The landscape of work has shifted in Australia, with the rise of the hybrid work model. According to a recent study by tech giant, Logitech ANZ, 60% of Australian office workers now embrace the flexibility of working both in the office and remotely. However, the study also highlights a glaring issue: only 12% of these individuals feel they possess the right tools to work productively in this new hybrid model reality. It’s time for Australian businesses, large and small, to take a fresh approach—one that puts employee satisfaction AND productivity front and centre.

The truth is, that the success of the hybrid model isn’t just about where employees work; it’s about how they work. As the Logitech study reveals, when working from home, employees report feeling more creative, relaxed, and concentrated compared to being in the office. But here’s the catch: they also acknowledge the lack of superior technology at home, which is readily available in their traditional office setup.

This is where Australian small businesses can make a difference. It’s not just about sending employees home with a laptop and calling it a day. It’s about investing in the right technology that empowers them to be their best, regardless of their location. Collaboration tools, high-quality webcams, ergonomic home office setups—these are not just niceties; they are essential tools for success in the hybrid era.

Moreover, it’s crucial for small businesses to listen and consult with their employees continually. The evolving hybrid model demands flexibility, and this means engaging in an ongoing dialogue with your workforce. What are their needs? What tools and support do they require to thrive in this new work environment? Small businesses that prioritise employee feedback and adapt accordingly will be the ones that truly succeed.

Gen Z, the digital-native generation, is at the forefront of this shift, with 51% of Zoomers working from their bedrooms at least one day a week. Their preferences and needs differ from previous generations, and it’s essential to cater to their expectations. This generational shift underscores the importance of staying attuned to the evolving dynamics of the modern workforce.

Australian small businesses need a new focus in the era of hybrid work. Prioritising employee satisfaction and productivity means maintaining an open line of communication with your workforce and investing in the right tools and technology. By doing so, businesses can create a work environment where content and efficient workers thrive, regardless of where they choose to work. The future of work is hybrid, and it’s time to embrace it wholeheartedly.

A spending downturn in the retail and e-commerce sector drove a $2.9 billion YoY nation-wide drop in online spending, according to the Q3 Digital Economy Index from leading global financial platform Airwallex.

The quarterly Airwallex Digital Economy Index records year-on-year and quarter-on-quarter snapshots of the digital economy by state and industry.

The Index highlights online spending has dipped YoY across all sectors from 1.29 per cent for the digital and technology sector, to nearly 7 per cent for education, 7.9 per cent for insurance and self-managed investments and 8.02 per cent for retail and e-commerce. Online travel spending has been spared the downturn, recording 12.75 per cent growth YoY and 6.49 per cent since Q2.

The consistent factor leading the decline in each state was retail spending, with travel spending in Queensland helping make that the only state not to record a YoY decline in the Index.

Airwallex’s Australia and New Zealand Vice President of Growth, Matt Sek, said the upcoming Q4 would typically see an upswing in digital spending as Australians take advantage of the peak sales season.

“Official data shows Australians have collectively around $250-300 billion in their savings accounts. Savvy businesses will seek ways to maximise the upcoming sales season to get customers spending again,” Sek said.

“Australians have been spooked by the economic environment over the past 12 months but as things have stabilised we can see they’re taking the time to do their research and hunt for the best bargains before they part with their hard-earned cash.

“As business revenue has declined, companies have been pulling back on their own spending, with digital and technology spending dipping 1.29 per cent YoY driven by lower online advertising. It shows businesses are looking carefully to maximise the return on investment from each dollar they spend.

“The latest Digital Economy Index suggests Australians have been taking a collective big breath before the usual uptick in spending and activity we see in Q4 each year.

“The businesses that do the best over the next three months will be the ones that find the savings and efficiencies in their cost base to offer the sorts of discounts and deals Australians are used to during peak sales season.”

Sek said Airwallex would today host a summit of retailers and online businesses in Sydney to look at the impact of recent consumer spending trends and discuss ideas and solutions to the challenges retailers expected during the upcoming peak sales season. The 250 person event for retail professionals will also feature Airwallex partners including Afterpay, Wayflyer, Refundid, Elephant Room, BigCommerce, Marketplacer and Shipbob.

“There’s a sense of optimism that the signs are there for a spending turnaround and online businesses are keen to learn how they can replicate the success and resilience in spending the travel sector has seen,” Sek said.

