shift form proof-of-work to proof-of-stake for numerous cryptocurrencies.

Avast Novel Research

Avast researchers continued to discover new remote access trojans such as HotRat, a .NET reimplementation of AsyncRat, featuring numerous new commands and features.

Another successful discovery was CVE-2023-29336, a local privilege escalation vulnerability in win32k on the Windows kernel. Prompt action led to a patch in the May security update, ensuring user safety via responsible disclosure.

Ransomware Continues to Taunt Businesses, Avast Releases Decryption Tools

Ransomware remained an ongoing concern in Q2 of 2023. Despite a slight decline in prevalence, ransomware authors persist in targeting victims, relying increasingly on targeted attacks and exploits to penetrate company networks. Notably, successful attacks on widely used software, such as PaperCut, underscore the evolving tactics of ransomware operators, who more than ever experiment with encryption-less extortion techniques and doxing.

To support individuals and businesses impacted, Avast researchers developed a free decryption tool for Akira Ransomware. This tool has already assisted numerous ransomed victims in restoring their files and businesses, further reinforcing our commitment to providing solutions and assistance to those in need.

Avast Free Antivirus, all Avast’s premium versions, and Avast Secure Browser provide top protection against phishing attacks, which is verified in quarterly tests by independent testing organisation AV-Comparatives.

The Avast Q2 2023 Threat Report can be found here: https://decoded.avast.io/threatresearch/avast-q2-2023-threat-report/

Logitech’s New Casa Pop-Up Desk

With hybrid work here to stay, home and work life can blend at times. The first product in a new combo category for Logitech, Casa Pop-Up Desk is designed to transform any surface of the home into a comfortable, productive workspace, without turning the home into an office.

“Hybrid work brings many opportunities for innovation to address the different needs people face, including limited space, flexibility, and improved comfort,” said Delphine Donné, vice president and general manager of Personal Workspace Solutions at Logitech. “We know that one size does not fit all. To help today’s young professionals maximise hybrid work benefits, Casa Pop-Up Desk provides them with the right tools and freedom to create a comfortable, productive workspace where it feels right.”
Logitech International has announced Casa Pop-Up Desk, a compact, all-in-one, ergonomic desk setup comprised of a wireless keyboard and intuitive touchpad, stored inside a book-like case that transforms into an ergonomic laptop stand.
Casa Pop-Up Desk is a foldaway desk kit with your work-from-home essentials. Casa Keys is a wireless keyboard offering an enhanced laptop-typing experience in a minimalist form that places all the keys you need at your fingertips, including media keys and an emoji button. An intuitive touchpad compatible with multiple operating systems, Casa Touch pairs a silky glass surface with Click Anywhere technology for smooth control and familiar time-saving gestures. The two devices easily connect via Bluetooth® and are supported by the Logi Options+ App for a personalised experience.
The keyboard and touchpad are housed inside Casa Book, which transforms into an ergonomic laptop stand to encourage better posture at your workspace. Each device fits neatly in its own compartment of Casa Book alongside a storage slot for smaller items such as charging cables or stationery. Designed specifically for the home, it folds away in seconds and comes in three trendy colours to match any aesthetic – Nordic Calm (sand/off-white), Bohemian Blush (rose), and Classic Chic (deep green/graphite). 
“Working long hours in front of a PC can take a toll on the body, especially when you do not have a fixed workspace,” said Joseph Mingori, vice president of Mobile Solutions & Partnerships at Logitech. “With Casa Pop-Up Desk, we are able to deliver a sustainable, cross-OS compatible, and ergonomic solution that addresses workspace limitations so people feel energised at the end of the workday.” Logitech’s goal is to create great product experiences that improve people’s lives. This means considering environmental and social impacts as part of every design decision, from the moment raw materials are sourced right through to the end-of-life of a product. All Logitech products are certified carbon neutral and the paper packaging of Casa comes from FSC™-certified forests and other controlled sources. The plastic parts in Casa Pop-Up Desk include certified post-consumer recycled plastic to give a second life to end-of-use plastic from old consumer electronics: minimum 62% for Casa Touch, minimum 47% for Casa Keys, and minimum 44% for Casa Book.
Pricing and Availability
Casa Pop-Up Desk is now available for pre-order in Australia and New Zealand on www.logitech.com and all Logitech authorised retailers at a suggested retail price of AU$289.95. 

six challenges that SME are likely to encounter

Alon Rajic, founder and CEO of business loan comparison site Small Business Loans Australia, has undertaken extensive research to unearth six challenges that SMEs are likely to encounter this financial year.

