It’s an exciting time setting up a business but as entrepreneurs strive to take their start-up to the next level they often encounter a major challenge in securing start-up funding. With uncertainty in the current economic climate traditional financing options such as bank loans and venture capital investments are harder to get and often are not suitable for start-ups or SMEs. Entrepreneurs may lack the necessary collateral, credit history or track record to qualify for business loans. Venture capital funding is highly competitive and typically demands a significant equity stake in the business. 

So how do you grow your business and source enough capital to drive that expansion? It’s time to look outside the box and seek alternative funding solutions that satisfy your business’s unique needs. Here are some solutions worth investigating –

Bootstrapping

Many start-up founders begin their journey by bootstrapping which involves self-funding their business using personal savings or revenue generated from sales. Some owners bootstrap by cutting costs, cutting back operations or looking for other creative short-term financing solutions. A good example is a company taking deposits for pre-orders of a product and using those funds from the orders to actually build and deliver the product. Whilst this option provides control and flexibility it may not be enough to sustain long-term growth or support large-scale expansion. It can also increase financial risk as a company may not be able to cover unexpected or emergency costs and it does place a limit on operations.

Angel Investors for start-up funding

Angel investors provide capital for start-up funding or small businesses in exchange for equity or convertible debt. Along with financial support, these individuals often bring industry expertise and valuable connections to the table. Engaging with angel investors can be a good strategic move especially if you’re seeking mentorship and guidance. However, similar to venture capital funding, it can be difficult to secure and cannot be relied upon as a sole funding strategy. You are also diluting your shareholding in the early days of the business.

Invoice Financing 

Popular overseas, invoice financing has gained popularity in recent years but is still an underutilised resource for start-ups in Australia. It allows entrepreneurs to access working capital based on their outstanding invoices. Instead of waiting for customers or stakeholders to pay their invoices, business owners can sell them to a third-party finance provider at a discounted rate and receive a percentage of the invoice value upfront ranging from 70-90%.

This allows owners to access capital immediately upon making a sale to their customers, which would otherwise be tied up in unpaid invoices and ensures a consistent and steady cash flow to support expansion. It is also adaptable and can be used on a recurring or selective basis depending on the business needs. It’s particularly valuable for businesses who face unexpected expenses, seasonal fluctuations or are in a rapid growth phase. Strong cash flow is vital to support the growth of any business, especially start-ups.

Crowdfunding

Crowdfunding platforms enable businesses to raise from a large pool of individuals who each contribute small amounts. It’s a way to not only generate capital but it also builds a community of supporters who rally around the business concept. Crowdfunding requires compelling pitches and effective marketing to be successful. It’s also become more difficult in the current economic climate with the cost of living affecting many everyday potential investors.

Grants and Programs

It’s worthwhile exploring whether there are grants and government programs that are aimed at supporting your start-up funding or small business. These initiatives often focus on specific sectors or are targeting environmental or social impact causes. Securing a grant can provide much-needed financial assistance and access to additional resources however they can involve a lot of work to apply for and take some time even months to arrange.

The most appropriate source of funding to grow your start-up will depend on the stage your business is at but by exploring and utilising these different solutions, entrepreneurs can fuel their growth, drive innovation and achieve their aspirations of scaling their businesses to new heights.

Contributed by By Angus Sedgwick, CEO of OptiPay

An all-in-one loyalty and point of sale (POS) app, addzme, has been launched to the Australian marketplace. addzme is an Australian-born product by established POS brand Shift8, that bridges the gap between small businesses and their customers. It serves as a comprehensive loyalty and POS system, empowering businesses to integrate loyalty programs into their marketing mix, while providing customers with a one-stop app to earn rewards. 

The app, available on iOS and Android, offers a seamless and convenient way for customers to earn loyalty incentives and rewards and is designed with small businesses in mind. 

addzme was developed for small businesses and aims to vitalise the business community and their customers, equipping them with a cost-effective loyalty and incentive platform.

Amy Renae, addzme’s CEO, has been with Shift8 for over 10 years and said that addzme can “change the landscape” for both small businesses and their consumers.

“When we think of brand loyalty programs, we immediately imagine the big brands – most people probably have a loyalty card that they carry around in their wallet, or have apps on their phone that they use to receive rewards from all the big franchises,” Renae said.

“We want to level the playing field and make it accessible for hard-working small businesses to create their own loyalty and incentive programs, and make it as easy as possible for their customers to participate. For customers, you just download one app, sign up, and reap the rewards everywhere you go, whether it’s your hairdresser, local cafe, fish and chip shop, plumber, and so much more. There are no limits.”