The ‘Your Passport to Beyond Black Friday’ summit is free and will take place from 4.30pm, Thursday, 5 October at Watersedge at The Rocks in Sydney. In addition to various speaker sessions, the summit will also feature a Peak Season Partner Marketplace where attendees can ‘shop’ and come away with goodies and solutions to help companies maximise the sales season.

You can find out more about Airwallex’s approach to Black Friday and beyond here.

Samsung Electronics Co., Ltd. is announcing the latest FE series additions to the Samsung Galaxy ecosystem — the new Galaxy S23 FE, Galaxy Tab S9 FE and S9 FE+, and Galaxy Buds FE. Known for their iconic designs, performance, cutting-edge camera and audio capabilities, and so much more — these are the most epic FE devices yet. For those who want to experience Galaxy flagship devices for the first time, the new FE devices are the perfect entry point.

“At Samsung, we are committed to bringing world-class innovation to everyone through epic mobile experiences that fit their lifestyle,” said TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics. “Our new FE devices are packed with crowd-pleasing capabilities that, on their own or as part of a connected ecosystem, let Galaxy users maximise their creativity and productivity.”

Galaxy S23 FE: The Galaxy S Series’ Iconic Design, Pro-Grade Camera and Smooth Gaming Performance are Designed to Elevate Your Everyday

Galaxy S23 FE stays true to the iconic S series design with its new floating camera and premium finish protected with IP68ⁱ water and dust resistance for an even sleeker display. Offered in new, vibrant colours, Galaxy S23 FE allows users to select the device colour that best fits their style.

Everyday moments come to life on Galaxy S23 FE with pro-grade camera features to help you capture amazing photos and videos. See sharp details with a 50MP high-resolution lens, and 3X optical zoom. After dark, Nightography on Galaxy S23 FE lets you take clear selfies and portraits in lifelike colours. With advanced digital image stabilisation (VDIS), take steady shots on the go using the rear camera with optical image stabiliser (OIS) angle.

When it comes to creating perfectly sharable content, Galaxy S23 FE is like an editing studio on the go. In Pro Mode, controls for shutter speed, aperture, ISO, and more can be manually adjusted to your preferences. Capture customised shots with the Camera Assistant appⁱⁱ and choose which automated features to use for a fully customised shooting experience. With the freedom to create and customise, Galaxy S23 FE camera has the AI-powered editing tools to help elevate your creations.

For gaming and streaming, Galaxy S23 FE’s powerful processor makes every action rapid and fluid with a vapor chamber that helps to control heat and sustain performance. The long-lasting 4,500mAh battery intuitively adjusts to conserve energy and all this power comes to life on a bright, super-smooth 6.4-inchⁱⁱⁱ Dynamic AMOLED 2X display. Based on your surroundings, Vision Booster technology on Galaxy S23 FE automatically detects bright lighting conditions, keeping the screen vivid just like flagship models.

The Galaxy S23 FE series is available from AU$999 in modern, bold colours, including Mint, Cream, Graphite, and Purple. Indigo and Tangerine are also available exclusively at Samsung.com.

Galaxy Tab S9 FE and Tab S9 FE+: Large Screen Viewing, IP68 Durability, and S Pen Boost Possibilities for Creativity and Productivity

Whenever inspiration strikes, Galaxy Tab S9 FE and S9 FE+ deliver essential entertainment, expressive creativity, and seamless productivity. With two portable and powerful devices to choose from, even more users can experience the versatility of the Galaxy Tab S series. Digital creators, entrepreneurs, busy students, artists, gamers, and more will explore their passions and get work done with improved device speed and even better performance^iv compared to the previous FE Series.

Responsive and immersive viewing and creating can happen at home, at work, on campus, or even at the park on Galaxy Tab S9 FE’s 10.9-inch and Tab S9 FE+’s 12.4-inch displays^v — featuring an automatic refresh rate that adapts up to 90Hz. Sunlight is no match for Vision Booster, which enhances visibility in outdoor environments by optimising colour and contrast especially in the dark area of screen. Plus, Tab S9 FE+’s long-lasting battery with up to 20 hours^vi of video playback on a single charge means work and play won’t keep you tethered to a cord.

Like the Galaxy Tab S9 series, the Tab S9 FE and S9 FE+ include a wide variety of creative tools and apps, including fan-favorites like Goodnotes^vii, LumaFusion^viii, Clip Studio Paint^ix, and more. Easily keep class notes, sketches, videos, and more with up to double the storage^x, plus the option to upgrade to 1TB with a microSD card.

