Monthly Archives: October 2021

banks and retailers signup to eftpos eQR payments

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eftpos today announced that some of the nation’s most iconic banks, retailers and FinTechs  – Commonwealth Bank, National Australia Bank, Coles, Woolworths, Azupay, Beem It and Merchant Warrior – are partnering with eftpos to support the rollout of its new QR payments platform,eftpos eQR.

eQR aims to provide Australian consumers and merchants with better, simpler, data-rich payment experiences no matter where consumers choose to shop –  online, mobile or at the checkout – and will begin to roll out as a new consumer payment option before Christmas.

eftpos CEO Stephen Benton said it was great to have early partners in the banking and retail community of the calibre of Commonwealth Bank, National Australia Bank, Coles, Woolworths because the eQR platform is about reimagining the Australian payment experience, especially when businesses are looking to new digital innovations to help improve efficiency and create better customer experiences beyond payments.  

FinTech partners like Merchant Warrior, Azupay and Beem It will also help drive innovation and onboard more Australian merchants to eQR before Christmas and beyond, in categories such as online entertainment, charities and fast food, with a pipeline of value-added features starting with payments.

Mr Benton said the rollout comes at a perfect time when Australians have already become familiar with QR code technology through daily interactions with COVID19 check-ins. 

“We expect eQR will quickly become the QR equivalent of eftpos Tap& Pay on debit cards.  COVID has changed customer behaviour and Australians are now ready for the enhanced payment experience offered by eQR. It is great to have the support of iconic brands like Commonwealth Bank, National Australia Bank, Coles, Woolworths, Azupay , Beem It and Merchant Warrior as we roll this out across the country,” Mr Benton said. 

“The eQR platform aims to provide better experiences for consumers and merchants through added security, loyalty, offers and digital receipts, no matter where they choose to shop – online, on their mobile or at the checkout.”

eftpos completed the first stage of the eQR build in July 2021 and is currently in trial with several Australian merchants.

Commonwealth Bank, General Manager, Merchant Solutions, Karen Last said: “We’ve seen our business customers become increasingly familiar using QR codes and we’re working with eftpos to support the roll-out of eQR. We’re looking forward to working together to bring this capability to our merchants in the future.”

NAB Executive Merchant  Services, Mark Raymer said: “Our customers are increasingly choosing faster and digital ways to buy, sell and make payments. We are delighted to be working with eftpos to provide our customers with another innovative payment option.”

Coles General Manager of Financial Services Paul Askew said: “Coles is looking forward to working with eftpos to improve the customer experience when using eQR to make a payment in our stores and linking this to other functions such as loyalty.”

Woolworths Group’s Wpay Managing Director Paul Monnington said it was pleased to adopt QR to help offer its customers a simple way to combine payments and rewards in one transaction. “We know speed and ease through the checkout are increasingly important to our customers amid their busy lives. Now is the perfect time to introduce QR and we look forward to building the next generation of seamless payment experiences with eftpos in the months ahead.”

To understand more about eftpos refer to Small Business Answers guide.

Access files remotely – anywhere anytime

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When you are on your work or home network, it is very easy to share files between PC’s but what happens if you want remote access to files?. This guide will look at why you would access files remotely and understand what is possible and how we can set up a solution to access files remotely.

Remote file access or remote file sharing is the ability to access your computer files anywhere and anytime you are connected to the internet.

WHY would I want to access files remotely?

The requirement to work from anywhere is not something new. However, recent events have certainly accelerated the need to be able to work from home. The modern business world is all about collaboration and sharing information, and having files just on 1 PC goes against that. It also creates a security and continuity issue. The sharing of files and remote access ensures workers are always up to date and can immediately respond to business needs. Typical drivers for remote access include:

  • business travel
  • working from the client’s premise
  • working from home
  • work whilst commuting – meaning you get home sooner.

Remote access to files creates a security issue. If you can access those files remotely, who else might also be able to access those confidential files?

WHAT do I need to understand about remote file access?

If you are unfamiliar with a network or file sharing, read our guides on a computer network for small offices and storage and sharing files.

There are many ways to access files remotely using the internet.  The real challenge is to ensure that your files are kept secure, and the solution is easy to use.

There are two key methods to secure those files: to encrypt the individual file or create a secure connection for traffic between your office and your PC over the internet.

The technologies to secure files are:
  • To protect the individual file by encryption or the use of a secure sockets layer (SSL). This essentially means if someone could get a copy of your file, they could not read it.
  • Creating a secure connection to your office is most likely done with a Virtual Private Network (VPN). VPN uses the internet to create a secure pipe between your device and the business files/systems as if you were actually sitting in your office.

Keep in mind that hackers continue to exploit security vulnerabilities. Your choice of a remote access solution should be influenced by the importance of the data that can be accessed remotely. E.g. a customer quote letter falling into the wrong hands is an inconvenience versus the design plans for a new widget which could send you broke. Always ensure your tech devices have the latest security patches loaded.

