Award-winning Australian hospitality tech platform HungryHungry has recently launched Ready to Serve, a suite of new software technology solutions all can all be run off one tablet, designed to give restaurants, pubs, clubs and cafes the flexibility to provide their customers with targeted ordering options while tapping into insights that enhance the way they engage with and market to their loyal customers.

The tech startup was founded in 2019 by hospitality industry pioneers and OrderMate founders (they sold to MSL Solutions for $7.5million in 2021), Mark Calabro and Shannon Hautot in 2019, who have 40+ combined years of delivering innovative, technology solutions to the hospitality industry.  

During the pandemic HungryHungry pivoted quickly from mobile order & pay to online ordering for restaurants and as a result built a loyal database of over 2,000 restaurants, cafes, pubs and bars across Australia, and in the process helping many overcome the challenge of lockdowns to stay open for business.

As the hospitality industry continues to embrace and benefit from technology driven solutions, HungryHungry has continued on its mission to deliver new, innovative tech solutions that will help venues of all sizes deliver amazing customer experiences while driving revenue. As a result the business now offers a suite of products across digital menus, online ordering, payments and direct to consumer marketing solutions.

HungryHungry Concierge, is an exciting new feature within Ready to Serve that allows restaurant owners and staff to access ‘real-time’ consumer data insights so that they can instantly recognise regular customers and reward them for their loyalty through on the spot VIP services and/or future marketing and promotions. 

Initial trials with select venues show that this data-led approach allows venues to engage with customers in a more meaningful way with the dual win of greater customer satisfaction and an uplift in revenue by as much as $3 per order when using HungryHungry’s assisted marketing algorithms.

Adding to the mix, HungryHungry has also launched their own paperless, bespoke ordering kiosks, a service that caters to Australia’s growing casual dining sector and an offer that none of their competitors can match. The shift into stand alone hardware meets a growing demand for service versatility from a wider range of venue types beyond fast food locations. Being trialled by Royal Stacks in Melbourne, the kiosks will continue to be rolled out to restaurants across Australia this year. 

Co-CEO and Co-Founder of HungryHungry, Mark Calabro says, “From learning if a customer is a Tuesday regular, loves a dirty gin martini, or orders a steak and chips each time they visit, our new data driven service Ready to Serve now makes it possible to personalise every customer’s visit, helping to repeat business and keep loyal customers engaged. 

“As well as providing venues with the opportunity to gather insights on their customers, we then also deliver the bespoke, targeted promotions and ads via email or SMS direct marketing straight to loyal customers at no additional cost to our clients. Initial trials have already shown that venues can get a return average uplift of $3 per order, not to mention the ROI ratio is high. 

“This targeted approach directed at existing customers also provides a great benefit to venues allowing them to see where they can save costs or generate additional revenue, providing maximum efficiency and a hassle free service.”

Co-CEO and Co-Founder Shannon Hautot added, “In our first business OrderMate, and now with HungryHungry, our focus has always been to build tech that seamlessly integrates with a venue’s existing technology so the venue manager or staff can focus more on the actual customer and less on the logistics.  

“Loyalty is a huge factor in the hospitality industry and we’ve seen it become increasingly more so since we first started out in this industry 20 years ago. Ready to Serve and within that HungryHungry Concierge is kicking off a new suite of tech services we will be launching this year and something we’re really excited about because we’re giving venues the power to step up their customised marketing and promotional efforts with little effort and the potential for huge returns.”

General Manager at Royal Hotel Mornington, Alex Bird, who has been trialling Ready to Serve says. “I’ve only had the feature for two weeks, but in my opinion they’re worth their weight in gold and have already paid for themselves. Being able to have eyes and ears on every transaction without fail has saved my venue hundreds of dollars each weekend.”

In January 2023 the business reached profitability and has grown its headcount by 500% to 60 in the last two years. 