The Galaxy Tab S9 FE series is available from AU$749 in four fashionable colours^xi: Mint, Silver, Grey and Lavender.

Galaxy Buds FE: Incredible Sound, Powerful ANC and Ergonomic Design Expand the Excellent Audio Experience to More Users

Galaxy Buds FE bring Samsung’s innovative sound experience to more users. Its powerful bass offers deep and rich sound that allows you to enjoy music the way the artist intended, while powerful Active Noise Cancellation (ANC) and Ambient Sound enable you to hear more of what you love and less of what you don’t. Also, automatic personalised beamforming of the advanced three microphone system, along with AI-powered Deep Neutral Network (DNN), separates your voice from unwanted background noise for clearer calls.

Galaxy Buds FE provide up to 8.5 hours of playback with earbuds, and total up to 30 hours including the charging case^xii. Even when using ANC, users can get up to 6 hours of playback with earbuds, and total up to 21 hours including the case. Inspired by the iconic and ergonomic design of the series, Galaxy Buds FE are engineered to be comfortable enough to wear for a long time, and enable a more customised fit with three different sizes of ear tips and two different sizes for wingtips.

Galaxy Buds FE are available for AU$199 in two distinct, modern colours: Graphite and White^xiii.

One Seamlessly Connected Galaxy Ecosystem

With new FE devices, it’s easier than ever to experience the full power of the connected Galaxy ecosystem. Productivity is intuitive with Multi Control^xiv, which enables users to drag and drop content easily between multiple Galaxy devices. Copy and paste or drag and drop between smartphone and tablet. When creativity strikes, simply transfer videos or images from smartphone to tablet with Quick Share, for easier editing.

When it is time for immersive entertainment, Galaxy Buds FE are the perfect companions. Auto Switch intelligently switches sound between your smartphone, tablet, and even watch and TV – based on your usage with no manual adjustments required^xv. Also, SmartThings Find helps you track down misplaced Buds and also sound an alarm should they be left behind^xvi.

All these devices and connectivity capabilities uphold Samsung’s commitment to providing secure and private experiences. Galaxy S23 FE and Galaxy Tab S9 FE series are backed by Samsung Knox protection, meaning personal information is kept that way, by default. 

Galaxy FE availability

Galaxy S23 FE, Galaxy Tab S9 FE and Galaxy Buds FE will be available in Australia from Samsung.com/au and select retail and telco partners from 12^th October.

To learn more about Galaxy S23 FE, please visit: http://www.samsung.com/au/galaxy-s23/

To learn more about Galaxy Tab S9 FE series, please visit: http://www.samsung.com/au/tablets

To learn more about Galaxy Buds FE, please visit: https://www.samsung.com/au/audio-sound/

Online retail purchases are forecasted to make up 21 per cent of all retail purchases this year and 24 per cent of all purchases by 2026. As online purchases continue to grow and digital technology evolves the sector, Davie Fogarty, founder of The Oodie and former AFR Young Rich lister, and Shark Tank Australia 2023 judge, shares his insights on 7 risks and challenges for online retailers in this competitive market. 

Davie began his entrepreneurial journey at the age of 23 with just $500 in savings and an idea of a wearable blanket, he became an eCommerce success, with The Oodie having sold more than 8.1 million units, exceeding $500 million in revenue. 

Yet despite his resounding success, Davie acknowledges that he reached this point after several failed business ideas and startups, but his determination and hunger for results led him to acquire extensive digital skills. He taught himself the algorithms and systems of major social media platforms, growing Instagram accounts to 600,000 followers. Beyond his own ventures, he shares his insights and strategies on social media to assist aspiring digital entrepreneurs. He says: “There are a lot of challenges, risks and dangers that come with launching and growing a business online. Some of these are, unfortunately, out of a brand’s control – but there are things you can do to lessen their risk and prepare for the potential roadblocks on the path to brand growth.” 

Davie now shares his valuable learnings with start-ups looking to achieve the same level of success, through his mentoring service, Daily Mentor. 

7 risks and challenges for online retailers are likely to encounter in their business journey:

1. Scam sites, counterfeit products and intellectual property fraud. In 2023 alone, Australia reported 182,593 scams, resulting in losses totalling $328,655,604 . Fraudulent activities are becoming increasingly sophisticated, posing a threat to both brands and consumers. Davie recommends businesses establish robust monitoring and reporting processes to identify activity that is potentially harmful to their brand. Websites with fake brand products mimicking established brands are on the rise, can damage the reputations of original brands and make it hard for them to build consumer trust in the online space. Davie reveals, “We have recently come across a fake website imitating The Oodie. These scammers are advertising their sites on Google despite the brand being trademarked. Hundreds of people are being scammed daily, and despite doing everything we can, scammers are smart and are finding ways around the systems we have in place. It is proof that even big brands are not immune.”