A scenario can also be created where you cannot download a file. Still, through a secure link, you can view the information whilst you are connected only.

HOW do I access my files remotely?

The key factor here is the place/devise where your files are stored must be available all the time. Thus if the files were stored at the office on a PC and that PC was turned off when someone went home, you can no longer access those files.

For this reason, we recommend that you have a dedicated solution specifically designed to share files. Also, see our guide to file sharing where we compare Cloud vs NAS. The three options you should consider are:

Cloud Storage Solutions

You will be familiar with Google Drive, iCloud, Microsoft One Drive, DropBox etc. All of these allow you to set a special folder on your PC that automatically synchronise files between your PC and the cloud storage location. Any authorised users can also share this file to their PC, tablet or smartphone. Note you are relying on an outside company to store and protect your file. The file within your business is only a copy. Being a cloud service, you will pay a monthly subscription based on the amount of storage you require

Networked Attached Storage NAS

A NAS Device allows you to share files and backup files and computers within your office (or home) network. In addition, it can also allow those files to be shared anywhere anytime, just like the cloud storage solutions. The key difference is that you have full control and responsibility for your own files rather than risk being stored in another country like cloud solutions. NAS boxes are simple to set up and maintain and offer the flexibility to provide additional functionality and customisation for those more technical. A NAS must be purchased upfront, with solutions being available from Officeworks or electrical retailers. We strongly suggest you buy a system capable of using 2 or more hard drives.

Router

This solution is a little more complicated, and we only recommend it to those more technical. Assuming your router supports this functionality, you can attach a hard drive to the router. You can share files from that hard disk both within your network and out to authorised people via the internet through setting changes. This is a cost-effective way to access files remotely but is not a dedicated solution like the above two, which will be simpler.

HINTS

It is possible to share a single file with a 3rd party outside of your business on a one-off basis. This is commonly used to transfer files too big for email.

Small Business Answers has remote access to files vis a Synology DiskStation DS420+ NAS. This access can be achieved via two methods. The Synology NAS can be used as your own private cloud with 100% data ownership and zero additional cost. Like the cloud solutions mentioned above, you download an application called Synology drive, which sets a folder up on your desktop that seamlessly synchronises files to your NAS. These same files can also be accessed from a web browser, smartphone App or another Synology NAS. The second method is to use the Synology File station to customise access permissions to optimise security to share your files across multiple platforms. Whether it’s Windows, macOS, and Linux computers or mobile devices.  File station will also allow you to have a hybrid storage configuration allowing duplication with public clouds like Google drive.

Synology provides a handy NAS selector to help you determine which model is right for you.

SUMMARY – remote file sharing

The ability to collaborate and have the most up to date information via a shared file saves time and effort in this fast-moving connected world. A shared file is also one that is backed up in the event of a disaster.

Securing files that are shared is a critical consideration ensuring non authorised people cannot read what is contained.

The two simplest methods of remote file sharing are investing in a NAS solution or subscribing to a cloud storage solution.

Printer – which one for a small office?

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After buying a computer for your business, probably the next thing you will buy is a printer.  A printer can be bought for as little as $35 but is unlikely to meet your needs.  Maybe you have had a printer before and you just don’t know what you should consider next. This guide will help you understand your options and help you make your decision.

A printer is a machine that will recreate an image or text from a computer, usually on paper.

WHY do I need a printer?

You will need a printer if you want to reproduce a document or print an invoice or maybe even produce a brochure or photograph.

Yes, you will need a printer but really the question is do you need a colour printer?

If you plan to print or photocopy a lot it may be worth considering a Photocopier.  See our essential guide on photocopiers.

WHAT type of printers are there?

The first thing you need to know is that there are mono (black and white) printers or colour printers. 

  • A mono printer will allow you to print in shades of black and white. They can be cheaper and possibly smaller.
  • A colour printer will also print in mono if you wish it to but any printing in colour can use up to 50% more ink than mono driving up the cost per page.
There are 2 dominant printing technologies:
  • Inkjet
    • Advantage
      • Cost less
      • Better photo-quality printing
      • Smaller in size
      • More versatility
    • Disadvantages
      • Ink costs more (cartridge not ink tanks)
      • More cleaning required
  • Laser
    • Advantages
      • Better suited for larger print volumes
      • Unlike inkjet, it does not use print heads which can clog
      • Faster printing
      • Less maintenance
    • Disadvantages
      • No photo printing only standard paper
      • Colour quality can be lower
      • Tend to use more electricity
Is a printer just a printer? No, it can be more and will be cheaper than buying separate devices:
  • Single function or Standard is just a printer
  • Multi-function or all-in-one is a printer, scanner, and copier.  Some models may even allow you to send a fax. They are typically more expensive.
Share a printer

You can connect a printer directly to your PC but if you will share with others you can do one of the following if the printer supports it: (Be sure to see our essential network guide)

  • Wi-Fi – connected by Wi-Fi to a wireless router
  • Ethernet – connect by ethernet to a router
  • Smartphone – you can print from your phone via Apple Airprint  or Google cloudprint
  • Memory card – physically insert a USB stick or memory card containing the documents you want printed
If your business has a requirement there are specialist printers including:
  • Large format printers – prints on very large rolls of paper to produce CAD drawings or posters
  • 3D printers – uses plastic to create 3D models
  • Photo printers – designed especially to produce high volume quality photos

HOW should you choose a printer?