Adobe kicked off Adobe Summit 2023 – the world’s largest Digital Experience Conference – by unveiling a wide range of product innovations across Adobe Experience Cloud, the world’s leading customer experience management solution, and Adobe Creative Cloud, the world’s leading platform for creating compelling content, together empowering brands to drive experience-led growth.

As content becomes the critical foundation of next-generation digital experiences, new Adobe innovations are connecting Experience Cloud and Creative Cloud to optimise content creation, delivery and measurement. At Adobe Summit, Adobe debuted new Adobe Sensei GenAI services, including Adobe Firefly – a new family of creative generative AI models, first focused on image generation and text effects – as well as new generative AI innovations across Adobe Experience Cloud to power end-to-end marketing workflows. The company also announced new Adobe Product Analytics and a reimagined content management solution enabling marketers to self-serve website and mobile app edits.

To accelerate and democratise creative development at enterprise scale, Adobe unveiled Adobe Express for Enterprise, empowering anyone within an organisation to rapidly create and iterate content, regardless of their creative skill level. Adobe also announced the world’s first comprehensive Content Supply Chain solution, made possible through Creative Cloud and Experience Cloud innovations that connect popular tools for planning, creating, reviewing and distributing creative collateral so teams can come together to meet growing content demands in less time.

“As the digital economy continues to expand, profitable growth will come from connecting the complete customer experience – from acquisition to engagement and retention,” said Anil Chakravarthy, president, Digital Experience Business at Adobe. “Our latest Adobe Experience Cloud innovations uniquely connect customer experience creation and management, empowering brands to efficiently scale, unify and personalise digital experiences across surfaces, and achieve sustained, experience-led growth.”

Industry Momentum

Adobe Experience Cloud is the industry’s leading platform for delivering, measuring and personalising customer experiences, now relied upon by over 12,000 customers – including 87% of Fortune 100 companies and 74% of Fortune 500 companies – with support from 4,000 global ecosystem members and 450 Adobe Experience Platform partner integrations. Adobe Experience Cloud has continued to gain traction across multiple verticals by introducing solutions to alleviate industry-specific pain points.

In the healthcare space, CVS Health, Elevance Health and UnitedHealth Group are the latest companies that have adopted Adobe Experience Cloud for Healthcare, enabling secure delivery of engaging consumer experiences, and empowering patients to actively participate in their healthcare decisions.

Adobe is also increasingly addressing business-to-business (B2B) use cases, empowering highly personalised marketing for B2B industry leaders such as Amazon Web Services, Cisco, IBM, Microsoft, Qualcomm and Splunk.

Within the financial services industry, businesses are increasingly adopting Adobe Experience Cloud to support highly personalised experiences. Adobe’s Real-Time Customer Data Platform (Real-Time CDP) helps businesses including Bank of America, Fidelity Investments, Morgan Stanley, U.S. Bank and Wells Fargo ensure their customers can manage their financial goals by receiving information and offers that are relevant, timely and consistent.

AI and Generative AI Innovations

New Adobe Sensei GenAI services in Adobe Experience Cloud will redefine how businesses deliver customer experiences. The services will be integrated natively in Adobe Experience Cloud as a co-pilot for marketers, improving productivity and efficiency while providing full creative control and trusted governance capabilities. Sensei GenAI will leverage multiple large language models (LLMs) including Microsoft Azure OpenAI and FLAN-T5 within Adobe Experience Platform, depending on unique business needs.

Adobe also unveiled Adobe Firefly—a new family of creative generative AI models, first focused on image generation and text effects—which will be integrated into Adobe Experience Cloud for businesses to generate content designed to be safe for commercial use. Adobe’s first Adobe Firefly model is trained primarily on hundreds of millions of professional-grade Adobe Stock images, openly licensed content and public domain content where copyright has expired. Firefly-generated output will have real business value in commercial settings, as it doesn’t generate content based on other people’s or brands’ IP.

Sensei GenAI services and Adobe Firefly will act as co-pilots for creative and marketing departments, enabling them to generate new content-driven experiences at the speed of their imaginations with more precision, power and ease – directly within Adobe Creative Cloud, Adobe Experience Cloud and Adobe Document Cloud applications and workflows.

