What is CGI and 3D rendering and how can it help my business?

For businesses, it’s more important than ever to stay ahead of the competition and take advantage of innovative solutions.

In recent years, we have witnessed a significant shift with consumers demanding more content than ever to inform their purchasing decisions. Nowadays in our highly digital world, it takes much more to leave a lasting impression. With so much content available at our fingertips, businesses are under pressure to provide a continuous stream of content across various marketing platforms whilst at the same time managing tight budgets.

This is where Computer-Generated Imagery (CGI) and 3D rendering emerge as game-changers for businesses, avoiding the expenses and limitations that traditional photography brings. With these digital solutions businesses can meet evolving consumer demands, maintain a competitive edge and drive sales.

What is CGI and 3D rendering?

CGI refers to the use of computer graphics and digital techniques to produce high-quality visual content. This versatile process allows for the creation of product shots, lifestyle imagery, 360 spin, benefit imagery, Virtual Reality plus long and short form video. It really is a one-stop shop for all your content needs.

Better still, once your product is set up for CGI, executing additional content is a very cost and time-efficient process. With photography, you would never book a photoshoot for one additional image. With CGI, you absolutely can.

For brands that sell products, CGI is replacing the need for photo and video shoots. 
As more businesses begin to embrace digital transformation and harness the benefits of CGI and 3D rendering, those brands that don’t move with the times risk being left behind. 

Cost and time efficiency

CGI and 3D rendering can save businesses substantial costs and time in product marketing. By eliminating the expenses involved with traditional photography and videography, CGI and 3D rendering significantly cut down on operational costs and resources.

The ability to digitally create and alter images with ease not only saves time but also removes the need for reshoots. This process allows businesses to enjoy quicker turnaround times and produce more content for less. While budgets tighten amidst current economic uncertainty, businesses need to be looking for a greater return on investment. CGI provides this by efficiently producing a constant stream of content to keep customers engaged.

Resonate with audiences through purpose-built content

In contrast to traditional photography and videography, CGI can provide greater possibilities for content creation. Often, online customers are met with an oversaturation of generic content, with traditional white background static images showcasing a product. This is where CGI and 3D rendering shine – with the ability to produce purpose-built content that specifically caters to each customer’s needs and preferences.

This flexibility allows brands to maintain fresh and relevant content in their product marketing with faster responses to changing consumer trends and behaviour.

At Insite, we help brands identify the product imagery that most suits the target audience, thereby maximising impact and using client budgets as effectively as possible.

Customisable Features

Consumers can also benefit from the customisation services that CGI and 3D rendering make possible. Potential customers can interact with virtual product models and personalise features according to their preferences. This engagement provides the opportunity to visualise a product before making a purchase, providing greater satisfaction, and influencing their commitment to buying a product. CGI can strengthen the connection between consumers and brands, instilling confidence in purchasing decisions and fast-tracking sales.

Consistency in content to increase brand awareness

CGI and 3D rendering offers brands a powerful way to increase brand awareness among consumers. Businesses can effortlessly achieve visual consistency on products from every angle and ensure that all future products have imagery that is 100% consistent. Something that is very difficult to achieve with photography.

With this, your brand can establish a stronger and more memorable presence in the minds of audiences ensuring that your brand’s identity and messaging remain consistent across all marketing platforms.

Experiences to foster brand loyalty and drive sales

Experiential CGI content can play a pivotal role in creating an emotional connection with customers to further sales growth. With experiential CGI content, customers are offered the opportunity to envision themselves interacting with the product in a real-world context, elevating their shopping experiences and informing their purchasing decisions. Immersive visuals that tap into the senses can resonate with audiences on a deeper level, going beyond merely showcasing a product’s features and benefits. Engaging in these experiences establishes a stronger connection between customer, brand and product to streamline the sales process.

As more businesses seek to elevate their product marketing, CGI and 3D rendering provide the most cost and time-effective solution for content creation. This technology allows you to create more content for less, stay ahead of digital trends and explore new opportunities to resonate with audiences. By harnessing CGI and 3D rendering, businesses can navigate the evolving marketing landscape with confidence, making a lasting impression in a world driven by fast-paced innovation and consumer engagement.

Author Bio:

Tim Morison is the Founder and Creative Director of Insite Imagery (‘Insite’). With over 20 years’ of experience, Tim works with global brands and creative agencies to produce best in class imagery.

