From bushfires, floods, lockdowns, inflation and labour shortage, Australian businesses have faced unprecedented challenges in recent years. In 2022, Australia also recorded the largest quarterly rise to the cost-of-living index since the September 2000 quarter^[1], with many economists predicting a recession for Australia in 2023. Despite these obstacles, new research reveals that half (48 per cent) of small-to-medium businesses are looking to expand this year, even while they believe there is a risk of recession.

The findings were derived from an independent survey commissioned by business loan comparison site Small Business Loans Australia. Respondents were 210 business owners and senior decision-makers across the full SME spectrum: micro (1-10 employees), small (11-50 employees) and medium-sized (51-200 employees), as well as a small percentage of large SMEs (more than 200 employees). The full survey results, including breakdowns across business sizes and states, can be found here: https://smallbusinessloansaustralia.com/growth-in-recession/  

Small Business Loans Australia asked respondents if they had focussed on growing their businesses in the last four years – three of which were hugely challenging for most businesses – and if they will grow their business this year. Surprisingly, the highest proportion of respondents (48 per cent) are focussing on growing this year. This is more than twice the proportion of respondents (22 per cent) who focussed on growth in 2022. 

The smallest proportion of businesses actively growing was in 2020 (just 20 per cent) and 2021 (17 per cent). Also surprising was the small proportion of businesses (18 per cent) who focussed on growth in 2019, before the pandemic.

Small Business Loans Australia analysed responses across the states and territories. Businesses in Western Australia demonstrated the highest growth, with 88 per cent of businesses having focused on growth at some point since 2019, followed closely by 86 per cent of businesses in New South Wales. From 2019-2020 West Australian businesses saw the most significant growth, chosen by 36 per cent of SMEs in 2019 and 28 per cent in 2020. In 2021 Victorian businesses focused on growth more than those in any other state, chosen by 22 per cent whilst South Australian businesses came out on top in 2022, chosen by 26 per cent. Businesses in the ACT were most confident about growth in 2023, with 60 per cent of businesses specifying they will use this year to focus on growth, despite a potential recession.

More than half of businesses in Queensland (52 per cent) and New South Wales (51 per cent) will focus on growth this year. Micro businesses are predicted to be the most positive about growth in 2023, sitting at 50 per cent, compared with 48 per cent of medium sized businesses and 37 per cent of small businesses. 

Alon Rajik, Founder and Managing Director of Small Business Loans Australia, says: “It is promising to see that almost half of the country’s SMEs consider 2023 as a period of growth for their business. Our research indicates that regardless of a potential economic slowdown, SMEs will continue to be resilient against hardship and confident in their ability to weather tough economic periods, after they have survived a series of unprecedented global and economic disruptions.  

“The challenges of the last three years, while putting a strain on so many businesses, motivated many to change the way they operated and to innovate, which steered many toward online trading and away from traditional shopfront selling.

“With the risks of a recession, however, businesses are best to make smart financial choices when expanding. When seeking financing to facilitate growth, it’s a good idea to shop around to secure low interest rates and fees.”

Epson has added 4K resolution to its newest generation of compact, efficient, ultra-lightweight, high-lumens 3LCD projectors. The new EB-PQ2000 projector series is on show at stand 3J100 at ISE this year from 31 January to 3 February.

The new 4K EB-PQ2000 series builds on the success of Epson’s PU2200 range of high lumens 3LCD projectors which are 60% smaller and 50% lighter than their predecessor (EB-L20000U), offering significant size and weight advantages, as well as easy installation and set-up, simplified maintenance, exceptional image quality and eco-advantages.

Epson’s latest 4K technology has combined its patented, state-of-the-art 4K Crystal Motion, panel thermo-control and double micro-lens array technologies to achieve optimal clarity.
 
The new range offers custom-built 4K graphic processing, with the latest chipset providing significant improvements in operating frequency, memory bandwidth and data transmission for a seamless 4K experience.
 
The EB-PQ2000 series also offers additional versatility and is compatible with the ELPEC01 optional camera unit, which provides the benefit of upgraded assistance techniques, such as built-in simple stacking and blending. In addition, Epson’s free EPPT software gives the user access to even more features, including geometric correction, colour calibration and multi-projection assistance tools.