Additional Product Innovations Announced at Summit

• New Adobe Product Analytics in Adobe Experience Cloud redefines the product analytics category by unifying customer journey insights across marketing and product. For the first time teams focused on customer experiences can benefit from a unified view of the customer and collaborate seamlessly across an organisation.
• Adobe’s revolutionary new release of Adobe Experience Manager (AEM) redefines the Content Management System category, enabling teams to easily update company websites and mobile apps using popular word processing or spreadsheet tools. By lowering technical barriers, next-generation AEM will democratise and accelerate enterprise content management. The new AEM also uses Adobe Sensei AI to analyse how various attributes of content impact performance among different audiences and recommend changes that will resonate more strongly with viewers.
• Adobe unveiled the industry’s first comprehensive Content Supply Chain solution, empowering teams to develop more effective content in less time. By connecting planning, production, delivery and analysis, Adobe’s integrated Content Supply Chain solution drives efficiencies and major cost savings, while delivering experience success. The solution brings together applications, services and integrations across Adobe Creative Cloud and Adobe Experience Cloud and is already delivering value to top brands including Xfinity Creative.
• New Adobe Express for Enterprise brings one of Creative Cloud’s most innovative and accessible tools into a universal creative solution for marketers and enterprise leaders, empowering anyone at any creative skill level to easily create, collaborate on and share branded content. New integrations between Adobe Express and Adobe Experience Manager Assets streamline end-to-end content workflows, facilitating more unified content development and marketing processes.

To watch the Adobe Summit keynotes online, as well as explore more than 200 sessions and hands-on labs across 11 tracks, network with peers or speak live with an Adobe expert, visit the Summit web
experience.

Jabra, leader in personal sound and hybrid work solutions, is launching the Elite 4, the latest addition to its unique Elite lineup. Following in the footsteps of the entry-level Elite 3, these affordable true wireless earbuds are a step up from its predecessor, ideal for the modern earbud user. At the push of a button, users can escape from a busy day by immersing themselves in media or connecting with colleagues, friends or family. 

The Elite 4 has been tailored to cover earbud essentials, such as comfort, optimal sound and convenience, all at a very reasonable price. For users that need to connect to two different devices simultaneously, the Jabra Elite 4 offers Bluetooth® Multipoint, facilitating smooth and stress-free switching, without skipping a beat. Even the initial pairing of earbuds to a device is simple, with Fast Pair* connecting instantly to a mobile device and Swift Pair* linking straight to a laptop or computer. 

Ready for travelling or commuting, the feedforward Active Noise Cancellation (ANC) in these earbuds filters out unwanted sounds, so distractions fade into a thing of the past. It doesn’t end there, as the Elite 4 are engineered for crystal-clear sound with 4-microphone call technology and 6mm speakers, so users can rest assured that they too will be heard loud and clear. For those seeking tailored listening experiences, the Jabra music equalizer and intuitive Sound+ app lets users customize the sound to suit their individual tastes. Personalisation like this is key to creating an earbud experience that feels seamless. 

The Elite 4 last for 5.5 hours of playtime on your chosen device, and 22 hours with the sleek case (28 hours with ANC off) – all while providing all-day wearing comfort with its Danish ergonomic acoustic engineering. The earbuds are made with premium durable materials that offer an IP55 durability rating against dust and water and come in four classic colours: Dark Gray, Navy, Lilac and Light Beige.

Calum MacDougall, SVP at Jabra, said: “The modern earbud user is looking for tech that’s ready for work and play at their fingertips, whilst not compromising on key features. The Elite 4 offers a solution to this and is the perfect all-rounder, designed to help users to concentrate, connect, and call without distractions, and is the ideal companion to balance work and life.”   