This will be based on your expected needs and you should consider:

Cost of ownership – This is represented as a cost per page.  Most vendors (manufacturers) will quote a price, which will enable you to compare models.

Cost of ink – the cost of ink and toner will be most likely be more than the cost of buying the printer so it is key to making a wise decision.  A cheap one is most likely to have the most expensive ink. Ink Jet printers with ink tanks have changed the equation with reasonably priced ink bottles that can refill an ink tank. The counter to this is the ink tank style printers are more expensive upfront to purchase.

Quality of printing – An indication of quality is a measurement called DPI or Dots per Inch. This allows documents to be printed with a very fine resolution.

Speed – If all you print is 1 to 2-page documents speed is not really a concern. If you print large documents then speed is important and you should probably consider a laser printer. Note that speed does depend on the type of document you print with a text document being faster than a full-page colour picture.

How much you print – each printer will have a monthly duty cycle which refers to how many pages a month a printer is designed to print.  This is not speed but a measure of how long the printer will last based on the volume it prints a month.

Paper size – A4 paper size is the standard in Australia for printing.  If you need to vary from this the cost of the printer will go up.  The next most common sizes are A3 which is 2 x A4 and A2 which is half A4.

Manual feed – makes it easy to print envelopes or letterhead

Tray size – This tray holds the blank paper.  The more you print the larger tray you should have.  Multiple trays allow different size papers or letterheads to be loaded to save a time consuming manual feed.

Multifunction – Great to have if you need to scan or print as discussed above.

OCR – Optical Character Recognition. A neat function that allows a document to be scanned and turned into a text document that can be edited.

Network – Make sure your model choice will connect to your network if you have one.

Service and Support – Most printers do not get repaired unless you have an expensive one.  However, support is important and the vendors’ commitment to supporting printer firmware (software) and its compatibility with PC software changes.  It is not unheard of for a printer to stop working until a vendor releases new firmware.

HINTS

In your print properties (setting from the print pop up box) you can select toner saver or draft, this will reduce the quality of the print but save you money on ink or toner.

Printing double-sided or duplex will not only save you paper but save on storage if you are printing a document to file.

Look for a solution with either an ink tank for inkjet or high yield toner for laser printers which will reduce your printing costs per page.

Small Business Answers has recently trialled the Epson EcoTank Photo ET-8500 which use 6 colour inks compared to the standard 4 colours. The six inks mean higher quality photos can be printed with a more accurate colour range. One set of ink bottles can print up to 2,300 high-quality photos or 6,700 pages in black and white or 6,200 pages at a lower cost per page. We found the photo quality to be excellent whilst also being able to do your normal office printing. Assuming you want to print photos and your printing volume is not enormous this is an excellent choice. The unit does not have a large paper feeder which would limit you if you print high volumes.

SUMMARY – Quality Printer

A printer is a necessary tool for small businesses. A cheap one may cost you more because of ink. Consider a quality brand that is designed to handle the volume of printing you plan to do allowing for growth.  Colour and multifunction will increase the price but give you more flexibility.

Our sister publication GadgetGuy has reviews on suitable entry-level printers.

CBA’s invoicing finance – Stream working capital

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New data from the Commonwealth Bank has found 55 per cent of businesses perceive invoicing finance as a last resort, while 71 per cent of businesses admitted to having limited knowledge of how the process works.

Clare Morgan, Executive General Manager of Business Lending says invoicing finance has conventionally been thought of as very manual and slow. She says this is why CBA is reimagining invoice financing to offer a unique digital proposition, in partnership with fintech Waddle.

Rolling out nationwide this month, Stream Working Capital is CBA’s new digital lending solution which gives businesses access to funds using their outstanding invoices as loan security.

“We’re increasingly getting more questions from our customers about invoicing finance. We don’t view our product as invoice financing, rather we’re calling it digital working capital.

“It’s about moving away from the more traditional forms of lending and moving towards unlocking some of the value that’s trapped in assets such as receivables and inventory.