Each projector in the EB-PQ2000 Series is supplied as ‘body only’, without a lens, giving the user the option to design and build the best, most optimal projection solution for the right application using Epson’s existing range of 4K high quality lenses without a change in throw ratios.
 
In a time of increasing energy and logistics costs, the range offers significant environmental benefits including lower power consumption, significantly reduced packaging requirements with a lower carbon footprint as the reduced weight and size means the projectors are easier to store, transport and install, saving on warehouse space as well as labour and delivery costs.
 
All models in the range include functionality that enables simple installation, stacking, lens flexibility and control. The range includes in-built processing for PC-free stacking and blending which means two supported projectors can be stacked to double the brightness or blended to specific aspect ratios without need of external computerware. Additional features include NFC functionality for simpler installation, enabling communication between projectors and NFC-compatible smartphones, even when the projector is off.

Epson projectors have become the industry benchmark for quality and flexibility, saving installation time and shipment costs and reducing environmental impact for the important and growing high brightness projector market segment.

This new series of projectors also answers the market need for more compact, space-saving, lighter, reliable and versatile high-lumens display solutions.

EPOS, the premium audio and video brand, is thrilled to today announce the release of the latest addition to its range of meeting room solutions – the EXPAND Vision 1M. With an ultra-sharp wide-angle 4K USB camera, the EXPAND Vision 1M is designed for companies seeking a simple solution to enlarge their meeting rooms with the use of video to accommodate the growing need for hybrid meetings, while providing professional image quality.

Be Seen at Your Best

With hybrid working set to continue throughout 2023 and beyond, the importance of image quality during virtual meetings should not be understated. Alongside its 4K resolution, the EXPAND Vision 1M features an 8X digital zoom, an integrated electro-mechanical privacy shutter, as well as intelligent picture framing powered by EPOS AI™, which dynamically adjusts based on the number of participants in the meeting to ensure everyone in the room can clearly be seen. Flexible mounting options mean the device can be installed with minimal effort and the camera settings and firmware can be managed and updated remotely using EPOS Manager.

EXPAND Vision 1M Intuitive Setup

Perfect for small and medium-sized meeting rooms, the EXPAND Vision 1M’s plug-and-play design makes it easy to integrate into any bring-your-own-device meeting room as well as any existing or new meeting room setups that have a compute box, as well as a monitor and speakerphone. The installation of a Kensington lock provides peace of mind that the camera will remain in place.

Trusted Stamp of Approval

Certified and optimised for leading UC providers, means users can enjoy seamless collaboration and focus their attention on the meetings themselves. The EXPAND Vision 1M works in conjunction with any Android or Windows device.
 
“At EPOS, we’ve had a strong focus on expanding our range of video devices since we entered the market in 2020,” Theis Mørk, VP of Product Management, said. “We believe that to get the most out of meetings, video conferencing needs to be a straightforward experience, free from distractions. The EXPAND Vision 1M delivers on that concept by offering customers a hassle-free option to level-up their hybrid meetings and bring professional picture quality to existing meeting room setups. Alongside our EXPAND Vision 3T and EXPAND Vision 5 solutions, the launch of the EXPAND Vision 1M means that EPOS now has a portfolio of video solutions that cater to all needs, budgets, and levels of technical know-how.”
 
Click here HERE for further information about the EXPAND Vision 1M.

Grant Thornton’s recent International Business Report (IBR) research has revealed there is a downturn in overall general business confidence as we enter a new year – dropping 17 per cent from the first half of 2022. The results are in correlation with the ABS reporting the highest inflation rates Australia has seen in many years creating a range of pressures for Australian businesses including increased operating costs with rising wages and electricity prices, and weather conditions impacting supply chain.

Despite low optimism, Australian businesses are looking to implement automation tools to improve efficiency to curb the impacts of inflation, with businesses looking to implement them within their accounting, operations, and IT departments. Nearly 50 per cent of those business units revealed they will use automation tools and incentivise employees to work more efficiently in 2023, with investment in technology up 7 per cent from the first half of 2022.

While we still battle a war on talent with increasing uncertainty of available skilled workers since early 2020, Australian businesses are considering implementing a 4-day working week as part of improving efficiency to slow the impacts of inflation. Australia’s IBR results show 30 per cent of Australian businesses have already implemented the 4-day week to incentivise staff, with another 24 per cent of respondents wanting to implement it as soon as they can. 