Key features of the Elite 4: 

·         Bluetooth® Multipoint means seamless switching between calls and apps

·         Fast Pair and Swift Pair* ensure instant connections to laptops/phones

·         Active Noise Cancellation blocks out background noise

·         Comfortable fit for all-day wearing

·         4-microphone technology for optimised call clarity

·         Up to 22 hours total battery with ANC on (28 hours ANC off)

·         Go solo feature to use either earbud for listening or taking calls while the other charges

·         Spotify Tap playback

·         Qualcomm® aptXä unlike competitors

·         IP55-rated rainproof protection, plus 2-year warranty**

The Jabra Elite 4 is available in selected retailers, MSRP AU$139/NZ$159

Find out more about Jabra Elite 4 here.

Podium, a leading provider of reputation management solutions for local businesses, has today announced the imminent launch of “Review Response Suggestions”, a feature designed to help Australian local businesses manage their online reputation effectively. The cutting-edge feature, powered by revolutionary tool ChatGPT, utilises the power of AI technology to generate review response suggestions, making it quick, easy and convenient for local businesses to stay on top of their online reviews and respond to customers in a timely and professional manner.

The integration comes not only as businesses continue to investigate tangible ways of building Artificial Intelligence into their operations, but as Google Reviews grow in influence. According to Podium research, 84% of Aussies are influenced by Google Reviews when choosing a business. What’s more, 51% say that a business’ responses to reviews have changed their perspective on the business and 46% are more likely to look at a local business’s Google listing before visiting than pre-Covid. And amongst local businesses, 45% say that online reviews are “very important” to their business’ success.

Podium’s “Review Response Suggestions” feature offers Australian businesses an effective and efficient way to respond to online reviews in context. The feature generates customised response suggestions that businesses can quickly edit and personalise to their satisfaction. It supports Google and will be followed by Facebook reviews, allowing businesses to respond to customer feedback across multiple platforms.

“As a business owner myself, I understand how crucial online reputation management is to local businesses in Australia,” said Eric Rea, CEO of Podium. “That’s why we’re excited to launch our new ‘Review Response Suggestions’ feature, which will make it easier for businesses to manage their online reputation. Online reviews have never been more influential, but as a business owner staying on top of them – good or bad – can be a daunting and time-consuming task. 

“Our integration with ChatGPT is designed to unburden local businesses – from dentists and retailers to tradies and mechanics – enabling them to manage their online reputation more efficiently and spend more time working on meaningful, face-to-face or revenue-generating tasks.”

Podium’s “Review Response Suggestions” feature has been designed to provide high-quality review response recommendations, with a focus on responding in the context of the review. By responding promptly and professionally to reviews – whether positive, negative or neutral – businesses can build trust with their customers, which leads to greater brand loyalty and improved customer retention.

“We’re proud to offer a solution that helps local businesses in Australia manage their online reputation in a simple and useful way,” Rea continued. “Our feature provides businesses with the tools they need to respond to customer reviews with confidence, while saving them valuable time and effort. As technology and the needs of local business evolve, so too must Podium. This is the latest example of our dedication to innovation, R&D and providing the tools our customers need to meet and exceed the needs of their customers.” 

Rebecca Browne, Marketing and Brand Manager, at Phil Gilbert Motor Group, commented: “Since we started using Podium four years ago, we have constantly seen the platform grow and offer us new enhancements which have always been beneficial to our Dealership. The latest one of these developments, the ChatGPT integration with ‘Reviews’, has been one of the most significant. The AI Assistants suggestions are incredible. Given the vast amount of data we’ve generated by using Podium over the years, the tone and language suggested for the review replies are so consistent to what I would write myself, it’s like I am watching my thoughts type before my eyes! I actually feel the quality of the review replies are more diverse and there would be no way for people researching our business online to know that the feedback to our guests was generated by AI.”

Cameron Mackay, Director at Plumbcall Australia, added: “It’s great, it takes the guesswork out of responding to reviews and is far more efficient. Gone are the days of finding the time to respond to all our recent reviews individually, which on average would take us 20 minutes. With this feature it now takes me one minute. It’s a really valuable new feature from Podium.”

