Nearly three quarters of Australian accountants have struggled to hire ‘good quality people’ over the last year (70 per cent) and just over half (57 per cent) say they would recommend young people to enter the industry, according to new research released today from online accounting software provider, Intuit QuickBooks.

Further, over one quarter (26 per cent) of accountants say they would discourage young people from pursuing a career in the profession at all.

But whilst 83 per cent of accountants believe negative perceptions of the profession are a challenge for attracting and retaining talent, it comes at a time of renewed optimism within the industry, with 60 per cent stating they expect their client list to grow over the next 12 months.  

According to Damien Greathead, Accountant & Advisor Lead at Intuit QuickBooks Australia, “The accountant and bookkeeper community has been stretched over the last few years, but their important work has enabled thousands of Australian small businesses to stay in business. We’re encouraged to see that despite the challenges, accountants believe it will be a year of growth ahead and are excited to partner with them in this.”

Combating the Challenges

According to seasoned Aussie accountants, when it comes to attracting good quality people and retaining talent, the top five most effective ways include offering opportunities to obtain qualifications at a reduced rate (34 per cent); having the latest technologies to support day-to-day work (31 per cent); flexible working conditions (31 per cent); opportunities to advance professionally (30 per cent); and offering competitive salaries that reflect changes to the cost of living (30 per cent).

Jimmy Nguyen, senior tax accountant at DKM Accounting said, “It’s pleasing to see how the accounting industry has adapted over the last few years and is now prioritising flexible work and technology adoption to enable us to work from anywhere at any time. This shift not only helps our clients by providing them with more accommodating access to us, but it has had a huge impact on our enjoyment and work-life balance.”

Investing in Tech to Grow

The survey revealed the top technologies that accounting/bookkeeping businesses are expected to invest in to help their businesses grow over the next twelve months, including artificial intelligence (39 per cent), cloud accounting software (36 per cent), blockchain (35 per cent), machine learning (34 per cent) and automation tools (33 per cent).

According to Greathead, investing in technology will be imperative to industry growth while helping advisors address some of the traditional ‘pen and paper’ challenges with the right tools.

“Nearly six in 10 (59 per cent) Aussie accountants and bookkeeprs see technology playing a major role in their growth and expansion for the next year. Tools like AI enable accounting advisors to move up the value chain by removing the grunt work of data entry or identifying anomalies, freeing up time to do valued work like ‘what if’ analysis for their clients,” Greathead said.

“By implementing tech such as AI, automation tools and cloud accounting software like QuickBooks, our accountant and bookkeeper community can win back meaningful time with their clients and focus more on business growth.”

Intuit QuickBooks helps small businesses manage their books, get paid fast, manage capital, and pay employees with confidence. To find out more, visit quickbooks.intuit.com/au.

Australia’s startup ecosystem is booming, but regional startups have been left behind without access to vital resources to help them grow and succeed. That’s why, the newly established angel network, Regional Angels, is stepping in to give regional entrepreneurs the boost they need to bring their ideas to market.

By providing access to capital, counsel and connections, Regional Angels is fuelling regional entrepreneurship via its thriving angel network, answering calls to support and empower regional startups to reach new heights. 

The Regional Angel Investor Network (RAIN), founded and facilitated by early stage business founder, chairperson and investor Sam Almaliki, is set to support the next generation of startups in regional areas across Australia. With a focus on establishing local chapters in Victoria, New South Wales, Queensland, Western Australia, South Australia, the Northern Territory and Tasmania, the network plans to host over 50 pitch events per annum, giving regional startups the chance to receive the funding they need to scale their businesses.

“Our mission is to further unlock the entrepreneurial potential of regional Australia to drive innovation, job and wealth creation,” says Sam Almaliki. “We believe in supporting economic growth in our regions by creating opportunities for startups to succeed, disrupt industries, create jobs and drive economic growth in their communities.” 

Regional Angels is committed to building and supporting the growth of a robust angel and early stage funding ecosystem across regional areas of Australia. Angel investment is a critical source of equity for startups and has been a fundamental first link in the venture supply chain for many successful high growth companies in Australia.