Despite Australia being slow to adopt this new way of working compared to its international counterparts, there is momentum for a shortened working week locally. Grant Thornton expects automation in technology and the 9-Day fortnight will improve client experience, staff efficiency, and boost the quality of work.

Fraser McNaughton, Grant Thornton CMO & Industry lead said: “In response to rapidly rising interest rates and a looming economic downturn, businesses operating in industries which aren’t perceived as ‘recession-proof ’such as retail, food and beverage, and leisure may be feeling the most pressure. For these businesses, automation is key for navigating uncertain economic times – it should lead to efficiencies, allowing value to be added in other parts of the business when revenue and profit might not be at its highest.

“It is also great to see the IBR results have reinforced our firm’s decision to roll out a 9-day fortnight as it shows finding efficiencies is an important goal for Australian businesses in 2023. Businesses who trust their employees to work smarter and not harder over a shortened working week will succeed in attracting and retaining the best talent in a very challenging job market.

“As a result of the IBR research findings and in response to a potential recession, it is critical Australian businesses look for ways to find efficiencies in their business throughout 2023 – whether that be through automation of current manual processes, fully utilising existing software, or incentivising staff,” continued Fraser McNaughton, CMO & Industry lead.

Grant Thornton International has released information on its Global IBR results here: Global business optimism falls as mid-market prepares for ‘unusual’ recession.

** Research methodology of the Grant Thornton International Business Report

Grant Thornton’s International Business Report (IBR) is a survey of both listed and privately held businesses. Launched in 1992, the IBR now provides insight into the views and expectations of around 10,000 businesses across 28 economies. Questionnaires are translated into local languages and fieldwork is undertaken on a biannual basis, through both online and telephone interviews.  The data for this release is from interviews conducted from October to December 2022 with chief executive officers, managing directors, chairperson or other senior executives from all industry sectors.

Small to medium-sized enterprises (SMEs) are doing less than a third of what’s required for a healthy digital presence, according to new data from Navii’s Digital Health Check. 

The data, based on a survey of 602 SMEs, saw an average score of just 32.2% on a test of overall digital health, which tracks website, SEO, and social media best practices.

The average business scored just 42.8% on website basics such as a clickable phone number, having opening hours and contact information displayed, and including a business address.

The Digital Health Check surveyed SMEs across a range of industries, including education and training, retail, tourism, health care, hospitality, and more. 

An assessment of Facebook scores saw just 18.1% of best practice markers achieved. The health check assessed businesses for indicators such as ‘posted a minimum of two posts per week’, and ‘received at least five recommendations in the past two months.’

Instagram saw slightly better results over Facebook at 24.8%, with the assessment checking for signals of health including ‘listing your account as a business account’, ‘using Instagram Highlights’, and ‘using hashtags on every post’. 

On an assessment of search engine best practices, SMEs scored an average of 22.1% for Google My Business and local search and 30.0% for SEO best practices. The SEO assessment examined simple best practices such as having a content-rich website, being indexed in Google, and ensuring your homepage meta title and description comply with Google’s recommendations. 

Liz Ward, co-founder and CEO, Navii, said: “The results show there’s still a lot of work required for SMEs to achieve a healthy digital presence. Across the board, the SMEs we surveyed were underdelivering across their website, social media, and search engine scores and therefore missing out on opportunities for better exposure and engagement with their target markets.

“The good news is that in many cases, making a fix can be simple – and the rewards can be huge. Now is the perfect time to reassess your digital health and take the steps required to meet the needs of your digitally savvy customer.”

Meltwater, a global leader in social and media intelligence, and We Are Social, the socially-led creative agency, have released Digital 2023, their latest annual report on social media and digital trends worldwide. 

Digital 2023 shows that the typical internet user globally has reduced their average daily internet use by 20 minutes over the past twelve months to 6 hours 37 minutes, equating to a year-on-year reduction of almost 5 percent. However, time spent on social platforms has increased to more than 2½ hours per day — 40 minutes more than time spent watching broadcast and cable TV.  Analysis of the data suggests that people are looking for more purposeful internet use, with a focus on quality over quantity. The daily usage rate is a return to 2019 levels, before the COVID-19 pandemic had a profound impact on the world’s digital behaviours.