Norton, has announced Norton Small Business, the all-in-one cybersecurity solution to help entrepreneurs and small business owners protect their financial futures.

While nearly 90%^[1] of businesses globally are small businesses – 97.5% in Australia – many lack the means to protect their digital environments. Norton Small Business makes triple-lock protection accessible for small businesses to safeguard their team’s online activities, devices and customer data in an easy, all-in-one cybersecurity solution.

“Owning a very small business often means each member of the team wears different hats, and usually cybersecurity expert isn’t one of them,” said Massimo Rapparini, General Manager & Head of Small Business Safety at Gen.

“Unfortunately, cybercriminals are aware of this and often target such businesses – more than half (57%) of small businesses experienced a security, data breach or both in 2022^[2]. For entrepreneurs and small businesses, falling for just one phishing email can have a devastating impact.”

Scams Taking Down Small Businesses

Small businesses face a barrage of scams and phishing threats, just like consumers and are considered one of the greatest risks to small and medium businesses  this is despite data from the Australian Cyber Security Centre (ACSC),stating that 62% of SMBs in Australia have experienced a cyber security breach. Of these threats, phishing – for example, emails trying to trick you into clicking a link or transferring money – is the most common way cybercriminals try to access small business systems, private data, financials and intellectual property.

Businesses with under 10 employees often lack IT support, putting companies at great risk if cybercriminal attacks are successful – and many are., between 2021 and 2022, the average cost per cybercrime had risen to $39,000 for small businesses in Australia^[3]. Norton Small Business helps small businesses disaster-proof their critical data to minimise the risk of financial loss. 

Entrepreneurs Pursue Financial Freedom

Entrepreneurs often start their own businesses in pursuit of financial freedom and invest significant time, energy and personal savings to build their business. Yet, small businesses are being heavily targeted by cybercriminals, leaving them at a much higher risk of collapsing compared to larger firms when hit by a cyberattack.  With heightened risk and so much at stake, it’s surprising that about half of businesses with under 50 employees have no cybersecurity budget at all^[4]. The effects of a cyberattack extend beyond financial consequences, and it’s time cybersecurity is pushed to the forefront of small business priorities.

Setting Up Your One-Person IT Department

Norton is your go-to partner to make small business cybersecurity simple with an all-in-one solution that provides 24/7 cybersecurity protection and a variety of features, including:

• Secure Browser, Password Manager and VPN (virtual private network) to help secure day-to-day online activities
• Automated PC cleaning and optimisation to keep healthier PCs for longer
• Secure Cloud Backup for PCs to help reduce the risk of loss of business data  
• Software and driver updaters to help keep software up to date, so there are fewer vulnerabilities for cybercriminals to exploit
• IT coverage and maintenance for up to 20 devices
• A 100% Virus Protection Promise

“We’ve built our small business products and services with the same approach in mind as we do with our consumer portfolio, so entrepreneurs don’t need to worry about becoming cybersecurity experts,” said Rapparini. “Norton is here to make cybersecurity accessible and easy so they can focus on building thriving businesses.”

Top 10 tips to protect your small business:

1. Learn to spot signs of phishing and teach your employees
2. Only click links or download attachments from known sources
3. Avoid sharing personal information or private company data over email
4. Always keep your operating system, applications and drivers up-to-date
5. Make sure your WiFi network is protected with a strong password
6. Regularly back up your data
7. Require employees to use a VPN when doing company work on a public WiFi network (think airports and coffee shops)
8. Always use multi-factor-authentication for an extra layer of protection
9. Don’t neglect mobile devices – make sure they are password protected and use security software
10. Invest in a cybersecurity solution such as Norton Small Business

Norton Small Business is available now with prices starting at $89.99 for the first year with options for 6, 10 or 20-device plans. For more information, please visit norton.com/products/small-business.

Square’s annual Future of Restaurants Report has found that Australian restaurants are selling products outside their core services, turning to technology, and leaning on their communities to stay resilient

3: In a year of challenging economic conditions, Australian restaurants are reinventing themselves by bottling up sauces, selling cooking classes, or creating merch brands as a way to bring in revenue from multiple sources.

Alongside building new revenue streams, Square’s Future of Restaurants report has found that Australian restaurants are investing in technology to allow them to do more with less as operating costs soar and staff shortages continue to bite, while also looking to their local communities for support.