Regional Angels recognises the importance of increasing angel investment in early stage science, technology, innovation, and net zero initiatives. With access to early stage funding, mentorship and networking opportunities that focus on connecting and collaborating with like-minded entrepreneurs and investors in a supportive environment, Regional Angels is set to help regional startups reach new heights.

Regional Angels would like to invite entrepreneurs with bold ideas to apply to pitch their startup at https://regionalangels.com.au/apply-to-pitch/. Investors who share a passion for supporting regional startups can join Regional Angels as members at https://regionalangels.com.au/apply-to-join/. 

For more information on Regional Angels and how they’re empowering regional startups to reach new heights, please visit https://regionalangels.com.au.

Fresh off the back of its global announcements at 2023 Mobile World Congress (MWC), D-Link Australia has launched the DWM-3010 5G NR M2M Dual SIM Industrial Gateway, the latest in its range of 4G/5G network innovations, specifically designed for enterprises and SMBs to address critical IoT connectivity demands and to help drive new efficiencies in the current digital revolution known as Industry 4.0. 

Industry 4.0 demands large-scale deployment of sensors and monitors throughout smart factories, warehouses, transportation fleets, EV charging stations and other industrial settings. The DWM-3010 5G M2M Industrial Gateway facilitates private network deployments to ensure low latency for near-instantaneous M2M communications.

The DWM-3010 enjoys dual SIM slots as well as band support for all major 5G networks in both Australia and New Zealand, along with support for industry standard IoT/M2M field communication protocols such as Virtual COM, Modbus and MQTT. As such, the DWM-3010 M2M Industrial Gateway enables an extensive range of IoT devices to communicate efficiently with one another.

Boasting a robust and rugged design, the DWM-3010 is ideal for smart industrial applications and can withstand wide temperature ranges from as low as -30°C, ideal for use in cold storage facilities, and up to a sweltering 60°C, ideal for use in hot transportation, energy, mining or agricultural environments.

D-Link A/NZ MD, Graeme Reardon, said, “Industry digitalisation continues to advance at an exponential rate and businesses need to have the infrastructure in place to deliver real-time services via reliable wireless connectivity. With the DWM-3010, D-Link expands 5G to Industrial IoT by offering 5G private networks that provide ultra-high speeds with virtually unlimited capacity for high bandwidth and low-latency services.”

D-Link’s reliable and secure 5G fixed wireless access (FWA) is a competitive option against traditional fixed-line broadband services, which are often challenging to manage and expensive to deploy in many environments. 5G FWA also opens up new opportunities for mobile operators to deliver managed voice, video, data and IoT services. 

In addition to the new DWM-3010 5G NR M2M Gateway, D-Link offers a range of enterprise products allowing construction of bespoke solutions powered by robust 5G private networks, including Data Centre Switches, Surveillance Cameras and Access Points.

Reardon concluded, “With the DWM-3010 5G NR M2M Gateway, users can connect large numbers of devices with fast 5G network connectivity in harsh working environments, and with the industrial-grade feature set needed for efficient and robust communication between them in virtually any setting. Remote, centralised management of the DWM-3010 5G NR M2M Gateway is particularly easy when combining it with the D-Link Edge Cloud Solution, or D-ECS.”

The D-Link Edge Cloud Solution (D-ECS) has been developed for customers that have use cases and applications where connectivity status, GPS tracking and route history are critical to their business. D-ECS provides a complete managed cellular and wireless network management solution whereby 4G-LTE and 5G NR M2M network devices such as the new DWM-3010 5G NR M2M Gateway are controlled through the D-ECS Management Platform, accessible via a dedicated Web Portal. Monitoring and management tasks can be carried out through the platform for any device, site, or network anywhere in the world, with multi-tenancy enabled, and device scalability unlimited.

DWM-3010 5G NR M2M Dual SIM Industrial Gateway key features:

• 5G NR and Cat.16 LTE with up to 900Mbps

• Dual SIM and E-WAN with automatic failover

• RS-232 / RS-485 ports with TCP client and server

• Two digital I/O ports

• External cellular and Wi-Fi antennas

• Advanced VPN: IPsec, OpenVPN, L2TP, PPTP, GRE

• Remote management with D-ECS cloud solution

• High temperature tolerance and robust metal housing

Availability and Pricing

The new DWM-3010 5G NR M2M Dual SIM Industrial Gateway is available now from www.dlink.com.au (RRP AU$2,999.95) and from all D-Link authorised partners and resellers.