The 465 page report also shows that social platforms are claiming an ever greater share of the world’s search activity. 16- to 34-year-olds are now more likely to visit a social network when looking for information about brands than they are to use a search engine (48 percent vs. 45 percent), and half of the world’s social media users say that they actively visit social platforms to learn more about brands and see their content. While the rise of TikTok search has already caught the attention of the media, the latest data suggest that Instagram is social media users’ preferred destination when researching things. 

The growing importance of social media is reflected in global advertising spend, with investment in social media ads more than doubling since the outbreak of COVID-19,  to reach an estimated US $226 billion in 2022.

Additional headlines in Digital 2023, which looks at social media, internet, mobile and ecommerce trends globally, include: 

• There are 5.16 billion internet users in the world today, and 4.76 billion social media users. 
• Average daily mobile time has increased by seven minutes per day over the past year, and the typical Android user now spends more than five hours per day using their smartphone, however: 
• Computers still account for more than half of the time that people in North America and Europe spend using the internet. 
• Ownership of cryptocurrencies is in decline: the share of internet users who own at least one form of digital currency fell by three percent between July and October. 
• TikTok tops the global list of social media platforms when it comes to time spent per user on Android devices, followed by YouTube and Facebook.

Alexandra Saab Bjertnæs, Chief Strategy Officer at Meltwater said: “”Brands that want to be competitive today need to stay ahead of trends, searching for and identifying them, in order to understand their impact on any given industry. Consumers continue to spend more and more time on social media, and it’s clear that social will play an even more important role in the customer journey as users turn to platforms like TikTok and Instagram to guide their decision-making process. With more than 5 billion internet users today, it’s becoming more crucial than ever that brands deliver relevant, impactful, and purposeful content to capture attention and create value across digital channels.”

Nathan McDonald, Group CEO and co-founder at We Are Social commented: “Social media’s influence on how we live our lives continues to grow. From shopping to connecting, entertaining to searching, it’s inextricably linked to our habits both on and offline. It’s interesting to see internet use becoming more discerning – while being online is still incredibly important in our everyday lives, people rightly want to make sure it’s time well spent. Marketers and creators will have to work even harder to attract and retain people’s attention in 2023 – it’s never been more important to understand online culture in order to reach people in a relevant way.”

To view and download the report go to: meltwater.com/en/global-digital-trends

Three years into the pandemic, businesses are dealing with a multitude of crises and are trying to remain productive and profitable. Hybrid work practices remain complex and both business leaders and employees are grappling to understand how to adjust business practices to meet the needs of employees.

EPOS, the global audio and video brand, in partnership with Foresight Factory, has today published ‘The Workplace of the Future’ report to explore the current and emerging trends shaping the future of work, as well as the technology solutions that can help businesses to navigate a long-term hybrid strategy for a productive workforce.Key findings include:

• Employees are prioritising their wellbeing: Workers everywhere are taking agency of their wellbeing, both physical and mental, and over half of workers around the world (53%) say they are more likely to prioritise their wellbeing compared with life before the pandemic^[1]. As a result, workers increasingly expect their employers to form part of their health ecosystems with 38% of employees calling for their employers to support staff by allowing them time off for mental health needs. A further 30% of employees say they want to see businesses dedicating hours for employees to use for mental/physical wellbeing pursuits.

• Avoiding burnout and pursuing happiness are top drivers: Employee burnout is a persistent issue and 36% of global workers say they have suffered burnout in the last 12 months from ‘working too hard’, a feeling that is greatest among Gen Z (40%) and Millennials (42%). As the disconnect around remote working continues to grow between employers and employees, so does the discontent. Less than half of workers are happy with their current work and life balance (43%), and almost a third (30%) say they intend to change careers to improve their overall happiness.

• Access to a physical office is vital: Employees want to avoid feeling isolated and want to see businesses offering both physical and virtual opportunities for connection and collaboration. Half of employees say they miss spending time with colleagues in person now they can work remotely. This trend is highest among Gen Z and Millennials (80%) who are keen to use physical office spaces to learn, grow, and establish themselves in their workplace community^[2].