“Stream Working Capital sees us effectively lending against invoices, so businesses are seeing credit limits adjust in real-time based on the value of current outstanding invoices. As the solution is digital end-to-end and integrated with cloud-based accounting software such as Xero, a lot of customer pain points are removed. It’s transparent, available 24/7 and offers very fast funding, with a turnaround time of 72 hours, compared to an industry standard of several weeks,” said Ms Morgan.

The research shows half of all businesses would be more likely to use invoice financing if it was offered with their existing business bank (50 per cent), if it was simple and transparent (47 per cent) and integrated into their accounting software (41 per cent).

The partnership with fintech Waddle, means much of the working capital finance process can be automated such as the credit assessment, underwriting and monitoring, to ultimately deliver a better customer experience and faster access to cash.

“Having access to consistent cash flow is vital for every Australian business and we wanted to simplify and digitise the process in order to offer greater flexibility and support for those who need it. We know from speaking to customers and from the research that uneven cash flow is the cause of significant stress for many businesses.

“Using invoices to access credit provides peace of mind for businesses who can now access cash locked up in their invoices, assisting them to pay suppliers or hire employees. It’s an essential part of helping small businesses recover and grow as the economy starts to reopen and businesses navigate this new operating environment,” said Ms Morgan.

Two-thirds of businesses (66 per cent) feel frustrated by uneven cash flow, while three in five business owners (60 per cent) feel at the mercy of their customers paying on time. Three-quarters of businesses (76 per cent) reveal cash flow issues are limiting their growth, stability and ability to expand or fulfil large orders.  

Jarrod McGrath is the founder and CEO of Smart WFM, a boutique Australian consultancy with a global presence that empowers its clients to stay relevant in a time of rapid digital advancement. Mr McGrath says Stream Working Capital has been essential for taking the stress out of hiring new staff and allowing him to feel more confident about growing his business.

“We were growing so rapidly and bringing on new staff, however, it can be up to 120 days before that new team member is able to generate cash for the business. That’s what I use the facility [Stream Working Capital] for, to help bridge that gap in between recruitment, on-boarding, upskilling, client engagement and right up to the point of invoicing and then revenue generation.

“It’s been key for being able to scale quickly and because of access to this facility, I’m able to pay salaries from the day I onboard someone, which means I can keep growing and stay in control of my business. Being able to employ a capable team member with confidence is gold to me because it means business growth. 

“Smart WFM’s compound annual growth rate from a revenue perspective over the last three years has been substantial. From a headcount point of view, we’ve seen over 220 per cent growth over the last three years. Stream enables us to maintain a substantial growth rate like that and keep that rapid headcount growth in place.”

New and existing small business customers can apply for Stream Working Capital from this week by talking to their business banker. For more information visit commbank.com.au/streamworkingcapital. 

Also read Small business Answers guide to loans and equity funding.

Small business recovery insights

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Despite parts of Australia experiencing some of the world’s longest lockdowns, Australia’s small business recovery insights showed the sector experienced growth as more people turned their side hustles into a reality. 

To shed light on the impact the global health crisis – and ongoing recovery – has had on small businesses, Mastercard today released Recovery Insights: Small Business Reset. 

Recovery Insights: Small Business Reset identifies several key trends for Australia:

  • Entrepreneurship: 
    • Almost three-quarters more small retailers launched in 2020 than in 2019. The number of new SMBs in Australia grew 73% in 2020 vs. 2019
    • Australia is ranked in the top three countries for global SMB YoY growth, behind the UK (101%) and the United States (86%)
  • E-Commerce: 
    • Following shutdowns, the number of businesses going online each month more than doubled from pre-pandemic levels, peaking in July 2020. In fact, 60% more merchants accepted e-commerce sales in 2020 for the first time vs. 2019)
    • This reflects increased demand for an online sales channel, as well as the slight lag after lockdowns began to bring it into reality. The shift to digital has persisted at an elevated level since. 
  • Closures: 
    • Small businesses that closed early in the pandemic were about three times as likely as larger businesses to remain closed long term
    • In Australia, 34% of small businesses that closed during the pandemic remained closed at six months, 3.1 times higher than large businesses (11% of large businesses remained closed after 6 months)
  • Location: 
    • In April 2020, spending at SMBs and large businesses in Sydney’s central business district are roughly half of 2019 levels, down 54% and 57% respectively, and largely remained the same in August 2021, at 54% and 56%.
    • Spending at SMBs outside of Sydney’s central business district is down only 16% vs 2019, while spending at large businesses outside in more residential neighbourhood areas performed much better only 6% down vs. 2019 levels.
    • SMBs in Sydney’s residential parts of the metro area/city saw retail spending increase 19.9% August YTD vs. the same period in 2019, though retail sales were more significant for large businesses, seeing a 28.5% increase August YTD vs. the same period in 2019

The insights draw on the Mastercard Economics Institute’s new Small Business Performance Index* of aggregated and anonymised sales activity within the Mastercard network. You can check out the report and find out which suburbs in Melbourne and Sydney are considered Underperforming, Recovering,  Stable, or Outperforming.