2. Online reviews tarnishing brand reputation. Negative online reviews can tarnish a brand’s reputation, with 93 per cent of consumers admitting that online reviews influence their purchasing decision. While businesses cannot control customer reviews, they can monitor reviews online and respond to negative reviews with the aim of resolving them as quickly as possible and turning an unhappy customer online into a satisfied one. An escalation in negative reviews can point to an operational or product or service issue. Ongoing, brands would be wise to identify customer pain points and do everything they can to reduce them to avoid negative reviews in the first place.

3. Intense competition. There are an estimated 12-24 million eCommerce sites in the world, giving 2.64 billion online shoppers^[5] the ultimate in choice but fierce competition for brands. “Take time to research the product you want to sell and how you will sell it. You can research on social media platforms and on drop-shipping sites to identify what products are currently saturating the market. Tools like AI and other online software had made this process faster. Make your product and brand stand out. You want to be the consumer’s first choice,” Davie says.

4. Poor user experience (UX) and customer experience (CX). A seamless and user-friendly website along with efficient customer service is essential for sales conversions. Davie says complex navigation and slow loading times will turn customers away, and poor customer service processes will prevent them from coming back. Ensuring a positive user and customer experience can impact overall business success.

5. Low visibility on search engines. Google has 4.3 billion users worldwide and over 3.5 billion searches take place per day. In such a highly competitive online market, it’s essential for target customers to find brands easily on Google and other search engines. Poor search engine optimisation (SEO) can prevent customers from finding a product to meet their needs. 

6. Scaling and meeting demand. Rapid growth, while desirable, can strain a business’s infrastructure, supply and operations. Davie says, “Have a plan in place to prepare for the growth of your business. It can be challenging to maintain consistently high service quality, adequate inventory and efficient fulfilment when scaling rapidly. Networking with other entrepreneurs and remaining transparent with suppliers and your team can all help mitigate the risks associated with unprepared growth. Growth is exciting, but that also means it can be easy to drop the ball.”

7. Marketplace dependence – having your own platform. Approximately 27 per cent of online retailers use drop-shipping to fulfil customer orders , which offers an inexpensive way to run an online business. Heavy dependence on big online marketplaces for operating an online store can limit brand development. As a brand grows, having its own website and operation systems allows for greater brand control and a personalised customer buying journey. 

What is CGI and 3D rendering and how can it help my business?

For businesses, it’s more important than ever to stay ahead of the competition and take advantage of innovative solutions.

In recent years, we have witnessed a significant shift with consumers demanding more content than ever to inform their purchasing decisions. Nowadays in our highly digital world, it takes much more to leave a lasting impression. With so much content available at our fingertips, businesses are under pressure to provide a continuous stream of content across various marketing platforms whilst at the same time managing tight budgets.

This is where Computer-Generated Imagery (CGI) and 3D rendering emerge as game-changers for businesses, avoiding the expenses and limitations that traditional photography brings. With these digital solutions businesses can meet evolving consumer demands, maintain a competitive edge and drive sales.

What is CGI and 3D rendering?

CGI refers to the use of computer graphics and digital techniques to produce high-quality visual content. This versatile process allows for the creation of product shots, lifestyle imagery, 360 spin, benefit imagery, Virtual Reality plus long and short form video. It really is a one-stop shop for all your content needs.

Better still, once your product is set up for CGI, executing additional content is a very cost and time-efficient process. With photography, you would never book a photoshoot for one additional image. With CGI, you absolutely can.

For brands that sell products, CGI is replacing the need for photo and video shoots. 
As more businesses begin to embrace digital transformation and harness the benefits of CGI and 3D rendering, those brands that don’t move with the times risk being left behind. 

Cost and time efficiency

CGI and 3D rendering can save businesses substantial costs and time in product marketing. By eliminating the expenses involved with traditional photography and videography, CGI and 3D rendering significantly cut down on operational costs and resources.

The ability to digitally create and alter images with ease not only saves time but also removes the need for reshoots. This process allows businesses to enjoy quicker turnaround times and produce more content for less. While budgets tighten amidst current economic uncertainty, businesses need to be looking for a greater return on investment. CGI provides this by efficiently producing a constant stream of content to keep customers engaged.