Marcus Tomczak, GM of Marketing at car dealership Rex Gorell commented: “Since getting access to the new Review Response Suggestion feature, we’ve been using it almost daily. It’s been fantastic to respond promptly and professionally to our reviews through the power of Chat GPT. We’re extremely pleased with where it’s going and look forward to seeing more exciting releases from Podium in the future.” 

With its cutting-edge AI technology and user-friendly interface, Podium’s “Review Response Suggestions” feature is poised to revolutionise the way local businesses in Australia manage their online reputation.

Podium is used by 4,000 local businesses in Australia and 100,000 globally. 

To learn more, visit: www.podium.com.au

Safewill, the online platform modernising Will-writing and Australia’s highest rated Will-writing service, has launched National Free Wills Week, aiming to give away $1 million worth of Wills to everyday Australians and raise $100m for Australian charities and not-for-profits in a single week.

From today until 26th March, anybody can access a Will completely free of charge through Safewill’s website. Safewill is encouraging Australians to donate part of their estate through a charitable gift in their Will, so that they can preserve a piece of their legacy with the causes and charities they care about the most. 

Bequests are crucial for the Australian not-for-profit sector, accounting for over 20% of total national fundraising. 

In this one week, Safewill is aiming to raise a staggering $100 million for over 500 Australian charities. The company is the first online Wills company in Australia to work with Australian charities, with partners including the likes of the Guide Dogs, UNICEF, Fred Hollows Foundation, Cancer Council NSW, Camp Quality, RSPCA, Greyhound Rescue, Equality Australia, Safe Steps and Cerebral Palsy Alliance.

The impact initiative follows the success of last year, where the company’s first ever Free Wills Week initiative gave away over $250,000 in free Wills and saw $50 million raised for Australian charities. In this week alone, over 800 bequests were received and over 200 charities received a charitable gift. Data from Safewill showed the number of charitable gifts increased 59 times in Free Wills Week compared to a normal week*, as more Australians looked to safeguard their life’s work and do good with zero cost. 

Adam Lubofsky, Founder and CEO of Safewill, commented: “Having a positive impact on society is something we’ve always sought to do in building our business, and we’re proud that Free Wills Week is able to deliver on this. We hope this year we give away over $1 million of Wills, but that we generate many multiples of that in charitable gifts to Australia’s most important not-for-profit organisations.”

Online Will-writing has seen major growth in recent years, particularly during COVID when so many Australians were looking for peace of mind but were unable to visit a solicitor’s office. Despite this adoption, there is still a misconception that writing a Will is a complicated and expensive endeavour. Safewill is challenging that, by trying to make estate planning easier and more affordable than ever.

“Our platform is much more than the old school post office Will kits – anyone can pick up their phone and within 20 minutes have a personalised Will, enduring powers of attorney or even access specialist legal advice at the touch of a button. We’ve made the platform as affordable as possible, because Will writing and estate planning shouldn’t be reserved for the wealthy.”, commented Adam Lubofsky, Founder and CEO of Safewill. 

Lubofsky set up Safewill in response to the unexpected loss of a friend who hadn’t created a Will, sparking the conversation on their importance. Since launching in 2019, over 80,000 Australians from all across the country have started their end-of-life planning journey with Safewill. Safewill has also seen an estimated $500 million in charitable bequests left on their platform to over 400 not-for-profit organisations in that time, making it one of the largest platforms for charitable fundraising in Australia.  

“There is a major opportunity for charities to build relationships with donors early, secure their commitment and be a meaningful beneficiary of the great wealth transfer that is currently underway. It also provides a modern approach to Wills for donors that can be created and updated at any time, anywhere”, added Lubofsky.

Deborah Thomas, CEO of Camp Quality, commented: “Free Wills Week is a great opportunity for us to give something back to our amazing supporters, as well as raise awareness of the importance of having a valid Will, something so many Australians still don’t have.”