As the 2024 financial year unfolds, Australian businesses are bracing for tough economic challenges amid growing concerns of a possible recession should interest rates continue to increase, higher cost of labour and less generous tax incentives. While SMEs appear particularly vulnerable during these uncertain times, many are showing resilience and a willingness to adapt.

While Alon urges SMEs to acknowledge the hurdles awaiting them, he is a proponent of seeking out emerging opportunities. He says: “A tighter and costlier employee market, rising rates, tougher borrowing criteria, inflation and continued supply chain challenges paint a gloomy picture for the business sector. Business owners must vigilantly stay informed about available resources, changes in government policies, and other opportunities that can help mitigate these challenges and secure the long-term success of their ventures.”

Alon says the need for vigilance and adaptability has never been more pressing. “To weather the storms on the horizon, SMEs must keep eye on early warning signs of economic changes and seek innovative ways to tackle challenges while uncovering untapped opportunities that could be their path to success in the years to come.”

Below are 6 challenges SME can expect before FY25:

1. 68% of SMEs can’t fill job vacancies. Job vacancies in Australia remain at unprecedented levels since the GFC, with research showing 68 per cent of businesses are still struggling to find suitable staff. Micro businesses are hardest hit, with almost 80 per cent are unable to fill job vacancies. The impact varies across industries, with 90 per cent of job vacancies being in the private sector.[1] While health and tech industries show some improvement, hospitality, manufacturing, and agriculture sectors continue to face significant challenges, with up to 100 per cent unable to fulfill vacant staff roles. (The full study: https://smallbusinessloansaustralia.com/sme-employees-2023/). 

2. Late payments and tighter lending is impacting business cash flow. Amid worsening economic conditions, numerous SMEs will find themselves dependent on business lending as their cash flow diminishes. Among the challenges anticipated in recent research, 30 per cent of SMEs expect difficulties in collecting customer payments and 26 per cent in attracting sales. While may sound like good news that the loan values made to SMEs have increased in recent years, data shows an alarming number have no financial lifeline at all and 50 per cent face daunting obstacles when attempting to access bank loans. (The full study: https://smallbusinessloansaustralia.com/is-australia-doing-enough-to-improve-access-to-capital/.)

3. Small and large businesses are paying more for labour. This financial year, employers are paying more for labour, whichever solution they look to – potentially impacting growth plans for some small businesses. Since July, companies have been paying a higher, 11% rate, for superannuation and a higher minimum wage of $23.23 per hour. Those looking to sponsor migrants will also pay more, with the base salary of sponsored employees lifting to at least $70,000 a year – up from $53,900. 

4. 1 in 2 SMEs are ploughing through recession fears and focussing on growth From bushfires, floods, lockdowns, inflation, labour shortage and interest rate increases, Australian businesses have faced unprecedented challenges in recent years. Despite these obstacles, Small Business Loans Australia research revealed that half (48 per cent) of SMEs are expanding this year, even while they believe there is a risk of recession. This is more than twice the proportion of respondents (22 per cent) who focussed on growth in 2022.  (The full study: https://smallbusinessloansaustralia.com/growth-in-recession/.)

5. Rising interest rates and bank fees. Rising interest rates and bank fees may motivate businesses and individuals to switch over to alternative fintech solutions. A survey commissioned by Money Transfer Comparison revealed that 8 in 10 Australians believe their banks’ fees are unreasonably high, and 2 in 3 are willing to switch to innovative fintech services with competitive fees. Not only can SMEs take advantage of potentially lower fees, but also digital innovations such as international transfer, digital credit cards, Buy Now Pay Later (BNPL) options, expense tracking, rewards programs and cashback services. (The full study: https://moneytransfercomparison.com/leaving-banks-fintech/.)  