When it comes to creating more gender balanced experiences in the workplace, there is still work to do. While the latest Employee Experience (EX) Trends research from Qualtrics shows there are no significant gaps in the core employee experience metrics between men and women – such as engagement, intent to stay, inclusion, well-being, and meeting employee expectations – this does not tell the complete story.  

The differences arise when we look at experiences among intersectional cohorts of men and women in the workforce, and within certain engagements and interactions. For example: 

• While women have comparable levels of engagement with men (69% and 68% respectively), women are less likely to say their experiences are being met at work (56% compared to 60%), and have a lower intent to stay (53% compared to 60%) 
• Intent to stay among women in the workforce is lowest among women with a disability, women below management level, and women younger than 35 
• 40% of women believe their pay is linked to performance, compared to 49% of men 
• 55% of women say the benefits at work meet their needs, compared to 62% of men 
• Ensuring women feel supported through change, have access to learning & development opportunities, are empowered to make decisions, and provided with early onboarding experiences are the core EX offerings setting women up for success at work 

Findings from the Qualtrics study highlight the diverse gender experience gaps that exist – and are sometimes hidden – in workplaces across Australia and New Zealand, highlighting the critical need for employers to build more momentum with targeted action focused on identifying and closing them.  

5 ways to creating more gender balanced experiences at work  

Drawing on intersectional gender insights from Qualtrics’ 2023 Employee Experience Trends report, there are 5 key areas employers must prioritise to ensure workplaces are equitable for all: 

Review pay-for-performance practices, and design benefits for a hybrid world – Fewer than half of employees (44%) in Australia and New Zealand agree their pay is linked to performance, with men (49%) significantly more positive than women (40%). Simultaneously, there has been a significant drop year-on-year in the volume of women who say employee benefits meet their needs. With just half of Australian organisations conducting pay equity analysis, there is a clear need for more transparent and fair data-driven pay and performance practices to ensure pay is fairly distributed. 

Seek to understand the drivers of gendered outcomes in the workforce – As demonstrated by our findings, employers wanting to provide a consistent employee experience for their entire workforce need to understand the different drivers that exist among their employee base and take systemic action on them. For example, the Qualtrics research indicates that feeling supported through change, having access to learning & development opportunities, being empowered to make decisions, and early onboarding experiences are what set women up for success at work.   

Understand and improve the intersectional human experience – Linked to understanding the EX-drivers for women at work, there are experience gaps among different groups of women in the workforce too – whether that’s by age, ability, ethnicity, culture, job type, or level. Identifying and acting on the unique needs of different cohorts is critical. According to AHRI, only a quarter of Australian organisations currently measure the DEI profile of their organisation to assess the intersectionality between different groups or identities. 

To demonstrate this reality in Australia and New Zealand, the Qualtrics data shows that employees who identify as women with a disability have significantly lower wellbeing indicators than men with a disability. Looking at experiences of employees with a disability as a single cohort without the gender lens would result in missing these important insights. 

Build diverse leadership teams and an equitable opportunity for career development – As part of efforts to close the gender experience gap, it’s critical employers remain conscious about building diverse leadership teams reflecting the customers and employees they represent. In fact, this isn’t just good moral sense it makes good business sense too – McKinsey’s most recent Diversity wins report shows the most diverse companies outperform their peers by 36% in profitability.  

While one of the most pervasive drivers of EX for men and women is feeling as though their ‘career goals can be met’, the Qualtrics study shows men are more positive about the opportunities afforded to help them achieve this. As such, it’s important to continually find proven ways that enable women to achieve their goals. 

Go beyond the gender binary – While it is easy to limit discussions about gender equity to the experiences of men and women, gender is not binary and should always include the experiences of transgender, intersex and non-binary people. The insights from our global study (based on nearly 30,000 responses) show these employees have consistently poorer experiences at work, demonstrating the critical opportunity for employers to apply a focus on these groups. 