Resonate with audiences through purpose-built content

In contrast to traditional photography and videography, CGI can provide greater possibilities for content creation. Often, online customers are met with an oversaturation of generic content, with traditional white background static images showcasing a product. This is where CGI and 3D rendering shine – with the ability to produce purpose-built content that specifically caters to each customer’s needs and preferences.

This flexibility allows brands to maintain fresh and relevant content in their product marketing with faster responses to changing consumer trends and behaviour.

At Insite, we help brands identify the product imagery that most suits the target audience, thereby maximising impact and using client budgets as effectively as possible.

Customisable Features

Consumers can also benefit from the customisation services that CGI and 3D rendering make possible. Potential customers can interact with virtual product models and personalise features according to their preferences. This engagement provides the opportunity to visualise a product before making a purchase, providing greater satisfaction, and influencing their commitment to buying a product. CGI can strengthen the connection between consumers and brands, instilling confidence in purchasing decisions and fast-tracking sales.

Consistency in content to increase brand awareness

CGI and 3D rendering offers brands a powerful way to increase brand awareness among consumers. Businesses can effortlessly achieve visual consistency on products from every angle and ensure that all future products have imagery that is 100% consistent. Something that is very difficult to achieve with photography.

With this, your brand can establish a stronger and more memorable presence in the minds of audiences ensuring that your brand’s identity and messaging remain consistent across all marketing platforms.

Experiences to foster brand loyalty and drive sales

Experiential CGI content can play a pivotal role in creating an emotional connection with customers to further sales growth. With experiential CGI content, customers are offered the opportunity to envision themselves interacting with the product in a real-world context, elevating their shopping experiences and informing their purchasing decisions. Immersive visuals that tap into the senses can resonate with audiences on a deeper level, going beyond merely showcasing a product’s features and benefits. Engaging in these experiences establishes a stronger connection between customer, brand and product to streamline the sales process.

As more businesses seek to elevate their product marketing, CGI and 3D rendering provide the most cost and time-effective solution for content creation. This technology allows you to create more content for less, stay ahead of digital trends and explore new opportunities to resonate with audiences. By harnessing CGI and 3D rendering, businesses can navigate the evolving marketing landscape with confidence, making a lasting impression in a world driven by fast-paced innovation and consumer engagement.

Author Bio:

Tim Morison is the Founder and Creative Director of Insite Imagery (‘Insite’). With over 20 years’ of experience, Tim works with global brands and creative agencies to produce best in class imagery.

Norton, has announced Norton Small Business, the all-in-one cybersecurity solution to help entrepreneurs and small business owners protect their financial futures.

While nearly 90%^[1] of businesses globally are small businesses – 97.5% in Australia – many lack the means to protect their digital environments. Norton Small Business makes triple-lock protection accessible for small businesses to safeguard their team’s online activities, devices and customer data in an easy, all-in-one cybersecurity solution.

“Owning a very small business often means each member of the team wears different hats, and usually cybersecurity expert isn’t one of them,” said Massimo Rapparini, General Manager & Head of Small Business Safety at Gen.

“Unfortunately, cybercriminals are aware of this and often target such businesses – more than half (57%) of small businesses experienced a security, data breach or both in 2022^[2]. For entrepreneurs and small businesses, falling for just one phishing email can have a devastating impact.”

Scams Taking Down Small Businesses

Small businesses face a barrage of scams and phishing threats, just like consumers and are considered one of the greatest risks to small and medium businesses  this is despite data from the Australian Cyber Security Centre (ACSC),stating that 62% of SMBs in Australia have experienced a cyber security breach. Of these threats, phishing – for example, emails trying to trick you into clicking a link or transferring money – is the most common way cybercriminals try to access small business systems, private data, financials and intellectual property.

Businesses with under 10 employees often lack IT support, putting companies at great risk if cybercriminal attacks are successful – and many are., between 2021 and 2022, the average cost per cybercrime had risen to $39,000 for small businesses in Australia^[3]. Norton Small Business helps small businesses disaster-proof their critical data to minimise the risk of financial loss. 

Entrepreneurs Pursue Financial Freedom

Entrepreneurs often start their own businesses in pursuit of financial freedom and invest significant time, energy and personal savings to build their business. Yet, small businesses are being heavily targeted by cybercriminals, leaving them at a much higher risk of collapsing compared to larger firms when hit by a cyberattack.  With heightened risk and so much at stake, it’s surprising that about half of businesses with under 50 employees have no cybersecurity budget at all^[4]. The effects of a cyberattack extend beyond financial consequences, and it’s time cybersecurity is pushed to the forefront of small business priorities.