• Employees will leave if they’re not learning: The working landscape is becoming more demanding of employees, who are expected to rapidly upgrade existing skills or pick up new ones, and workers everywhere have embraced new opportunities for development and learning over the pandemic years. Now, 60% of employees of all ages are keen to continue learning, and 44% say they want to progress and upskill within their current job. If they can’t learn and grow within a role, they will leave to achieve their career goals.

• Sub-par tech solutions can lead to cognitive overload: Employers also need to be intentional about equipping employees with solutions that reduce the risk of cognitive fatigue. EPOS research has shown that in noisy environments the brain works harder to focus on the most important source of sound with this taking 35% more cognitive effort to listen. Over time this can lead to cognitive overload and brain fatigue, impacting employee stress levels, information retention, and performance.

Jeppe Dalberg-Larsen, President at EPOS says; “The world of work has never been as complex as it istoday. Business leaders who are invested in the future of their company and the future of their employees need to think intentionally about their hybrid strategies. There is no one size fits all approach. Though we have in recent years seen how technology has revolutionised modern work, it is no substitute for leadership and culture. Leaders today face a new set of challenges and must put their people at the heart of creating a workplace community that keeps employees engaged in the long-term.” 

Marta Vilella, Client Partner at Foresight Factory says; “Each business requires a unique and tailored plan that considers all aspects of business operations, people, and culture. Business leaders need to tune into the issues, challenges, and interests that most concern their employees and make any necessary changes to thrive as a team.” 

Report Methodology

On behalf of EPOS, and to complement the trends data, Foresight Factory engaged with a variety of leading businesses to understand their perspectives and observations of the current market. These authentic and first-hand experiences shed further light on the most pressing topics at the forefront of hybrid discussions and reaffirms that with so many changing factors that risks an employee’s loyalty, businesses need to intentionally align their policies to reflect the future of their workplace. 

For more information, and to access to the report, click here

80% of Australian small business owners feel “confident”, “optimistic” and “cautiously hopeful” about their company’s prospective performance in 2023 despite the economic slowdown, according to new research released today from online accounting software provider Intuit QuickBooks.

This outlook is likely informed by their business performance throughout the COVID-19 pandemic, with the commissioned research finding one-quarter (25%) of Australian small businesses experiencing consistent year-on-year growth across 2020-2022, while 45% saw slow but steady growth and 5% experienced soaring profits.

The remaining 25% of entrepreneurs who struggled to turn a profit during the challenging period reported a split outlook on 2023—while 23% of this group feel concerned and 21% uncertain, more than half (56%) have entered 2023 with an optimistic outlook. 

Lars Leber, Vice President of Intuit QuickBooks Australia, said, “Australian small business owners have been incredibly resilient over the past three years, and our research shows that these turbulent times have not shaken their spirit. It is encouraging to see there is a sense of hope for business growth in 2023 from the experienced entrepreneurs to those just starting out.”

Sales, product development and hiring the greatest opportunities for small businesses

Australian entrepreneurs see increased sales (52%), enhanced marketing activities (47%), improving or expanding their product offering (43%) and growing the customer base (41%) as the strongest opportunities to drive success within their small business this year.

While e-commerce might have boomed throughout the pandemic, four in 10 (40%) Australian small business owners see establishing a brick-and-mortar store or expanding their physical footprint as beneficial to drive growth.

Additionally, over one-third (38%) of local entrepreneurs see hiring new employees as an opportunity, and 18% are excited to digitise more of their administrative tasks so they can focus more on what they love.

“Small business owners have always been the backbone of Australia’s economy. This will not change in 2023 as they look to employ more staff, ultimately helping to improve economic prosperity,” added Leber.

Maintaining cash flow is the challenge to overcome

The top five concerns keeping Australian small business owners up in 2023 are maintaining cash flow (47%), the likelihood of a recession (45%), retaining and hiring staff (40%), breaking even (37%), and the potential impact of rising inflation (35%).

While external factors are out of their control, Leber said Australian entrepreneurs can address some of these challenges with the right strategies and tools.

“As a former small business owner, I know balancing the books can be one of the most stressful parts of running your own business, but a clear understanding of your cash flow is critical, especially in times of economic uncertainty. By implementing an accounting software solution and engaging an accountant, advisor or business expert, Australian small business owners can gain a clear understanding of their position and take back some of the control into 2023,” he said.

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.