Improving the gender experience gap is bigger than pay 

When we talk about making the workplace a fair and equitable experience for all, our data reinforces the point that this is a larger discussion than simply pay. The pay gap is part of a much larger experience gap, and employers must be focused on resolving this in order to make sustainable and impactful progress. 

The workplace experiences people need to feel included, engaged, and want to stay with their organisations are largely the same for men and women. The difference exists in how positive the experiences are, with employees who identify as men being more likely to have these expectations met.  

If employers are serious about making positive change, employers need to understand why some groups of employees are experiencing things differently from others to help take immediate, tailored action to remove the friction points that exist. In many instances, this will improve the programs that already exist. 

Ensuring the workplace is an equitable place for all requires ongoing focus and commitment from employers, and when we are successful the benefits will be felt across every aspect of society. 

Written by Dr Cecelia Herbert, Principal Catalyst, Qualtrics XM Institute 

With the rising cost of living and interest rates continuing to have an impact on Australians and their ability to manage expenses and service debt, a new survey has found that households are eager to explore more innovative ways to manage their finances and reduce costs. The survey uncovered that two-thirds (68 per cent) of Australians believe their banks are too expensive and have been unable to keep up with digital innovations offered by specialist fintech competitors and 67 per cent are willing to switch banks as a result.  

The findings were derived from a survey of an independent panel of 1002 Australians, commissioned by global comparison service moneytransfercomparison.com, which helps Australians source the best rate in international money transfers. The full survey results, including breakdowns across ages and States, can be found here.

Through the survey, Money Transfer Comparison discovered that two thirds (68 per cent) of respondents believe some or none of the banks they use have kept up with digital innovations used by fintech services such as digital credit cards, buy now pay later, expense tracking and cashback and rewards programs. Specifically, 53 per cent believed some of the banks they use haven’t been able to keep up, while 15 per cent thought none of their banks have been able to do so. 

Interestingly, a slightly higher proportion of older Australians do not believe their bank has offered innovative services. Two-thirds (69 per cent) of under-55s respondents thought their bank had been unable to keep up, compared with 65 per cent of under-35s. 

Eight in 10 Australians think their banks’ fees are unreasonably high 

The Money Transfer Comparison survey found that most bank customers believe bank fees and charges are too high for missed payments, overdrawn accounts and international money transfers. Just 15 per cent believe that bank fees are not too high for the services they use or penalties they incur.  

In contrast, more than half (59 per cent) believe bank account fees are too high across all services, while 47 per cent thought missed credit card and missed loan payment fees are too high, and 36 per cent believe fees for overdrawn accounts are too high. 

Older Australians are more likely to regard the fees charged by banks as too high. Nearly three quarters (70 per cent) of over-55s believe that bank account fees are generally too high, compared with 60 per cent of 35-54-year-olds and 44 per cent of under-35s. 

Alon Rajic, Founder and Managing Director at Money Transfer Comparison, says: “When comparing traditional banking fees with the fees that competing fintech services provide, the level of dissatisfaction from the public is clear. Associated fees for services offered by both banks and fintech services can differ greatly.” For instance, annual credit card fees from banks from major banks can be as much as $295, with a high annual interest rate of almost 20 per cent,¹ whereas some non-banks do not include annual fees on their card services and charge interest as low as 12 per cent. Interest rates on loans from banks are also significantly higher than alternative lenders – Commonwealth Bank can offer an up to 19.50 per cent fixed interest rate on car loans,² while Loans.com.au, an alternative lender, offers a standard 6.69 per cent fixed rate on its car loan offering.³ 

International money transfers from a traditional bank can also incur a steeper fee for Australians, with majors banks such as NAB charging $30 when customers send money overseas through the app or internet banking platform,⁴ whereas alternative transfer companies such as TorFX don’t charge transfer fees or commission.⁵ 

2 in 3 customers would switch bankswith one service to cheaper specialist fintechs 

Given the Australian public’s dissatisfaction with bank fees and charges, there is a growing appetite for moving some financial services to specialist fintech competitors. In its survey, Money Transfer Comparison presented respondents with seven financial services that they would be willing to move to specialist fintechs if they offered lower fees and were as safe as banks. Two in three (67 per cent) indicated they would switch at least one service to a fintech competitor.  