Setting Up Your One-Person IT Department

Norton is your go-to partner to make small business cybersecurity simple with an all-in-one solution that provides 24/7 cybersecurity protection and a variety of features, including:

• Secure Browser, Password Manager and VPN (virtual private network) to help secure day-to-day online activities
• Automated PC cleaning and optimisation to keep healthier PCs for longer
• Secure Cloud Backup for PCs to help reduce the risk of loss of business data  
• Software and driver updaters to help keep software up to date, so there are fewer vulnerabilities for cybercriminals to exploit
• IT coverage and maintenance for up to 20 devices
• A 100% Virus Protection Promise

“We’ve built our small business products and services with the same approach in mind as we do with our consumer portfolio, so entrepreneurs don’t need to worry about becoming cybersecurity experts,” said Rapparini. “Norton is here to make cybersecurity accessible and easy so they can focus on building thriving businesses.”

Top 10 tips to protect your small business:

1. Learn to spot signs of phishing and teach your employees
2. Only click links or download attachments from known sources
3. Avoid sharing personal information or private company data over email
4. Always keep your operating system, applications and drivers up-to-date
5. Make sure your WiFi network is protected with a strong password
6. Regularly back up your data
7. Require employees to use a VPN when doing company work on a public WiFi network (think airports and coffee shops)
8. Always use multi-factor-authentication for an extra layer of protection
9. Don’t neglect mobile devices – make sure they are password protected and use security software
10. Invest in a cybersecurity solution such as Norton Small Business

Norton Small Business is available now with prices starting at $89.99 for the first year with options for 6, 10 or 20-device plans. For more information, please visit norton.com/products/small-business.

Square’s annual Future of Restaurants Report has found that Australian restaurants are selling products outside their core services, turning to technology, and leaning on their communities to stay resilient

3: In a year of challenging economic conditions, Australian restaurants are reinventing themselves by bottling up sauces, selling cooking classes, or creating merch brands as a way to bring in revenue from multiple sources.

Alongside building new revenue streams, Square’s Future of Restaurants report has found that Australian restaurants are investing in technology to allow them to do more with less as operating costs soar and staff shortages continue to bite, while also looking to their local communities for support.

The report, commissioned by Square and created by YouGov, surveyed Australian restaurant owners, hospitality workers, and consumers, and gives us a glimpse into the current state and sentiment of the industry.

And while adaptability and resilience is on the menu for Australian restaurants, they also face additional challenges including customer retention (32%), operating costs (32%) and staff hiring, training and retention (31%). Though, in true Aussie innovative spirit, 97 percent of those surveyed believe tech will help their business navigate these hurdles.

More than just a dining service

As economic challenges persist, restaurateurs will continue to find new ways to build resilience.

Driven by consumer interest (45%), economic incentives (40%), and fierce competition (39%), restaurants are building new revenue streams by introducing new products and services outside of their core restaurant offering. One restaurant that’s designed and created a line of merchandise to supplement its core business is Sydney-based bagel shop, Lox in a Box.

“Merch is a way for me to express myself creatively,” says Candy Berger, co-owner of Lox in a Box. “We started with branded t-shirts for our staff and then customers wanted to buy them. So we did a run of shirts, the Lox In A Box hat, and sox in a box because we thought that was fun! It sold pretty well.”

Consumers are receptive to this new trend: of millennial customers, more than half (55%) say they’ve purchased items aside from food or drinks from restaurants in the past year, while around one in three (29%) say they specifically purchased merchandise over that same period.

Restaurants powered by technology

The era of pen and paper at restaurants is over, and restaurants will increasingly adopt technology to do more with less.

Despite the fact that 95 percent of restaurants say there are barriers – like financial outlay or transitionary period – to investing in software and automation technology, the benefits are clear. An analysis of data from Square and the Australian Business Registry has found that restaurants that used Square for Restaurants technology were around 3 times more likely to survive than the industry average.

Beyond building resilience, technology is helping restaurants to grow: half of restaurateurs who drive $1 million or more in revenue per year say that automation is helping them acquire more customers (34%) and streamline online ordering in-house and via delivery apps (24%).

“Working smarter, not harder, is a driving force for us,” says Mo Saad, co-owner of Fricken Chicken in Canberra. “Automation and technology have streamlined our operations, reduced wait times, increased productivity, and ensured more personalised customer interactions and overall satisfaction.”