The report, commissioned by Square and created by YouGov, surveyed Australian restaurant owners, hospitality workers, and consumers, and gives us a glimpse into the current state and sentiment of the industry.

And while adaptability and resilience is on the menu for Australian restaurants, they also face additional challenges including customer retention (32%), operating costs (32%) and staff hiring, training and retention (31%). Though, in true Aussie innovative spirit, 97 percent of those surveyed believe tech will help their business navigate these hurdles.

More than just a dining service

As economic challenges persist, restaurateurs will continue to find new ways to build resilience.

Driven by consumer interest (45%), economic incentives (40%), and fierce competition (39%), restaurants are building new revenue streams by introducing new products and services outside of their core restaurant offering. One restaurant that’s designed and created a line of merchandise to supplement its core business is Sydney-based bagel shop, Lox in a Box.

“Merch is a way for me to express myself creatively,” says Candy Berger, co-owner of Lox in a Box. “We started with branded t-shirts for our staff and then customers wanted to buy them. So we did a run of shirts, the Lox In A Box hat, and sox in a box because we thought that was fun! It sold pretty well.”

Consumers are receptive to this new trend: of millennial customers, more than half (55%) say they’ve purchased items aside from food or drinks from restaurants in the past year, while around one in three (29%) say they specifically purchased merchandise over that same period.

Restaurants powered by technology

The era of pen and paper at restaurants is over, and restaurants will increasingly adopt technology to do more with less.

Despite the fact that 95 percent of restaurants say there are barriers – like financial outlay or transitionary period – to investing in software and automation technology, the benefits are clear. An analysis of data from Square and the Australian Business Registry has found that restaurants that used Square for Restaurants technology were around 3 times more likely to survive than the industry average.

Beyond building resilience, technology is helping restaurants to grow: half of restaurateurs who drive $1 million or more in revenue per year say that automation is helping them acquire more customers (34%) and streamline online ordering in-house and via delivery apps (24%).

“Working smarter, not harder, is a driving force for us,” says Mo Saad, co-owner of Fricken Chicken in Canberra. “Automation and technology have streamlined our operations, reduced wait times, increased productivity, and ensured more personalised customer interactions and overall satisfaction.”

“When we talk about restaurant reinvention, and technological adoption, we aren’t talking about robot chefs: we’re talking about using technology to unlock incremental yet meaningful gains,” said Colin Birney, Head of Business Development for Square in Australia. “For example, wait-staff sending orders to the kitchen directly from the side of the table may only save ten or so seconds a time, but as service continues and more tables are served, those efficiency gains stack up. Those efficiencies can lead to more tables being covered per employee, more customers served, and, ultimately, growth. Technology helps find both small and big wins.”

A focus on nurturing community

Communities played a huge role in helping restaurants stay afloat over the past few years.

A restaurant serves as many things to its customers – a place to socialise, work, escape, or relax. For regulars, it can become a special space that exists between their home and workplace – in fact, 21 percent of consumers say that an atmosphere that creates a sense of home is important to them when visiting a restaurant.

Building a sense of community is a key way restaurant owners are staying resilient amidst economic downturn, as 90 per cent say that community support has been somewhat helpful (38%) or instrumental (51%) in their success.  Knowing customers’ names, orders, and details about their lives creates a personal connection, and pays off in the long run, with 58 percent of consumers stating they look for new restaurants or cafes through recommendations from their friends or family.

Earlier this year, Square partnered with OpenTable to give restaurant wait-staff the ability to better personalise service based on diners’ unique preferences to create exceptional experiences. One of the first restaurants in Australia to benefit from the Square and OpenTable integration was Byron Bay-based, vegan restaurant No Bones.

“Square and OpenTable are our best friends: having them talking to each other makes our life so much easier, but also has a huge positive impact on our diners” said Lili Woollacott, Manager at No Bones. “Dining experience is so important to us and having all our dining data in one place – no matter where it comes from – means that we get to delight anyone that eats with us. Whether that’s about knowing where they are in their dining journey and improving the flow of diners through the restaurant, or knowing particular customers preferences and creating bespoke experiences for them. It builds loyalty and keeps them coming back!”

This year will continue to hold a lot of change for the industry. By diversifying core offerings, adapting to customer and employee needs, leveraging technology to work smarter, and engaging with the community, restaurateurs can better prepare for future challenges while creating a more resilient and efficient business.