More than a third (36 per cent) indicated they would outsource home loans, while 34 per cent would switch to a specialist fintech for their credit cards, and 32 per cent for their savings accounts or term deposits. Other services Australians would switch over included personal or car loans (chosen by 29 per cent of respondents), international money transfers (chosen by 25 per cent), share trading (19 per cent) and budgeting apps (19 per cent). 

Alon says: “It is clear banking is another area in which Aussies are looking to cut costs. We could 

see an increase in bank customers leaving in favour of innovative and specialist online financial service providers, many of which offer cheaper services than traditional banks – and particularly amid growing inflation and interest rates.  

“With a significant proportion planning to switch over services such as money transfers, home loans and credit cards to alternative services, I encourage individuals to do their due diligence and compare service providers, to source the most cost-effective provider that is also suitable for their individual circumstances.” 

The full survey results, including breakdowns across ages and States, can be found here.

CommBank launches mobile payment solution for merchants, Smart Mini, as entrepreneurial Australians fuel demand for mobile payment solutions.

Research released today by the Commonwealth Bank of Australia (CBA) shows one in three Australians have started a small business or ‘side hustle’ since the start of the COVID-19 pandemic or plan to start one in the next 12 months.

Of those surveyed, 9% of these entrepreneurs started a business between March 2020 and January 2022, while almost twice as many (16%) have started trading in the past 12 months, highlighting sustained entrepreneurial activity among Australians since the Covid pandemic.

The findings coincide with the launch of a new CBA portable payments device, Smart Mini, to cater to the growing need for portable payment devices amongst small businesses that need to take payments on the go, such as tradies, gardeners and market stall operators.

Commonwealth Bank’s General Manager of Merchant Solutions, Karen Last, said Smart Mini is available to all merchants regardless of whether they are currently CBA customers: “The launch of Smart Mini expands CBA’s range of payment solutions designed specifically for industries as diverse as retail and hospitality, and for a wide range of businesses, including micro and sole traders.

“Compatible with both Apple and Android^TM devices, it can be connected to CBA’s Smart Mini Hub, a self-servicing portal, allowing business owners to access a range of features and near real-time transaction insights relating to their business, enabling them to manage their cash flow better.

“With our survey highlighting widespread concern around the speed of settlement and security of mobile payments, we think CBA’s same-day settlement of payments and our robust anti-fraud technology will be significant attractions for Smart Mini customers.”

For further details on the Smart Mini, visit: commbank.com.au/smart-mini

The global research team from Norton, a consumer Cyber Safety brand of Gen™, today released its quarterly Consumer Cyber Safety Pulse Report, detailing how cybercriminals can use artificial intelligence to create realistic and sophisticated threats. The latest report includes an analysis of how large language models can enhance cybercriminal tactics.

ChatGPT has captured the internet’s attention with millions using the technology to write poems, craft short stories, answer questions and even ask advice. Meanwhile, cybercriminals are using it to generate malicious threats through its impressive ability to generate human-like text that adapts to different languages and audiences.

Cybercriminals can now quickly and easily craft email or social media phishing lures that are even more convincing, making it more difficult to tell what’s legitimate and what’s a threat. In addition to writing lures, ChatGPT can also generate code. Just as ChatGPT makes developers’ lives easier with its ability to write and translate source code, bad actors too can manipulate the technology and use it to scam at a more larger and a faster scale.

“While the introduction of large language models like ChatGPT is exciting, it’s also important to note how cybercriminals can benefit and use it to conduct various nefarious activities. We’re already seeing ChatGPT being used effectively by bad actors to create malware and other threats quickly and very easily,” said Mark Gorrie, Asia Pacific Managing Director at Gen. “Unfortunately, it’s becoming more difficult than ever for people to spot scams on their own, which is why Cyber Safety solutions that look at all aspects of our digital lives are comprehensibly needed, be it our mobile devices to our online identity, or the wellbeing of those around us – being cyber vigilant is integral to our digital lives.”

In addition to using ChatGPT for more efficient phishing, Norton experts warn bad actors can also use it to create deepfake chatbots. These chatbots can impersonate humans or legitimate sources, like a bank or government entity, to manipulate victims into turning over their personal information in order to gain access to sensitive information, steal money or commit fraud.