6. Limited asset ‘write-off’ rules. New rules for asset write offs are only benefitting small businesses this financial year. From 6 October 2020 to 30 June 2023, businesses earning up to $5 billion could immediately write off all eligible capital assets without a financial limit. The tax rules how specify that businesses turning over less than $10 million can write off up to $20,000 per asset. Small businesses with an annual turnover below $10 million can immediately deduct eligible assets under $20,000, used or installed before 1 July 2024. 

Free Cybersecurity Training

According to Avast, phishing attacks are a leading threat to SMBs. To help safeguard SMBs’ data, devices, and their people, Avast has released a new Cybersecurity Training Quiz. The quiz is available free for small businesses that want to train their employees about online threats.

The quiz is available to any individual or business but is specially targeted at small and medium-sized businesses that want to provide training for all employees without additional investment. Individuals who complete the quiz will receive a confirmation of passing each module. 

With phishing and scams being the largest threat to small businesses, according to Avast, individuals are unfortunately often the weakest link in companies’ security. This new free tool allows people to test their knowledge about digital safety easily and without any cost. Currently, training modules focus on three areas: Data Security, Identity Management and Social Media Security. Individuals who complete the quiz receive a confirmation of passing each module.  

Growing threats for businesses 

Online threats to businesses are ever-changing, making true online safety an ongoing journey. Zero-day vulnerabilities and ransomware extortion continue to be some of the most concerning threats to businesses – and are the most well-known – but data from Avast shows that phishing of employees is often the first mode of entry for malicious actors. According to Avast, scams and phishing attacks are a leading threat to SMBs. 

“Raising awareness about the many threats to small businesses and educating customers on cybersecurity is a vital part of helping small businesses remain safe and protected,” said Massimo Rapparini, General Manager & Head of SMB at Gen. “We’re proud to use our extensive in-house knowledge to provide this type of training for free through the Avast Cybersecurity Training Quiz.”

Hiring a bookkeeper

As a business owner, one of the most important relationships you will have throughout your business journey is the one with your bookkeeper. With this in mind, the prospect of hiring a bookkeeper can be daunting. Here’s how to prepare for your initial meeting.

Debrah Stanton is the General Manager of First Class Financial Group. With over 20 years of experience in the industry, Debrah provides her insights into choosing the right bookkeeper for your business.

It’s OK to get the cost question out of the way

The number one question when hiring a bookkeeper is ask how much their services will cost. “It is absolutely okay to ask this question early on in the meeting,” Debrah says. “The response will give you a solid indication of how transparent and knowledgeable the prospective bookkeeper is about your industry.”

“While bookkeepers generally work across a range of industries and sectors, there will be factors unique to your business model that will require some discussion with you,” Debrah says. To make this process easier, consider the following before your meeting.

  • What type of accounting system would you prefer to use? “Cloud-based accounting software is the gold standard these days as it is secure, gives you the ability to streamline your business processes and allows for the quick transfer of data between business and bookkeeper,” Debrah says. “That being said, there may be some instances where a hybrid cloud model may be a better option for businesses who need to maintain some in-house data storage.”
  • How complicated is your industry and business? Debrah says each industry and business is different. “Things such as the number of daily transactions that occur within the business or how many suppliers the business has will affect the amount of work required.”
  • What level of service will you require? “While many clients just require basic data input and analysis, others are looking for assistance with payroll, BAS returns and even banking,” Debrah says.

The key point of advice here for new business owners is to be upfront and honest about their business needs at this initial meeting. “That way, the bookkeeper has the information required to determine what the service may cost,” Debrah says. “Keep in mind, however, that if you engage a bookkeeper on a fixed-fee basis and they later discover that there is more work than you indicated, they will be likely to review the pricing structure.”