“When we talk about restaurant reinvention, and technological adoption, we aren’t talking about robot chefs: we’re talking about using technology to unlock incremental yet meaningful gains,” said Colin Birney, Head of Business Development for Square in Australia. “For example, wait-staff sending orders to the kitchen directly from the side of the table may only save ten or so seconds a time, but as service continues and more tables are served, those efficiency gains stack up. Those efficiencies can lead to more tables being covered per employee, more customers served, and, ultimately, growth. Technology helps find both small and big wins.”

A focus on nurturing community

Communities played a huge role in helping restaurants stay afloat over the past few years.

A restaurant serves as many things to its customers – a place to socialise, work, escape, or relax. For regulars, it can become a special space that exists between their home and workplace – in fact, 21 percent of consumers say that an atmosphere that creates a sense of home is important to them when visiting a restaurant.

Building a sense of community is a key way restaurant owners are staying resilient amidst economic downturn, as 90 per cent say that community support has been somewhat helpful (38%) or instrumental (51%) in their success.  Knowing customers’ names, orders, and details about their lives creates a personal connection, and pays off in the long run, with 58 percent of consumers stating they look for new restaurants or cafes through recommendations from their friends or family.

Earlier this year, Square partnered with OpenTable to give restaurant wait-staff the ability to better personalise service based on diners’ unique preferences to create exceptional experiences. One of the first restaurants in Australia to benefit from the Square and OpenTable integration was Byron Bay-based, vegan restaurant No Bones.

“Square and OpenTable are our best friends: having them talking to each other makes our life so much easier, but also has a huge positive impact on our diners” said Lili Woollacott, Manager at No Bones. “Dining experience is so important to us and having all our dining data in one place – no matter where it comes from – means that we get to delight anyone that eats with us. Whether that’s about knowing where they are in their dining journey and improving the flow of diners through the restaurant, or knowing particular customers preferences and creating bespoke experiences for them. It builds loyalty and keeps them coming back!”

This year will continue to hold a lot of change for the industry. By diversifying core offerings, adapting to customer and employee needs, leveraging technology to work smarter, and engaging with the community, restaurateurs can better prepare for future challenges while creating a more resilient and efficient business.

The growing cost of conducting business has placed unprecedented pressure on Australian entrepreneurs. The COVID-19 pandemic saw a staggering increase in business insolvencies. This surge in failures has left aspiring entrepreneurs pondering a crucial question: Is this the right time to embark on a new business venture?

A recent analysis by NAB underscores the severity of the issue, revealing a 30% increase spike in insolvencies during 2022. As business survival rates hang in the balance, experts and industry veterans have begun to re-evaluate the franchise business model. With this in mind, let’s explore the enduring relevance and adaptability of franchising and the pros and cons of this business model.

Franchising A Time-Tested Model

Franchising, though not a new concept, has proven to be remarkably resilient and adaptable. Originating in 1851 and gaining significant traction in the 1950s, franchising has witnessed steady growth. Today, there are over 94,000 franchise outlets in Australia alone that employ almost 600,000 people.

The Franchise Council of Australia found that 95% of franchisors, and almost all franchisees are small businesses with fewer than 20 employees.

But the critical question remains: Is this age-old model still pertinent in the current volatile climate? Are entrepreneurs better off going solo when starting a business?

Brand Equity

One of the foremost advantages of the franchise model is the immediate access to established brand equity. Franchisees enter the market with a recognisable and trusted brand, which has already cultivated a loyal customer base. In a competitive landscape where consumer trust and familiarity play pivotal roles in decision-making, this brand recognition can prove to be invaluable.

Starting a business from scratch often requires significant time and resources to build a brand presence and earn consumer trust. Franchising offers entrepreneurs a shortcut by allowing them to tap into an existing brand’s reputation and customer base. Each franchise has a network to continue adapting to new technologies, marketing and systems for staff retention.

Mitigating Risk

The current economic uncertainties have made risk management a paramount concern for budding entrepreneurs. Franchising, as a business model, inherently reduces certain types of risk compared to launching an independent venture. It provides a safety net by offering a proven business model, comprehensive training, and ongoing support from the franchisor. This support structure can be a lifeline, especially for first-time business owners who may lack experience in managing all aspects of a business.

Additionally, economies of scale in purchasing and marketing can help franchisees weather the storm of rising operational costs, another critical advantage in today’s cost-pressured environment.