A spokesperson from Greyhound Rescue added: “Most people don’t like to think about leaving gifts in Wills but it truly has a huge impact, especially for charities like ours. Bequests can give us the chance to do some of those bigger projects that we wouldn’t otherwise be in a position to afford, which is an amazing legacy for people to leave.”

The modern approach by Safewill means individuals can start, complete and update their Will anytime anywhere with no lawyer fees, hidden costs or unnecessary appointments. It gives everyday Australians access to legal knowledge with modern technology, changing their current thinking around writing them.

Safewill is Australia’s highest rated Will writing platform and works alongside affiliate law firm, Safewill Legal, who review each and every Will written through the Safewill platform.

Free Wills Week is running from 20th March until 26th of March. People can apply here.

Samsung Electronics, a global leader in the technology industry, has announced the launch of its new Galaxy S23 Enterprise Edition in Australia – a powerful and secure device offering the tools, applications, and support needed for businesses of all sizes to thrive. With many workers continuing to work from home, the Galaxy S23 Enterprise Edition offers employees seamless and fast connectivity with enhanced protection to make work effortless, wherever they are[i].

The Galaxy S23 Enterprise Edition series is available in S23 Ultra and S23 Base models. It comes integrated with both Microsoft and Google cloud productivity tools, making working from anywhere simple[ii]. The Galaxy S23 Ultra features a large 6.8-inch screen and powerful, 45W Super Fast Charging[iii] and embedded S Pen[iv], making it ideal for multitasking and efficiency. Its 200M Adaptive Pixel sensor enables incredible photography and its sophisticated design makes a statement with an eye-catching glass-metal design.

The device’s enterprise-focused features, such as Samsung DeX, enables users to connect the Galaxy S23 Enterprise Edition to a monitor, keyboard, and mouse for a desktop-like experience. The Galaxy S23 Ultra Enterprise Edition provides up to 12GB RAM and 512 GB of storage, allowing users to store more video, files and apps for productivity in any environment.

“Businesses need devices that are not only powerful and secure but also easy to use and manage,” said Garry McGregor, Vice President, Mobile Experience Division, Samsung Electronics Australia.

“The Galaxy S23 Enterprise Edition delivers a premium experience that uses our most advanced mobile technology yet. With its sleek design, high-resolution camera, powerful chipset and security solutions powered by Samsung Knox, it offers both value and peace of mind to businesses.”

The Galaxy S23 Enterprise Edition also comes equipped with a one-year subscription to Samsung’s Knox Suite, its built-in security platform that helps provide multi-layered protection against malware, hacking, and other cyber threats. Offering end-to-end mobile management tools, the latest S Series iteration streamlines device management for added convenience. Timely software updates and support ensure users receive critical OS updates and patches for up to five years, with options for remote support. A two-year availability assurance post-launch allows businesses’ IT teams to test, use and maintain consistency across teams.

The Galaxy S23 Enterprise Edition is available now and can be purchased through Samsung’s enterprise partners.

As a small business owner, managing your debtor management is crucial to maintaining your financial stability and keeping your business afloat.

You may not have realised your debtor management could do with improvement because you’re likely following the same processes your business has always done. But broader challenges, like the current macro environment, potential staff turnover, or your organisation experiencing a period of rapid growth, can have a significant impact on your cash flow and debtor management. With a few checks in place, you can overcome these challenges, free yourself up from unwanted admin, and create time and space to focus on activities that drive greater value for your business. 

With years of experience guiding customers on how to overcome credit risk, these are six top tips to help you manage your debtors more effectively:

Review your process – ensuring it’s not causing late payments and bad cash flow

Your business should have a well-defined debtor management process that’s easy to follow each month. It should guide your steps at every stage, from sending statements, to making calls, to moving customers through a flow that stops credit and escalates to debt collection when they’re well past their due date. 

Every step in your process should be decided in advance, then codified into your debtor management software so it’s easy to follow. You’ll know you have your process right when anytime you do debtor management it feels logical and effective. You’re simply following the next predefined step in the follow-up process for each overdue account, so there’s less pondering about what to do next. If you’ve got a team, then everyone knows their responsibilities and can be held accountable.