For business owners to get started, addzme can be easily integrated with existing Shift8 POS systems, and for businesses that don’t have this, addzme offers a free 30-day trial of their Loyalty Scanner App, available on the iOS App Store. This loyalty system requires no integration with existing POS setups and comes with a low monthly fee.

In addition to this, addzme offers a 30-day trial to the addzme point of sale system, an all-in-one platform that businesses can adopt to ensure a coherent and efficient process for them and their customers. 

For more information on addzme, visit https://addzme.me/, or contact:

Social engineering, the use of psychologically manipulating people into sharing personal information, is now the biggest threat to online safety, according to Avast, a leader in digital security and privacy and brand of Gen™. The Avast Q2 Threat Report, has found that over 75% of all threat detections on desktops were attributed to scams, phishing, and malvertising. Data for the quarter, April through June 2023, also showed a significant increase in overall cyber risks, with an increase of 24% in unique attacks blocked over the previous period, the highest risk seen in three years.

“Our findings signify a marked shift in the cybersecurity landscape,” said Jakub Kroustek, Avast Malware Research Director. “Not only are the number of threats some of the highest on record, but malicious actors are also turning more to psychological manipulation more often than traditional techniques of malware attacks. This results in the need for our security to adapt but also the need for people to better understand scams and educate themselves as an additional layer of defense.”  

The Rise of Scams

Scams of all types continue to increase, now accounting for over three-quarters of all detections. From April-June alone, Avast researchers have uncovered a range of prolific scams ranging from dating hoaxes to fraudulent donation sites to deceptive advertising to thousands of new phishing emails. The methods may vary, but the end goal remains the same: to deceive unsuspecting individuals into revealing sensitive information or parting with their hard-earned money.

Phishing – requests for information seemingly from a well-known and trusted entity such as a bank or a government agency – accounted for 25% of all threats in Q2. They prey on human instincts of trust and create a sense of urgency, compelling victims to divulge confidential information or engage in financial transactions under false pretenses. Furthermore, the adoption of smishing – phishing through SMS – has capitalised on the high open rates and innate trust individuals place in text messages.

There are also indicators of future trends on mobile, such as cybercriminals using AI to craft nearly perfect imitations of legitimate communication, making it increasingly difficult for individuals to differentiate between what is real and what isn’t.

Australia saw a massive surge (89%) in scam attacks which began in April and lasted the duration of the quarter. Attackers have focused mostly on malvertising and malicious browser push notifications as a delivery mechanism for these scams. As a result – scam attacks now form more than a half of all the blocked attacks in the Avast userbase. 

Adware and Coinminers Decrease Slightly, Changing Approach

While adware showed a decline in prevalence in Q2 over the previous quarter, it continues to persist across desktop, mobile, and browser platforms. One notable example is the HiddenAds campaign, an adware threat attached to well-known gaming applications which garnered tens of millions of downloads during its app store reign.

In the ever-evolving landscape of cryptocurrency mining, coinminers have been facing a continuous decline in their activity, with a 4% decline in risk ratio over Q1 of 2023 supported by challenges for authors due to the shift form proof-of-work to proof-of-stake for numerous cryptocurrencies.

Avast Novel Research

Avast researchers continued to discover new remote access trojans such as HotRat, a .NET reimplementation of AsyncRat, featuring numerous new commands and features.

Another successful discovery was CVE-2023-29336, a local privilege escalation vulnerability in win32k on the Windows kernel. Prompt action led to a patch in the May security update, ensuring user safety via responsible disclosure.

Ransomware Continues to Taunt Businesses, Avast Releases Decryption Tools

Ransomware remained an ongoing concern in Q2 of 2023. Despite a slight decline in prevalence, ransomware authors persist in targeting victims, relying increasingly on targeted attacks and exploits to penetrate company networks. Notably, successful attacks on widely used software, such as PaperCut, underscore the evolving tactics of ransomware operators, who more than ever experiment with encryption-less extortion techniques and doxing.

To support individuals and businesses impacted, Avast researchers developed a free decryption tool for Akira Ransomware. This tool has already assisted numerous ransomed victims in restoring their files and businesses, further reinforcing our commitment to providing solutions and assistance to those in need.

Avast Free Antivirus, all Avast’s premium versions, and Avast Secure Browser provide top protection against phishing attacks, which is verified in quarterly tests by independent testing organisation AV-Comparatives.