Avoiding headaches with online global sales

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So, you’re an online Aussie business and you’re driving new sales and orders. Whether you’ve been faced with new challenges amidst local lockdowns or thinking about maximising your reach in international markets, opening your business to online global sales comes with new considerations.

Take it from me as a small business owner; if you aren’t already familiar with transferring money from one currency to another, it can definitely be a learning curve, but it doesn’t have to be a challenging one.

Financial diligence can be simple, yet is so often overlooked.

From my own experiences growing Cake Maternity’s online presence, we were able to navigate the shift from local to global by learning some foreign exchange (FX) hacks to sidestep any tricky hidden fees, which could also help you tap into the international market or maximise what you’re already doing.

We established Cake Maternity, an Australian premium online maternity lingerie and clothing store, in 2007. So we’re no stranger to the masses of people now shopping online. After seeing the restrictions imposed during the pandemic, we knew this number would only increase in Australia, and globally.

With customers browsing and buying more online, tailoring our offer to the different markets to stay competitive paid off! We generated an increase in our online sales volume by seven-fold in 2020. We also estimated saving approximately $20,000 last year by using an OFX Global Currency Account.

So, what are the FX hacks and lessons I’ve learnt when it comes to selling globally online?

Lesson 1: Go local to go global with your online global sales

While global demand for your product may exist, selling abroad is not a simple “plug & play” operation. It became pretty evident early on for us that we weren’t going to successfully compete in the overseas market, should we not localise our offering. Adapting the customer experience (CX) to the specific market you are looking to sell in is key.

By creating a fully localised approach, from trading in local currencies and offering comparable pricing, to having an on-site support team and investing in competitive delivery times, our business was able to overcome competitive barriers.

Lesson 2: Make FX part of your strategy from the outset 

We expanded in Europe, Canada and our now biggest market, the US, which contributes to over 50% of our sales annually. However, what I quickly learnt was that one of the most challenging pieces behind a global sales and distribution strategy is the handling and flow of funds, without losing significant margin due to currency transfers.

Transforming from a local Aussie business to a global e-tailer means we now accept payment in seven different currencies across various payment gateways. Seeking FX specialist support early on in the piece allowed us to establish the right FX strategies for our business and helped minimise impacts on our profits from hidden exchange rates or currency fluctuations.

Lesson 3: Think beyond your bank for FX

With so many payment flow considerations, the complexity of it all can be daunting – not to mention, it can also impact your business’s bottom line. Implementing a global sales and distribution strategy also includes knowing the best ways to tackle these barriers.

We found working closely with FX specialists helped grow our understanding of how to set up the right processes to secure competitive rates on our international transfers. In my experience, traditional banks are not necessarily proactive with currency handling or foreign exchange advice for SMEs, and there is lots of red-tape and challenges which can hinder Australian businesses from creating a bank account overseas. I’ve found turning to specialists like OFX, who work to provide tailored solutions while demonstrating an interest in my business, always make me feel like I am in safer hands.

Using a multi-currency account also helped us avoid multiple conversion and merchant fees that you can incur if making transfers directly through marketplaces and payment gateways.

For example, PayPal charges 4% above the base exchange rate when converting payments received in another currency. The base exchange rate is determined by the wholesale currency markets on the conversion day or prior business day. You’ll be charged for paying for goods or services in a different currency to what the goods or services are listed in, or for services where your recipients receive a different currency from the currency you pay.

A practical checklist to not drown in a sea of currency risks

Managing international payments, alongside the number of competing priorities that come with running an online global sales business can be overwhelming. But information such as how to save on transfers or navigate currency volatility can often be provided quickly when working with an FX expert. 

For me, setting up the right foundations when it comes to handling global payments and multiple currencies has been key to success in global eCommerce. Having picked up a few tricks over the last decade on how to navigate foreign bank systems and make international payments, let me share a handy list to check how you’re using FX/CX for your business:

  • Understand market peculiarities and offer local, compatible prices
  • Pay local suppliers in local currencies where possible
  • Lock in favourable exchange rates  through Forward Contracts (these can help you lock in  favourable rates for up to 12 months)
  • Pay foreign suppliers from localised bank accounts
  • Don’t be afraid to ask for better exchange rates, especially for larger transfer amounts
  • Be mindful of hidden fees and higher exchange rates when using payment gateways such as Paypal, as it automatically converts payments received in another currency.

Author Bio:

Keith Hyams is the Managing Director of Cake Maternity, an online retailer which offers premium maternity clothing and is the go-to platform for time-poor mums looking for essential nursing wear. Cake Maternity is available in Australia, the US, Canada and Europe.

Keith Hyams has been a client of OFX since 2011 and worked with OFX on the development of this piece.