Keep an eye on the time required for debtor management – optimise wherever possible

Unless it’s a core part of your role and you have the right tools and training to complete it, debtor management can be difficult for a lot of people. It may feel like you spend too much time managing debtors, or not enough if other priorities keep getting in the way.

Good debtor management is crucial to protecting your cash flow and delivering a good customer experience. With a proper process in place, including a well-timed reminder workflow, it shouldn’t be a burden on your time. It should run fluidly, with your input only needed when bad debts need to be escalated or if disputes are raised.

 Set clear payment terms with your customers

One of the easiest ways to manage your debtors is to set clear payment terms from the beginning. Be specific about when payment is due and any penalties for late payment. Make sure your customers understand your payment terms and agree to them before doing business with you.

Invoice promptly

It’s important to invoice your customers as soon as possible after providing goods or services. Ensure you have the right payment method and bank account details on every invoice. Practicing both actions will help you get paid faster and avoid delayed payments.

Run a late payments reminder workflow

Don’t chase debtors with an ad-hoc system. Having a predetermined workflow takes the guesswork out of the reminder process. Knowing ahead of time at what stage in the cash flow cycle you’ll send invoice reminders to customers is crucial. Timing should be agreed across the entire team, whether that’s CFO, Finance Manager, Credit Controller, Owner/Operator or across other roles. This will ultimately save you time as you’ll know exactly how to escalate a bad debtor as they move through the workflow.

You can set up workflows and invoice reminders manually. But to really improve your process you can use tools to automate the reminders process. From pre-reminders right through to a debtor dashboard, these tools provide a consolidated view of your debtors. Implementing a specialist tool can also deliver better cash flow management. Automated collections tools employ all the best levers to get customers to pay such as including SMS  messages and scheduling phone calls into your reminder workflows.

Don’t extend credit to bad debtors

Pausing a customer’s account might not always be possible. But if you can do so, then pausing the account before a debt becomes overdue is a good idea. You can set this out in your payment terms, so that it’s clear for the customer from the outset.

Just like there are tools for debtor management, there are tools to help you predict the risk of customers, which can drastically limit the amount of bad debt you have on your books. One of the low-cost tools we offer, for example, helps businesses understand which customers are most likely to default in the next 12 months, so they can consider whether they want to start working with, or continue working with, such a business.

By following these tips, you can manage your debtors more effectively and avoid the financial stress that comes with overdue payments. It’s often said but staying on top of your finances really is key to the long-term success of your small business.

By Matt McFedries, Head of CreditorWatch Collect

With many economists predicting a recession on the horizon in 2023, Australia is relying on successful industries to continue their growth to protect our economy from the two consecutive quarters of negative growth that define a recession. SMEs are the lifeblood of the Australian economy making up 98 per cent of businesses^[1], but with their traditionally smaller budgets they generally require finance to enter periods of growth. Now, new research reveals that a quarter (26 per cent) of SMEs won’t take out a loan for business growth if rates hit 7 per cent, which has already been surpassed by a series of major banks. This jumps to 50 per cent of SMEs who will refuse to take out a business loan if rates rise to 10 per cent. In fact, two-thirds of business owners and senior decision-makers (64 per cent) would not obtain a loan at an unfavourable rate, regardless of whether such a decision would stunt their business’s growth.