Financials

Franchising often offers a more predictable financial outlook compared to standalone businesses. Franchisees benefit from standardised operating procedures, established pricing models, and collective bargaining power when procuring supplies. This framework allows for greater financial stability and, in many cases, a quicker path to profitability.

Franchising allows entrepreneurs to benefit from a proven financial model. The franchisor’s financial track record and support can be invaluable when seeking funding or investment partners. Banks and investors often view franchise businesses as less risky due to their established success rates and are more likely to invest in over independent small business start-ups.

Business Support and Counsel

In an era where adaptability is key to survival, franchisees have the added advantage of ongoing support and counsel from the franchisor. This guidance can encompass everything from operational best practices to marketing strategies and technological advancements.

The franchisee-franchisor relationship is akin to a partnership. Franchisees can draw upon the franchisor’s expertise and experience, making it easier to navigate changing market dynamics. This support system provides an edge in staying ahead of the curve.

In the face of mounting economic challenges, franchising remains a robust and relevant business model. The advantages of brand equity, risk mitigation, financial stability, and ongoing support make franchising an attractive option for aspiring entrepreneurs. Franchising offers a tried-and-tested path to business ownership, even in today’s tumultuous economic climate. The key is to carefully assess the specific franchise opportunity and ensure alignment with your goals and values. With the right franchise, the future can be as bright as ever.

By Nicholas Woodward, Country Manager of PACK & SEND

Australia’s top-performing female small business owners have been honoured during a glittering gala event held on Saturday 23 September, when the 2023 Australian Women’s Small Business Champion Awards crowned 62 of the nation’s most inspiring and influential women in small business.

Hosted by accomplished journalist and popular broadcaster, Deborah Knight, and held at the newly-built Western Sydney Conference Centre with almost 1000 guests in attendance, the National Presentation Evening Gala Event has a mounting reputation as the ‘Logies’ of small business.

The evening’s most highly-anticipated award – 2023 Australian Women’s Small Business Champion ICON – has been won by Mel Gholami of Planix Projects.

The epitome of a groundbreaking go-getter, Mel is a pioneer of Australia’s construction industry as one of the first – and still few – female founders of a project management firm that is today booming with repeat business, despite myriad challenges faced by the construction industry. Mel’s significant contribution to charitable initiatives, including causes addressing the nation’s affordable housing crisis, also heavily impacted on the judging panel’s ultimate decision to crown Mel the prestigious title of 2023 ICON.

The winners of the three other individual categories are: 2023 Small Business Champion Influential Woman: Jacine Greenwood of QLD-based, Roccoco Botanicals; 2023 Small Business Champion Entrepreneur: Pippa Hanson of VIC’s The Sports Injury Clinic; and 2023 Young Small Business Champion Entrepreneur: Erin Criticos of Moving Mountains Therapy in NSW.

In coincidental timing with the approach of NSW Small Business Month (October), 33 of this year’s Australian Women’s Small Business Champions are NSW-based; while a dozen come from Queensland, a dozen from Victoria, two from South Australia and one each from the ACT, Tasmania and Western Australia.

Spanning all capital cities as well as rural, regional and suburban towns, the vast array of featured categories makes the Australian Women’s Small Business Champion Awards arguably the most diverse awards programme in the country.

From environmentalists and Indigenous business leaders, to women working in agriculture, disability support services, IT, retail, beauty, mechanics and more, the second-annual Australian Women’s Small Business Champion Awards attracted thousands of submissions this year, and is the only national awards programme of its kind created specifically to spotlight the rapidly-rising number of successful female-led small businesses.

According to Australian Government data: of the 3.3 million small businesses operating in Australia today, more than one-third are run by women and by all accounts, that figure is soaring. Data released by the Australian Bureau of Statistics during 2022 shows a 46 per cent jump in women business owners during the past two decades.

“It’s high-time we better recognise the massive economic, social and cultural contributions of Australia’s female small business trailblazers,” said Steve Loe, Awards Founder and Managing Director of Precedent Productions, which coordinates the Australian Women’s Small Business Champion Awards.

“Just as the Matildas shone during this year’s World Cup, attracting the nation’s admiration and highlighting the positive contribution of women in sport, this comprehensive awards programme celebrates the outstanding calibre of our country’s female entrepreneurs and those who are inspiring future generations of leaders,’ added Mr Loe.

Entries for the 2024 programme will open before mid-next year.

For more information – including a full list of 2023 winners – visit: womensbusinesschampions.com.au.