The Avast Q2 2023 Threat Report can be found here: https://decoded.avast.io/threatresearch/avast-q2-2023-threat-report/

Alon Rajic, founder and CEO of business loan comparison site Small Business Loans Australia, has undertaken extensive research to unearth six challenges that SMEs are likely to encounter this financial year.

As the 2024 financial year unfolds, Australian businesses are bracing for tough economic challenges amid growing concerns of a possible recession should interest rates continue to increase, higher cost of labour and less generous tax incentives. While SMEs appear particularly vulnerable during these uncertain times, many are showing resilience and a willingness to adapt.

While Alon urges SMEs to acknowledge the hurdles awaiting them, he is a proponent of seeking out emerging opportunities. He says: “A tighter and costlier employee market, rising rates, tougher borrowing criteria, inflation and continued supply chain challenges paint a gloomy picture for the business sector. Business owners must vigilantly stay informed about available resources, changes in government policies, and other opportunities that can help mitigate these challenges and secure the long-term success of their ventures.”

Alon says the need for vigilance and adaptability has never been more pressing. “To weather the storms on the horizon, SMEs must keep eye on early warning signs of economic changes and seek innovative ways to tackle challenges while uncovering untapped opportunities that could be their path to success in the years to come.”

Below are 6 challenges SME can expect before FY25:

1. 68% of SMEs can’t fill job vacancies. Job vacancies in Australia remain at unprecedented levels since the GFC, with research showing 68 per cent of businesses are still struggling to find suitable staff. Micro businesses are hardest hit, with almost 80 per cent are unable to fill job vacancies. The impact varies across industries, with 90 per cent of job vacancies being in the private sector.[1] While health and tech industries show some improvement, hospitality, manufacturing, and agriculture sectors continue to face significant challenges, with up to 100 per cent unable to fulfill vacant staff roles. (The full study: https://smallbusinessloansaustralia.com/sme-employees-2023/). 

2. Late payments and tighter lending is impacting business cash flow. Amid worsening economic conditions, numerous SMEs will find themselves dependent on business lending as their cash flow diminishes. Among the challenges anticipated in recent research, 30 per cent of SMEs expect difficulties in collecting customer payments and 26 per cent in attracting sales. While may sound like good news that the loan values made to SMEs have increased in recent years, data shows an alarming number have no financial lifeline at all and 50 per cent face daunting obstacles when attempting to access bank loans. (The full study: https://smallbusinessloansaustralia.com/is-australia-doing-enough-to-improve-access-to-capital/.)

3. Small and large businesses are paying more for labour. This financial year, employers are paying more for labour, whichever solution they look to – potentially impacting growth plans for some small businesses. Since July, companies have been paying a higher, 11% rate, for superannuation and a higher minimum wage of $23.23 per hour. Those looking to sponsor migrants will also pay more, with the base salary of sponsored employees lifting to at least $70,000 a year – up from $53,900. 

4. 1 in 2 SMEs are ploughing through recession fears and focussing on growth From bushfires, floods, lockdowns, inflation, labour shortage and interest rate increases, Australian businesses have faced unprecedented challenges in recent years. Despite these obstacles, Small Business Loans Australia research revealed that half (48 per cent) of SMEs are expanding this year, even while they believe there is a risk of recession. This is more than twice the proportion of respondents (22 per cent) who focussed on growth in 2022.  (The full study: https://smallbusinessloansaustralia.com/growth-in-recession/.)

5. Rising interest rates and bank fees. Rising interest rates and bank fees may motivate businesses and individuals to switch over to alternative fintech solutions. A survey commissioned by Money Transfer Comparison revealed that 8 in 10 Australians believe their banks’ fees are unreasonably high, and 2 in 3 are willing to switch to innovative fintech services with competitive fees. Not only can SMEs take advantage of potentially lower fees, but also digital innovations such as international transfer, digital credit cards, Buy Now Pay Later (BNPL) options, expense tracking, rewards programs and cashback services. (The full study: https://moneytransfercomparison.com/leaving-banks-fintech/.)  

6. Limited asset ‘write-off’ rules. New rules for asset write offs are only benefitting small businesses this financial year. From 6 October 2020 to 30 June 2023, businesses earning up to $5 billion could immediately write off all eligible capital assets without a financial limit. The tax rules how specify that businesses turning over less than $10 million can write off up to $20,000 per asset. Small businesses with an annual turnover below $10 million can immediately deduct eligible assets under $20,000, used or installed before 1 July 2024. 