To stay safe from these new threats, Norton experts recommend:

• Avoiding chatbots that don’t appear on a company’s website or app and being cautious of providing any personal information to someone you’re chatting with online.
• Thinking before you click on links in response to unsolicited phone calls, emails or messages.
• Updating your security solutions and making sure it has a full set of security layers that go beyond known malware recognition, such as behavior detection and blocking.

Year in Review: Norton blocked over 3.5 billion threats in 2022

The latest Pulse Report also revealed that throughout 2022, Norton thwarted over 3.5 billion threats, or around 9.6 million threats per day.

In 2022, Norton blocked:

• 90.9 million phishing attempts
• 260.4 million file threats
• 1.6 million mobile threats
• 274 thousand ransomware attacks
• Norton AntiTrack blocked over 3 billion trackers and fingerprinting scripts.

In Australia, throughout the last quarter alone, Norton blocked over 28 million threats, or around 300 thousand threats per day.

From October through December 2022, Norton Australia blocked:

• 960 thousand phishing attempts
• 1.3 million file threats
• 24 thousand mobile threats

For more information and Cyber Safety guidance, visit the Norton Internet Security Center.

Synology has announced the addition of RackStation RS2423+ and RS2423RP+ to the versatile and cost-effective Plus series systems. The 2U 12-bay RS2423(RP)+ are ideal data management and backup solutions for small and medium-sized businesses, as well as branch offices. 

“With strong performance out of the box and flexible configuration and expansion options, these servers are the perfect on-prem storage solution for growing businesses,” said Peggy Weng, Product Manager at Synology.

Performance and flexibility

Offering a performance increase over its predecessor with sequential read/write speeds1 of over 3,500/1,700 MB/s, the RS2423(RP)+ packs a punch. This device features built-in 10GbE connectivity along with 2 x 1GbE ports with support for additional 10/25GbE networking. The 12-bays of RS2423(RP)+ support up to 216 TB of total storage capacity and can be expanded to 24 bays with a RX1223RP Expansion Unit for up to 432 TB of storage.2

For businesses with low latency or high random I/O performance demands, SATA SSDs can be used to create flash array volumes, or designated as read/write cache to speed up HDD volumes.

Designed for reliability

The two gigabit Ethernet ports of RS2423(RP)+ can be bonded with Link Aggregation to enable automatic network failover and load balancing while two RS2423(RP)+ units can be paired using Synology High Availability to form a reliable active/passive server cluster, maximizing service uptime. Additionally, the RS2423RP+ features a redundant power supply for an extra edge in service continuity.

A versatile data platform

RS2423(RP)+ includes a suite of reliable file management, sharing, and synchronization solutions. In addition to fast, local access to files, Synology Drive enables easy cross-platform access to file management and sharing tools. Connect and sync data between devices, keeping remote teams and offices up-to-date automatically. 

Businesses with greater syncing requirements can leverage the power of the cloud to enable even higher productivity and lower maintenance needs. Hybrid Share keeps multiple sites in sync using less bandwidth, as files only need to be uploaded once to C2 servers. Frequently accessed data is cached locally, providing immediate and fast access while streaming other files as needed, reducing the storage footprint required. Additionally, unexpected storage demands can be met with flexible on-demand cloud storage.

Learn more about file management

Versatile video surveillance

Synology Surveillance Station is a powerful and flexible VMS with support for over 8,300 validated and ONVIF-certified IP cameras. Up to 50 cameras can be connected to each RS2423(RP)+ and larger deployments can be created by linking multiple Synology servers using the central management system built into Surveillance Station.

Surveillance Station offers a range of powerful but user-friendly monitoring, management, and analysis tools accessible from PCs and mobile devices. As a trusted surveillance solution, Surveillance Station has been deployed at over 500,000 locations globally every day.

Learn more about Surveillance Station

Comprehensive data protection built-in

The versatile RS2423(RP)+ provides efficient data and IT infrastructure backup with support for backup of Windows PC/Servers, VMware and Hyper-V VMs, Microsoft 365 and Google Workspace SaaS, and more — all accessible through a single intuitive interface.