The growing cost of conducting business has placed unprecedented pressure on Australian entrepreneurs. The COVID-19 pandemic saw a staggering increase in business insolvencies. This surge in failures has left aspiring entrepreneurs pondering a crucial question: Is this the right time to embark on a new business venture?

A recent analysis by NAB underscores the severity of the issue, revealing a 30% increase spike in insolvencies during 2022. As business survival rates hang in the balance, experts and industry veterans have begun to re-evaluate the franchise business model. With this in mind, let’s explore the enduring relevance and adaptability of franchising and the pros and cons of this business model.

Franchising A Time-Tested Model

Franchising, though not a new concept, has proven to be remarkably resilient and adaptable. Originating in 1851 and gaining significant traction in the 1950s, franchising has witnessed steady growth. Today, there are over 94,000 franchise outlets in Australia alone that employ almost 600,000 people.

The Franchise Council of Australia found that 95% of franchisors, and almost all franchisees are small businesses with fewer than 20 employees.

But the critical question remains: Is this age-old model still pertinent in the current volatile climate? Are entrepreneurs better off going solo when starting a business?

Brand Equity

One of the foremost advantages of the franchise model is the immediate access to established brand equity. Franchisees enter the market with a recognisable and trusted brand, which has already cultivated a loyal customer base. In a competitive landscape where consumer trust and familiarity play pivotal roles in decision-making, this brand recognition can prove to be invaluable.

Starting a business from scratch often requires significant time and resources to build a brand presence and earn consumer trust. Franchising offers entrepreneurs a shortcut by allowing them to tap into an existing brand’s reputation and customer base. Each franchise has a network to continue adapting to new technologies, marketing and systems for staff retention.

Mitigating Risk

The current economic uncertainties have made risk management a paramount concern for budding entrepreneurs. Franchising, as a business model, inherently reduces certain types of risk compared to launching an independent venture. It provides a safety net by offering a proven business model, comprehensive training, and ongoing support from the franchisor. This support structure can be a lifeline, especially for first-time business owners who may lack experience in managing all aspects of a business.

Additionally, economies of scale in purchasing and marketing can help franchisees weather the storm of rising operational costs, another critical advantage in today’s cost-pressured environment.

Financials

Franchising often offers a more predictable financial outlook compared to standalone businesses. Franchisees benefit from standardised operating procedures, established pricing models, and collective bargaining power when procuring supplies. This framework allows for greater financial stability and, in many cases, a quicker path to profitability.

Franchising allows entrepreneurs to benefit from a proven financial model. The franchisor’s financial track record and support can be invaluable when seeking funding or investment partners. Banks and investors often view franchise businesses as less risky due to their established success rates and are more likely to invest in over independent small business start-ups.

Business Support and Counsel

In an era where adaptability is key to survival, franchisees have the added advantage of ongoing support and counsel from the franchisor. This guidance can encompass everything from operational best practices to marketing strategies and technological advancements.

The franchisee-franchisor relationship is akin to a partnership. Franchisees can draw upon the franchisor’s expertise and experience, making it easier to navigate changing market dynamics. This support system provides an edge in staying ahead of the curve.

In the face of mounting economic challenges, franchising remains a robust and relevant business model. The advantages of brand equity, risk mitigation, financial stability, and ongoing support make franchising an attractive option for aspiring entrepreneurs. Franchising offers a tried-and-tested path to business ownership, even in today’s tumultuous economic climate. The key is to carefully assess the specific franchise opportunity and ensure alignment with your goals and values. With the right franchise, the future can be as bright as ever.

By Nicholas Woodward, Country Manager of PACK & SEND

Australia’s top-performing female small business owners have been honoured during a glittering gala event held on Saturday 23 September, when the 2023 Australian Women’s Small Business Champion Awards crowned 62 of the nation’s most inspiring and influential women in small business.

Hosted by accomplished journalist and popular broadcaster, Deborah Knight, and held at the newly-built Western Sydney Conference Centre with almost 1000 guests in attendance, the National Presentation Evening Gala Event has a mounting reputation as the ‘Logies’ of small business.

The evening’s most highly-anticipated award – 2023 Australian Women’s Small Business Champion ICON – has been won by Mel Gholami of Planix Projects.