According to Avast, phishing attacks are a leading threat to SMBs. To help safeguard SMBs’ data, devices, and their people, Avast has released a new Cybersecurity Training Quiz. The quiz is available free for small businesses that want to train their employees about online threats.

The quiz is available to any individual or business but is specially targeted at small and medium-sized businesses that want to provide training for all employees without additional investment. Individuals who complete the quiz will receive a confirmation of passing each module. 

With phishing and scams being the largest threat to small businesses, according to Avast, individuals are unfortunately often the weakest link in companies’ security. This new free tool allows people to test their knowledge about digital safety easily and without any cost. Currently, training modules focus on three areas: Data Security, Identity Management and Social Media Security. Individuals who complete the quiz receive a confirmation of passing each module.  

Growing threats for businesses 

Online threats to businesses are ever-changing, making true online safety an ongoing journey. Zero-day vulnerabilities and ransomware extortion continue to be some of the most concerning threats to businesses – and are the most well-known – but data from Avast shows that phishing of employees is often the first mode of entry for malicious actors. According to Avast, scams and phishing attacks are a leading threat to SMBs. 

“Raising awareness about the many threats to small businesses and educating customers on cybersecurity is a vital part of helping small businesses remain safe and protected,” said Massimo Rapparini, General Manager & Head of SMB at Gen. “We’re proud to use our extensive in-house knowledge to provide this type of training for free through the Avast Cybersecurity Training Quiz.”

In a world where tech gadgets are fast becoming necessities, dash cameras have evolved from a luxury add-on to an essential component of modern driving. Dash cameras now serve as an unwavering second pair of eyes on the road, ensuring every drive or location is able to capture road incidents as they happen.

Whether you’re a car enthusiast or an everyday driver, the latest range of dash cams in the Australian market provide irrefutable evidence in case of incidents and serve as both a deterrent against theft and a critical asset in insurance claims.

Without a dash cam, determining the truth can be a stressful and complicated process with accounts for each individual account often contradictory. With a dash cam serving as an impartial and steadfast witness, you have access to the hard evidence required for an accurate and fair resolution.

Dash cameras rise to the challenge of Australian roads, offering an extra layer of security and peace of mind for all drivers.

Dash Cameras are a must-have for the following reasons:

1. Capture first-hand evidence: in the unfortunate event of a car accident, a dash camera provides the most reliable and accurate first-hand evidence. It can clear up any ambiguity about who is at fault, potentially saving you from unwarranted liability or insurance complications.

2. Indispensable for professional and personal use: dash cameras are not just great for personal vehicles – they are equally important for professional drivers as well. Uber drivers, driving instructors, and parents teaching their teenagers to drive can significantly benefit from a dash camera. It offers an unfiltered view of what happens during a drive, providing an excellent tool to correct driving errors, settle disputes, and ensure driver safety.

3. 24/7 car surveillance: Your dash camera can serve as an invisible security guard for your car. Equipped with a parking mode feature, it starts recording as soon as it detects any movement or activity around your vehicle. This means you’re always aware of what happens near your car even when you’re not there.

4. Promotes safer driving habits: some dash cameras come with advanced features that alert drivers about upcoming fixed speed and red light cameras, helping avoid possible traffic violations. They can also come with a footage lock protection feature, ensuring critical evidence remains safe and unaltered.

Brad Hales, national marketing manager, Uniden, said, “In our increasingly digital age, staying connected and having immediate access to crucial information has never been more important. Dash cameras streamline the process of managing and storing essential footage. Beyond their functional value, these devices are designed with precision and style, integrating seamlessly into any vehicle while delivering superior video quality across all lighting conditions.

“Investing in a dash cam is as important as having a good insurance policy. While we hope you’ll never have to use the footage your dash cam records, the peace of mind that comes with knowing you’re well-protected in any situation is invaluable.”

As car owners, we can’t control every event on the road, but we can control how well-prepared we are to handle them. With a Uniden dash cam, you’re not just buying a gadget – you’re investing in peace of mind. Purchase a Uniden dash camera and experience the revolution in road safety for yourself.

Uniden Dash View 50R RRP AU$499.95

Uniden iGO CAM 90R RRP AU$349.95

The Tax Practitioners Board (TPB) is warning the public to be extra cautious this tax time and to be on the lookout for fake tax agents, also called unregistered preparers, trying to lure taxpayers into using their tax services.

Unregistered preparers operate outside of the law. They are often unqualified, poorly trained, and uninsured. Many are scammers who expose honest taxpayers to risk and potential penalties from the Australian Taxation Office (ATO). Taxpayers are being warned they are accountable for and will need to pay ATO penalties.