Registrations are now open for Illuminate 2021

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Flight Centre Travel Group has announced the stellar line-up and opened registrations for Illuminate 2021, the most anticipated corporate travel event of the year, taking place on Thursday, 21 October.

Illuminate 2021 is a virtual event where some of Australia’s top business leaders will be sharing their advice to businesses of all sizes. Any small business in the travel industry will find it valuable. Speakers will share advice on business travel endurance and recovery strategies and how to navigate industry issues post-pandemic. Insights will also be shared on Australia’s economic recovery and its impact on business.

Illuminate 2021 will offer an immersive and interactive experience for all attendees. The theme is ‘Time to Fly’ and will light the way forward for the business travel industry, exploring how companies can navigate travel once domestic and international borders are lifted.

Keynote speakers Alan Joyce and Jayne Hrdlicka will join Westpac Chief Economist Bill Evans, human behaviourist and co-founder of The Behaviour Report, Dan Gregory, and gold medallist swimmer and Tokyo 2021 open ceremony flag bearer for Australia, Cate Campbell, OAM, with a collective focus on business travel endurance and recovery strategies, while combatting industry issues post-pandemic.

“We’re delighted to bring Illuminate back after a one-year hiatus. It continues to be a truly stand-out event for the corporate travel industry across the country,” said Managing Director of Flight Centre Travel Group in Australia, James Kavanagh.

“Our sterling line-up of top industry leaders and inspiring speakers will share key insights for a return to travel, including exploring the way forward for businesses, the industry post-pandemic, and the path to freedom we can all look forward to.

“I encourage all businesses that travel to attend the event to equip themselves with the knowledge and tools needed to help them to return to travel safely and effectively. Innovation is at the very heart of what we provide for clients and customers, and the virtual event will also showcase that.”

Illuminate 2021 agenda

  • 9:00 am to 09:30 (AEDT): Partner Showcase
  • 9:30am to 9:50am (AEDT): Flying High in a Post-Pandemic World – Qantas CEO Alan Joyce takes us on a journey of what to expect domestically and internationally for the remainder of 2021 and beyond
  • 10:00am to 10:15am (AEDT): No more talking heads. Why face to face is critical for businesses and brands – CEO of the Impossible Institute and a specialist in human behaviour is Illuminate guest speaker Dan Gregory
  • 10:15am to 10:25am (AEDT): Swimming towards 2032 – FCM’s General Manager Melissa Elf and swimming gold medallist Cate Campbell, OAM, discuss navigating change and what it takes to succeed in the face of a pandemic and beyond
  • 10:30am to 10:45am (AEDT): In Panel: Putting Responsible Travel into practice – Responsible Travel – what is it, and how is it influencing travel programs and business strategy?
  • 10:45am to 10:50am (AEDT): The future has arrived… in the USA – If the travel environment in the USA is anything to go by, we better prepare for a speedy return to elevated business activity
  • 10:50am to 11:10am (AEDT): Partner Showcase
  • 10:55am to 11:00am (AEDT): It’s time to hit the reset button for the hotel industry – General Manager of FCM Consulting, Felicity Burke, along with Quest’s Anthea Dimitrakopoulos talk hotel trends – rates, occupancy levels, location, demand, and forward predictions
  • 11:15am to 11:30am (AEDT): Bill Evans puts the future of finance into perspective – Business is one thing. But economic markets are another. Get up to speed on what the fiscal future looks like with Bill Evans, a renowned Australian Economist
  • 11:40am to 12:00pm (AEDT): Virgin poised and ready for post-pandemic success – Virgin Australia Group CEO and former Chief Executive at Jetstar and A2 Milk Jayne Hrdlicka will talk to Virgin Australia’s business transformation and direction for the future
  • 12:00pm to 12:20pm (AEDT): The Covid Classroom – Grab your fins and mask as Flight Centre CEO Skroo Turner takes a deep dive into the important lessons of 2020 and how pivoting is here to stay for the travel industry
  • 12:30pm to 13:30pm (AEDT): Partner Showcase
  • 13:30pm (AEDT): Close.

Illuminate 2021 will be live-streamed via OnAir by Events Air from 09:00am to 13:00pm (AEST) on Thursday, 21 October 2021. FLIGHT CENTRE Travel Group (FCTG) has opened registrations for Illuminate

How to build cybersecurity awareness with staff

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October is Cybersecurity Awareness Month with ‘Do Your Part. #BeCyberSmart’ as this year’s overarching theme to help empower organisations and individuals to own their role in protecting businesses and themselves against potential threats and cyberattacks.

To look at the problem at the employee level, it is essential to change the mindset of your staff when it comes to cyber safety. Data from Check Point Software, a leading provider of cybersecurity solutions globally, can reveal an Australian organisation has been attacked on average 460 times a week in the last six months. And when looking at attack vectors, 72% of threats in the past 30 days were via email through the end-user.