The epitome of a groundbreaking go-getter, Mel is a pioneer of Australia’s construction industry as one of the first – and still few – female founders of a project management firm that is today booming with repeat business, despite myriad challenges faced by the construction industry. Mel’s significant contribution to charitable initiatives, including causes addressing the nation’s affordable housing crisis, also heavily impacted on the judging panel’s ultimate decision to crown Mel the prestigious title of 2023 ICON.

The winners of the three other individual categories are: 2023 Small Business Champion Influential Woman: Jacine Greenwood of QLD-based, Roccoco Botanicals; 2023 Small Business Champion Entrepreneur: Pippa Hanson of VIC’s The Sports Injury Clinic; and 2023 Young Small Business Champion Entrepreneur: Erin Criticos of Moving Mountains Therapy in NSW.

In coincidental timing with the approach of NSW Small Business Month (October), 33 of this year’s Australian Women’s Small Business Champions are NSW-based; while a dozen come from Queensland, a dozen from Victoria, two from South Australia and one each from the ACT, Tasmania and Western Australia.

Spanning all capital cities as well as rural, regional and suburban towns, the vast array of featured categories makes the Australian Women’s Small Business Champion Awards arguably the most diverse awards programme in the country.

From environmentalists and Indigenous business leaders, to women working in agriculture, disability support services, IT, retail, beauty, mechanics and more, the second-annual Australian Women’s Small Business Champion Awards attracted thousands of submissions this year, and is the only national awards programme of its kind created specifically to spotlight the rapidly-rising number of successful female-led small businesses.

According to Australian Government data: of the 3.3 million small businesses operating in Australia today, more than one-third are run by women and by all accounts, that figure is soaring. Data released by the Australian Bureau of Statistics during 2022 shows a 46 per cent jump in women business owners during the past two decades.

“It’s high-time we better recognise the massive economic, social and cultural contributions of Australia’s female small business trailblazers,” said Steve Loe, Awards Founder and Managing Director of Precedent Productions, which coordinates the Australian Women’s Small Business Champion Awards.

“Just as the Matildas shone during this year’s World Cup, attracting the nation’s admiration and highlighting the positive contribution of women in sport, this comprehensive awards programme celebrates the outstanding calibre of our country’s female entrepreneurs and those who are inspiring future generations of leaders,’ added Mr Loe.

Entries for the 2024 programme will open before mid-next year.

For more information – including a full list of 2023 winners – visit: womensbusinesschampions.com.au.

Norton, has released its latest Cyber Safety Pulse Report, which gives an in-depth look at the most recent scams, including those surrounding online retailers, sextortion, tech support, crypto, business emails and more.

With the growth of artificial intelligence (AI) such as ChatGPT, cybercriminals now have added support in creating sophisticated scams which has led to a surge in prevalence. What’s more, according to data from Gen, 75% of all cyberthreats on desktop are now scams. Norton experts identified some of the most prominent online scams people are facing today, including:

• E-Shop Scams: Scammers create fake online stores, offering products at unbeatable prices. Once a purchase is made, the product is never delivered, and the website disappears.
• Sextortion Scams: Cybercriminals threaten to release private or compromising information unless a ransom is paid. These scams often begin with phishing emails and exploit human emotions like fear and shame.
• Tech Support Scams: Fraudsters pose as tech support agents from reputable companies. They deceive victims into granting remote access to their computers, leading to data theft or ransom demands.

“We’ve found scammers are leaning on old methods to lure victims, but they now have a more sophisticated arsenal at their disposal to make these schemes more realistic,” said Luis Corrons, Security Evangelist for Norton.

“Leveraging AI, criminals are creating scams that are not only more credible but alarmingly real, making scams more convincing and harder to detect, which is why it’s so important that consumers know what to be aware of. In addition to giving people the know-how, we want them to have the latest security tools they need to be safer. We recently released Norton Genie, a free AI-powered scam detection tool, to help people in the fight against scams and make it easier to navigate today’s threats. You can even ask Genie follow up questions so that over time you can become better at spotting scams with the naked eye too.” 

Norton recommends a variety of tips to help protect against scams, depending on the type. These practices include:

• Verify before you buy: Check the retail website’s authenticity through reviews and ratings.
• Double-check who you’re talking to when you receive unknown calls: If contacted by “tech support,” for example, verify their identity by contacting the company directly through official channels.
• Add security layers to purchases: Use multi-step verification before making any financial transactions and only use secure payment methods, such as credit cards, which offer fraud protection.
• Be careful what you share: Regardless of where or with whom, always think twice before you share personally identifiable information online.