The findings were derived from an independent survey commissioned by business loan comparison site Small Business Loans Australia seeking to discover whether rate rises will deter Australian businesses from the big four banks: Commonwealth Bank, Westpac, National Australia Bank and ANZ. 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/sme-big-bank/ 

In 2018-19, 15 per cent of businesses applied for finance, with 31 per cent using the funds for general business growth. Sixty-nine (69) per cent of such businesses borrowed their money from a bank and 33 per cent borrowed from another financial institution.^[2]

Small Business Loans Australia asked respondents to consider any loans their business may require over the next two years and asked them to identify what level of interest rates would turn them off obtaining a loan from a bank. More than a quarter (26 per cent) of respondents reported that an interest rate of 7 per cent would deter them from acquiring a loan, while 14 per cent responded that they would avoid borrowing at an interest rate of 8 per cent. Ten (10) per cent of respondents indicated their limit as 10 per cent, while 24 per cent will cease taking out loans when interest rates reach 10 per cent or higher. Interestingly, almost one in 10 (8 per cent) would continue to borrow funds from the big banks, provided the interest rate remains at 15 per cent or under.

More than a third (36 per cent) of micro-businesses indicated that they would cease borrowing when interest rates reach 7 per cent, while 17 per cent of medium-sized and large businesses noted the same. This compares with just 3 per cent of small businesses that would be deterred from acquiring a loan at an interest rate of 7 per cent or higher.

Small Business Loans Australia found that business respondents across all States, would cease borrowing at an interest rate of 7 per cent. A third of respondents from Queensland (33 per cent) would be deterred from obtaining a bank loan at this rate, followed closely by South Australian and Victorian respondents at 32 per cent and 31 per cent, respectively. Meanwhile, only one in five (20 per cent) of respondents across NSW, Western Australia and the ACT indicated the same.

Would businesses choose between financing and growth?

Small Business Loans Australia asked respondents whether they would still postpone borrowing even if it meant that their business would not grow without it. Almost two-thirds (64 per cent) responded that they would not obtain a loan at an unfavourable rate, regardless of whether such a decision would stunt their business’s growth. Meanwhile, the remaining 36 per cent would continue borrowing to sustain the expansion of their business.  

The survey found that large business are more prepared to continue borrowing at high interest rates to enable their business to grow, with 67 per cent of respondents of large businesses indicating that they would obtain a loan at an unfavourable rate if necessary. On the other hand, micro, small, and medium-sized businesses are less inclined to do the same: more than two-thirds (70 per cent) of micro-businesses contended that they would cease borrowing, while 46 per cent and 39 per cent of small businesses and medium-sized businesses, respectively, noted the same.

Alon Rajic, Founder and Director of Small Business Loans Australia, says: “Australian SMEs are showing promising resilience as interest rates continue to rise.”

“This year could be a period of growth for businesses in many sector, which in many cases will require a business loan. Most SMEs have established a clear cut-off point where interest rates will become too difficult to manage, which is imperative when choosing any loan. However, there is always a variety of differing interest rates available across lenders, and business owners should make sure to shop around and use a comparison service before taking out any new loans.”

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

 People intelligence company, Compono, has today released its inaugural monthly Australian jobs index. The report includes data from almost 40,000 Australian job ads and applications from February 2023.

Report overview:

• 38,645 Australian jobs were posted via Compono’s job posting platform in February, a 15.5% increase from January
• Leisure & sport saw the highest demand for candidates, with four jobs posted for every candidate applying
• The most competitive industry is hospitality & catering, with around 38 applicants to every open role

Industries:

Following leisure & sports, workers are also in high demand in the electronics, legal, travel and tourism, and medical and nursing industries. This is consistent with the demand across January.

Australian jobs index shows which jobs are in highest demand

The most competitive industry for candidates is hospitality and catering, with over 38 applicants for each job posting; a slight increase from January, at around 27 candidates for each posting. 

Raife Watson, Regional Director APAC, Compono, said, “Our inaugural monthly jobs index shows that while it’s still a candidate’s market, businesses should be happy to see an uptick in the number of candidates applying for positions; particularly businesses in the hospitality and catering sector who have been struggling to find for staff for some time.

“The increasing number of applicants in the hospitality and catering sector is possibly due to decreased seasonal demand, combined with the new academic year providing a slight bump in candidate numbers. 

“2023 has shown consistently high demand for candidates in the sports, electronics, tourism, legal, education and medical sectors. For job seekers looking to break into these industries, now has never been a better time.”