With team engagement front and centre as a key element of protecting businesses from the costly repercussion of breaches, companies need to rethink their approach to training. Generally speaking, it boils down to three main reasons employee training might not work – it isn’t planned properly, engaging or personal.

Ashwin Ram, Cyber Security Expert of Check Point Software, his advise to help businesses with their security training:

5 tips on how to build an engaging cybersecurity awareness program

  • Provide Context – There are different ways in which you can approach context. When explaining a solution, you can focus on making it about the audience instead of simply giving the problem followed by the answer.
  • Share a story – Sometimes, the intended message gets lost in technical terms and boring presentation slides. A story can break this pattern, grab the listener’s attention, and create something memorable for them.
  • Use visuals – There are many reasons why visuals make sense in a training course – for visual learners, infographics, tables, and charts can help understand things faster and recall information better. The appeal of visuals goes beyond learners who prefer them. Visuals help in bringing out the meaning in our words.
  • Make it interactive (i.e. fun) – These days, there are many ways of easily making courses interactive, including online exercises and quizzes, security awareness challenges, and point systems connected to successfully completing tasks.
  • Keep it frequent (i.e. events) – Training programs should be more than something done once per employee or once per year to meet compliance standards. Create a quarterly cybersecurity boot camp to take your team through updates and insights so they feel as much a stakeholder in protecting the business
Read more from Small Business answers with our guide on cyber threat.

Create a positive employee experience

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Employee experience is what people encounter and observe throughout their employment. With so many changes to our society, economy, and businesses, the way employees experience work has become more critical than ever.

Employee experience is a worker’s perceptions about their journey through touchpoints of a business, from job candidacy to the exit from the company.

WHY should small businesses focus on employee experience?

Developing a great employee experience leads to employees feeling more productive, motivated and happier at work. This leads to increased productivity which can have a positive impact on your business. Team members who are motivated are likely to engage more with their work and provide better outcomes.

Focusing on employee engagement in your business will retain top talent. What’s more, engaged teams are more profitable. In a Gallup study of nearly 200 firms, the ones with the highest levels of employee engagement were22% more profitable and 21% more productive than those with low levels of engagement.

WHAT should you measure to determine employee experience and engagement?

If you want to figure out how your employees feel, you need to measure employee engagement.

While there is no single magical formula, there are a few ways you can measure employee engagement, including collating data on:

  • Absenteeism
  • Customer feedback and ratings
  • Employee surveys
  • Productivity
  • Safety incidents
  • Sentiments from one-on-one meetings
  • Shrinkage/theft
  • Turnover rate

As a small business, these metrics can be a lot to take in, especially if you are new to all of this. It takes time to collect data to draw solid linkages — and frankly, you also have a business to run, among other things.

It’s recommended to start focusing on one or two aspects of the employee experience, such as the onboarding and the first anniversary, then iterate, and grow your employee experience data capture plans from there.

Nothing beats a good old conversation

Forbes reported that employee burnout was a big challenge that small businesses faced during the shutdowns. One way to combat employee burnout is to keep the lines of communication open and proactively seek employee feedback. Don’t be afraid to ask what areas need improving and balance the question with the aspects of the job they are satisfied with. Show that you care and want feedback — the good, the bad, the ugly. Then actually do something about it. The beauty about small businesses is there are fewer decision-makers which means it’s much easier and faster to respond to feedback.

HOW can small businesses increase employee engagement?

Focusing on employee engagement is an ongoing process for your business. Data can help inform decisions and the necessary actions — but data collection should never be a one-off process.

Regardless of your business size, there are three common recurring themes that all businesses must continually focus on. They are psychological safety, opportunities to grow and develop as well as offering flexible working environments.

1.    Employees are engaged when they can be themselves at work

Psychological safety is a must for a positive employee experience. It means employees are free to be themselves, speak up in a meeting, share opinions, and most importantly, be vulnerable without any fear of being humiliated by others.

In psychologically safe workplaces, employees can feel like they’re not punished for making an error, asking questions or suggesting new ideas. Having psychological safety makes employees feel valued, accepted, and connected with their colleagues and customers.

2.    Continued investment into learning and development

Employees often don’t turn up to work just for the 9 to 5 experience — they’re also looking to be challenged and learn new things. Some want to progress in their careers, so it’s vital to ensure there is a development plan tailored to each employee.

Holding regular lunch-and-learns with a short presentation on a topic that usually relates to the business can do wonders. It’s certainly much more exciting than reading a mundane 200-page document. 

3.    Create flexible working environments

Employees want a flexible working environment and a better work-life balance. The employee experience doesn’t stop when working; it often carries into our home lives, especially if employees are working from home. 

A balanced and realistic schedule that considers business priorities and employee needs outside of work is essential to a happier and less burnt out workplace.

HINTS

The manager is either an engagement-creating coach or an engagement-destroying boss. Still, both relationships affect employee behaviour and outcomes. 