Business continuity can be ensured with snapshots which protect files and LUNs against accidental deletion and threats like ransomware with minimal storage use and allow for near-instantaneous recovery of data. RS2423(RP)+ also includes comprehensive system and file backup capabilities for secure backup onto other Synology systems or a cloud storage service.

Learn more about data protection

Warranty and Availability

The RS2423(RP)+ is backed by Synology’s three-year hardware warranty3, with an optional two-year extended warranty available in select regions. It is now available at Synology resellers and partners. For additional information, please visit https://www.synology.com/products/RS2423+.

New research from Vista Australia – partner to Australian small businesses, startups and entrepreneurs – has revealed that we’re a nation of risk takers when it comes to small business ownership, especially in the early days of setting up a business.

Released today, the Vista 2023 SMB Report explores how Australians have approached starting up their business, how they have fared over the past 12 months, and sentiment towards critical areas such as hiring, upskilling, and areas of investment in 2023.

Despite the well-documented factors recently impacting business health such as inflation, cost of living pressures, record low unemployment and supply chain woes, SMBs are seemingly putting it all on the line in a bid to get ahead. However, optimism for the year ahead remains, with nearly one-in-two Australian SMB owners (48%) feeling optimistic about 2023.

The report has also found a marked difference between metro and regional based businesses in outlook and optimism for the year ahead, with 47% of rural businesses feeling positive about 2023 compared with only 43% of SMBs in metro areas.

Risk-taking Australian SMBs

The research found that the majority of Australian SMBs are ‘winging it’ when starting their operation with 3 in 5 (60%) citing having no business management, ownership experience or skills at the outset. In fact, only 9% were seasoned entrepreneurs before setting up their own gig. For 2 in 5 of SMBs (41%), the business began as a passion project which then turned into a mainstay commercial enterprise, and for 1 in 3 (32%) it developed out of an idea conceived at a previous job.

Commercially-speaking, a staggering 4 in 5 (82%) of SMBs were self-funded – only 7% have taken out a loan and 9% have borrowed from ‘the bank of mum and dad’ or family.

Breaking down the research further, female SMB owners were found to be bigger risk takers than their male counterparts, with only 34% having had previous business management, ownership experience or skills, compared to 50% of male SMB owners.

The year ahead: business outlook and areas of investment

There is an air of apprehension among SMBs coming into the new year, with inflation (48%) and the potential recession (29%) the biggest worries for 2023. Despite one in five (20%) SMB owners admitting they’re feeling hesitant and almost one in four (22%) feeling nervous about 2023, they are still willing to invest to get ahead.

Nationally, SMBs’ focus this year is on growth (58%) and recovery from 2022 (43%), while one in five (21%) see innovation as the big opportunity for the year ahead.

Upskilling will be a key focus of 2023 for SMBs, with 40% confirming it’s an area of investment – with female-owned businesses leading the charge at 44% (vs 32% male-owned). A quarter (26%) of SMB owners are looking to learn new technical/digital skills (i.e., AR/VR, automation, data, IT) in the next 12 months, while one in five SMB owners (20%) are focused on leadership as their main area to upskill.

More than a quarter of SMBs (28%) see marketing as the biggest opportunity for 2023 – with 30% investing most of their marketing spend into social media specifically, followed by 13% investing in their website. SMBs will also be focusing on networking opportunities (24%) and investment in product and resources (20%), confirming that despite hesitation coming into the new year, there is still a focus on investment.

Regional vs metro

In the regions, one in three (38%) SMB owners confirmed they will be learning a new skill in the next year; however, the focus will be on upskilling on existing capabilities (55%) as the main priority.

In a bid to sustain business and even grow, regional and rural based SMBs will be focused on reaching new customers by investing in social media advertising (30%), enabling them to tap into a broader audience.  

“SMBs have been through tough times in recent years – from natural disasters to an uncertain economy and rising inflation, it’s enough to dampen anyone’s spirits. Yet, by and large, SMBs remain stoic in this year ahead. They were willing to take risks to succeed in start-up mode, and they certainly aren’t shying away from investing in 2023 – it’s encouraging to see that so many SMB owners are continuing to look into the future and choosing to upskill and invest, even in uncertain times”, says Marcus Marchant, CEO of Vista Australia.