Ask what the bookkeeper will bring to the table to help you with your business

Debrah says business owners should be asking about the bookkeeper’s qualifications and experience, both as a bookkeeper and in previous roles, if bookkeeping is not their first career. “You also want to determine if they have a focus on professional development, what kind of training they have done recently and if they are fully across bookkeeping practices, ATO legislation and legal requirements.”

There may be certain times when you will require your bookkeeper to provide additional advice, and Debrah says you should ask a prospective bookkeeper how invested they are prepared to be in your business. “For business owners just starting out and just generally in difficult economic times, business owners may require more from a bookkeeper, and you need to determine if the bookkeeper is willing to step up at such times.”

Debrah says you should never underestimate the importance of finding a cultural fit with a bookkeeper, both with personal values and industry experience. “You need to feel confident you can build a strong working relationship with them.”

Discuss availability and role definition when hiring a bookkeeper

The role of a bookkeeper should be to add value to their client’s businesses. Debrah says the most efficient use of a bookkeeper’s time is for them to work remotely on a regular but defined basis. “Consider that if your business requirements mean you need to have someone doing the books for you five days a week, then you need to hire a full-time bookkeeper and not a consultant bookkeeper.”

“Again, this comes down to having an open and comprehensive discussion with a prospective bookkeeper about your business needs, defining their role and your expectations,” Debrah says.

Dash cameras your road safety companion

In a world where tech gadgets are fast becoming necessities, dash cameras have evolved from a luxury add-on to an essential component of modern driving. Dash cameras now serve as an unwavering second pair of eyes on the road, ensuring every drive or location is able to capture road incidents as they happen.

Whether you’re a car enthusiast or an everyday driver, the latest range of dash cams in the Australian market provide irrefutable evidence in case of incidents and serve as both a deterrent against theft and a critical asset in insurance claims.

Without a dash cam, determining the truth can be a stressful and complicated process with accounts for each individual account often contradictory. With a dash cam serving as an impartial and steadfast witness, you have access to the hard evidence required for an accurate and fair resolution.

Dash cameras rise to the challenge of Australian roads, offering an extra layer of security and peace of mind for all drivers.

Dash Cameras are a must-have for the following reasons:

1. Capture first-hand evidence: in the unfortunate event of a car accident, a dash camera provides the most reliable and accurate first-hand evidence. It can clear up any ambiguity about who is at fault, potentially saving you from unwarranted liability or insurance complications.

2. Indispensable for professional and personal use: dash cameras are not just great for personal vehicles – they are equally important for professional drivers as well. Uber drivers, driving instructors, and parents teaching their teenagers to drive can significantly benefit from a dash camera. It offers an unfiltered view of what happens during a drive, providing an excellent tool to correct driving errors, settle disputes, and ensure driver safety.

3. 24/7 car surveillance: Your dash camera can serve as an invisible security guard for your car. Equipped with a parking mode feature, it starts recording as soon as it detects any movement or activity around your vehicle. This means you’re always aware of what happens near your car even when you’re not there.

4. Promotes safer driving habits: some dash cameras come with advanced features that alert drivers about upcoming fixed speed and red light cameras, helping avoid possible traffic violations. They can also come with a footage lock protection feature, ensuring critical evidence remains safe and unaltered.

Brad Hales, national marketing manager, Uniden, said, “In our increasingly digital age, staying connected and having immediate access to crucial information has never been more important. Dash cameras streamline the process of managing and storing essential footage. Beyond their functional value, these devices are designed with precision and style, integrating seamlessly into any vehicle while delivering superior video quality across all lighting conditions.

“Investing in a dash cam is as important as having a good insurance policy. While we hope you’ll never have to use the footage your dash cam records, the peace of mind that comes with knowing you’re well-protected in any situation is invaluable.”

As car owners, we can’t control every event on the road, but we can control how well-prepared we are to handle them. With a Uniden dash cam, you’re not just buying a gadget – you’re investing in peace of mind. Purchase a Uniden dash camera and experience the revolution in road safety for yourself.

Uniden Dash View 50R RRP AU$499.95

Uniden iGO CAM 90R RRP AU$349.95