Unregistered preparers will often try to convince a client they can obtain unrealistically large tax refunds. Some will encourage the lodgement of fraudulent claims for refunds their clients are not entitled to. Others try to obtain your myGov sign in details, putting your personal information at risk. 

The TPB is continuing to be vigilant in combating this illegal behaviour and has recently brought a case to the Federal Court of Australia. TPB enquiries found that Anthony Dean Buckland, a previously registered tax agent, had provided tax agent services for a fee while not registered to do so. The Federal Court ordered Mr Buckland and his company, Apat Na Seasons Pilipinas Corporation to stop preparing and lodging income tax returns for a fee.

If Mr Buckland or the company breach this order, they may be in contempt of court and face penalties, including imprisonment for Mr Buckland. This order will remain in place until the Court hears the TPB’s civil penalty application against Mr Buckland and the company.

TPB Chair, Peter de Cure AM, warned, ‘if you see an unregistered preparer offering tax services, it pays to be alert and sceptical, especially when they are contacting you through social media. Taxpayers obtaining professional tax advice should engage a tax practitioner registered with the TPB. This can be done by checking this Register.

He continued, ‘anyone who has used the services of Mr Buckland or Apat Na Seasons Pilipinas Corporation should contact the TPB, urgently review their tax affairs and ensure their personal information is secure. Remember – never share your myGov password with anyone as it puts your personal and financial information at risk. You could easily become a victim of identity theft.’

Scams are one of the most pervasive Cyber Safety threats of our time. The sheer volume is staggering – people are collectively wading through 3.4 billion phishing emails on a daily basis – and scams are becoming more sophisticated and harder to spot without help. Norton, a leader in Cyber Safety, is inviting people to join in the fight against scams by offering early access to Norton Genie, a real-time AI powered scam detector, to provide an easy, fast and free way to check if texts, emails, websites and social media posts are a scam.

“Every day, we’re inundated with messages and scams that have become so believable that anyone, even the savviest of us, is just one wrong tap from becoming a scammer’s next victim,” said Ondrej Vlcek, President at Gen.

“We want to give people Digital Freedom – the freedom that can only be achieved when you’re safe and empowered online. Genie is an always on, easy-to-use, trusted advisor that helps you stay ahead of highly convincing scams. By bringing together best-in-class scam intel from Norton with advanced AI, we can empower people to take full advantage of the digital world safely, privately and confidently.”

Norton Genie is a brand new innovation from Norton designed to be as simple as asking for advice from a friend that’s available 24/7. With just a few clicks or taps, Genie will give immediate guidance on whether the message, email, link or post is potentially a scam and what to do next. Genie is powered by a unique combination of Norton expertise and advanced AI that’s trained on millions of scam messages and the red flags to watch for. As scammers adapt to new technology to make their attacks more convincing, now more than ever, people need AI on their side to help stay ahead of today’s ever-evolving scams. Norton Genie is constantly improving to help stop scammers in their tracks and help fight today’s scams and tomorrow’s.

Norton Genie is a comprehensive mobile app and web-based AI scam detector with the following key features:

• Fast, free and easy: You can upload a screenshot or copy and paste the text of a suspicious message and Genie will instantly tell you if a message or site appears to be a scam.
• Norton technology: Genie combines advanced AI with best-in-class cybersecurity data and technology to help identify scams before you engage. As part of Gen, Norton tapped into the company’s investment and application of AI research and innovation, decades of experience uncovering and remediating scams, phishing attacks, sketchy websites, and extensive library of known threats to create Genie.
• Protection that evolves: The more people use Genie, the smarter it gets. Our AI powering Genie will continue to learn and adapt to detect new scams and help protect against emerging threats. While Genie gets better and better with scam detection in messages, emails and social media posts, we will be hard at work developing additional ways Genie can protect people from other types of scams they could fall victim to.
• Trusted advice: Beyond telling you if a message is likely a scam, Genie takes it one step further by answering your most pressing follow-up questions. How did it know the message was a scam? What should you do next? Like a trusted advisor, Genie empowers you with the information you need to be safer in your digital life.

Norton Genie is still learning and in an early access phase. Genie is available now in Australia, Ireland, New Zealand and the United States, for free at Norton.com and the Apple App Store. Norton Genie is compatible with iOS 14.0 or greater, Chrome, Safari, Microsoft Edge and Firefox. Norton Genie is expected to become generally available, expand platform availability to Android, and enter additional markets later this year. To learn more, visit genie.norton.com.