Employees are engaged by different things. For example, some are motivated by social interactions and banter, while some are there for the wages to meet their basic needs.

Work-life balance means something different for each employee. It goes back to having a conversation with each individual and seeing how your business can support them to do better.

SUMMARY — keep your people engaged for better business outcomes

In small businesses, it’s a much more cohesive environment where every employee counts. Businesses that make employees feel valued will thrive, even in uncertain times — no matter the business size.

Investing in your employees’ happiness and continued learning is key to promoting employee engagement and will ultimately benefit everyone in the long run.

Jessica Bilston-Gourley is the Founder and Director of HR consultancy and outsourcing provider, Positive HR. With a double degree in Human Resource Management and Psychology, Jessica has a strong understanding of what makes people tick. She works with companies holistically to ensure a strong and compliant foundation is built that fosters a positive and connected company culture. www.positivehr.com.au

See Small Business Answers guides to other Human Resources topics here.

AU$100 million e-commerce funding

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Clearco, one of the most prolific funders of emerging fashion, beauty and other brands is entering Australia with an AU$100 million e-commerce funding available.

  • New investing model uses AI to offer funding that is age, gender, race, and region agnostic
  • Australian start-ups Beard Market, Vegan Grocery market and Jolyn Swimwear first to benefit from new funding model

Australian businesses Beard Market, Vegan Grocery Store and Jolyn are amongst the first to receive a financial lifeline with the announcement that the world’s largest e-commerce investor, Clearco has launched in Australia with at least AU$100 million to invest in digital-first Australian businesses.  

Using AI technology that literally ‘changes the face’ of investment by preventing discrimination and bias based on the age, gender, race, or location of the applicant, Clearco is revolutionising the way Aussie founders grow their businesses.  If you have monthly revenue of around AU $10,000, you can apply to Clearco and get access capital within 24-48 hours.  Clearco does not take equity and charges a flat fee in the form of a portion of future revenues.  

One of the first Australian digital-first businesses to be supported by Clearco is Beard Market, a one-stop shop marketplace for all men’s grooming and hair care products.  The company took its first advance from Clearco in May 2021 which resulted in the growth of a 200% increase in revenue.  

Beard Market founder Onur Cam commented “Clearco has more advantages for my business than any other financial institution can offer. The top-ups and percentage of remittance of daily sales is low, which is my priority for the business. Financial institutions I have used in the past have taken up to 30% of daily sales, while Clearco only takes 15%. Clearco is a fiercely competitive option and the most profitable for my business. It is my first and only choice for financing.”

With continuing lockdowns around Australia, Aussies’ online spending has grown exponentially and their interest in new Direct-to-Consumer brands such as Beard Market is booming. Yet for businesses headed by females, founders of colour or regional entrepreneurs the challenges in securing funding are high.  By contrast, in 2020, Clearco funded eight times as many companies headed by female founders and five times the amount of funding to companies headed by founders of colour, compared to traditional VC firms.  

Dan Peters, newly appointed Clearco Australia Managing Director said “Our goal is to support a thriving start-up ecosystem for Australia and drive smarter and more diverse capital into Australian eCommerce businesses. We want to see businesses grow and flourish and drive innovation in the Australian economy.”

Clearco recently secured $215 million in new funding round from Softbank and has already raised $100M in Series C to reach unicorn status.  

Australian Founder Stories

  • The Vegan Grocery Store, a one stop shop for vegan groceries and specialty products with the largest selection of vegan foods in Australia, has experienced a 37% increase in online revenue growth since taking its first advance from Clearco in June this year.  Jessica Baily, the founder, commented: “Normally when you get finance through banks, you have to fill out tons of paper, and they make you feel like you’re having to grovel and beg. It’s a horrible experience.”
  • Jolyn, a swimwear brand specifically designed for female athletes, has seen a 21% increase in monthly revenue growth in the three months since they took Clearco capital to expand their inventory.  Jolyn Director Trent Goulding said “Traditional capital raising is time consuming and a lot of effort starting with scratch every time you talk with a new bank.  Clearco is tech-savvy and looks logically at our turnover and data, streamlining the whole process.”
  • Zookal is an online educational technology platform that helps make education more accessible to students. They sell textbooks online as well as offer services such as homework help, test prep, and a solutions library.   The company took its first capital advance in July 2021 to support its launch into Singapore and Philippines which gained them 10,000 daily users in two weeks. Co-founders Ahmed Haider and Manuel Silva said “We have two peak periods in the year where our marketing expenses and inventory double or even quadruple. In August, rather than paying $1.5 million to our suppliers and having to forego that capital in the same month, Clearco gave us the chance to extend that inventory payment 8 months on average, which extends our runway a lot. In terms of marketing, we’ve moved away from using credit cards .”

Also read Small Business Answers guide to Loans and equity.