AI for Good: Norton Genie Provides Free Scam Protection for iOS and Android 

While cybercriminals are using AI to help improve their scams, Norton is tapping into the technology to help consumers protect themselves against them. The newly launched Norton Genie is an AI-powered tool that detects text, social media and email scams. While consumers are inundated with scam messages every day, Genie helps people determine if the messages they see are potentially dangerous. Genie takes the topic a step further by answering follow-up questions like “How do you know it’s a scam?” and “What should I do next?” to help empower people with the knowledge they need.

Norton Genie early access in English launched in August for iOS and is now also available on Android. Visit genie.norton.com to learn more and download today.

2023 Cyber Safety Pulse Report Threats by the Numbers

The latest Pulse Report reveals Norton blocked over 1.5 billion threats globally, with 48.8 million being blocked specifically in Australia, in the first half of 2023. Scams make up the majority of these threats.

From January 1 through June 30, 2023, Norton blocked:

• 117.8 million global and 4.1 million Australian phishing attempts

• 88.9 million global and 2.1 Australian desktop threats
• 680K global and 16K Australian mobile threats
• Norton AntiTrack blocked over 2.6 billion trackers and fingerprinting attempts

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

Australian tech scale-ups me&u and Mr Yum have joined forces in an all-stock merger, to become the world’s number one mobile ordering, payments and marketing platform for the hospitality industry.

Both companies were founded in 2018 – me&u in Sydney and Mr Yum in Melbourne – and now power mobile ordering and guest marketing for over 6,000 venues collectively, processing over AUD $2B of restaurant transactions annually across Australia, New Zealand, UK and USA. The combined company is on track to reach profitability in 2024 with significant cash reserves.

The combined company will be led by Kim Teo, Mr Yum’s co-founder, as CEO. Stevan Premutico, me&u’s founder will sit on the board as a non-executive director, with me&u Chair Damian Smith appointed as the Chair.

“We’re both incredibly excited to join forces with another leader in this category. Over the years of competing in the marketplace, we’ve always had a deep respect for each other and are excited to learn from each other,” said Mr Yum CEO Kim Teo.

“From our international expansion efforts, we learnt that Australia has the highest penetration of QR code table ordering globally. We’re humbled that two Aussie-founded companies have built the best & most adopted platforms in our sector – used by thousands of venues and millions of guests.”

“This is a rare opportunity to see two strong Australian companies coming together to take on the world. A shared ambition to blend together technology & great experiences to build a better, smarter future for our industry. Today’s announcement marks the beginning of a crazy exciting new era that will benefit customers & business owners around the world.” said me&u founder, Stevan Premutico.

The deal is testament to me&u and Mr Yum’s exceptional global growth over the last four years. For both companies, this will lead to accelerated product innovation for their customers through collective investment in one set of features rather than a duplication of efforts.

“Four types of customers interact with our products today – the venue operator, guests, staff and head office teams. Over the next few months, our combined company will launch a number of new products/features focused on elevating the interactions between staff and guests, as well as marketing tools to help increase foot traffic and revenue,” added Kim.

Quotes from our partners and investors:

“Merivale has partnered with me&u across our portfolio since the very beginning. Used across countless venues and our stadia offerings, it has been a game-changer to our business and transformative to the customer experience, providing guests with a best-in-class ordering and payment system. It’s exciting to see two Aussie-born start-ups join forces to unlock the future of hospitality on a global scale. Together they are revolutionising service, operations and experience in the hospitality industry – I look forward to seeing what lies ahead.”

— Justin Hemmes, CEO, Merivale

“I vividly remember the day in 2019 when we implemented Mr Yum in our venue Hopscotch for the first time. Not having to leave your seat to get a beer still feels as magical to me today as it did that day. Having known Kim for many years we knew that we had to be involved as founding shareholders of Mr Yum and are proud to have played a small part in an incredible Australian technology success story. Now seeing the two global leaders in the space come together to further develop the mobile ordering space is exciting for the Australian hospitality sector and our customers.”

— Paul Waterson, CEO, Australian Venue Co

“Kim and the Mr Yum team’s ambitions have been global since day one, so we’re excited to see how this next chapter by joining forces with me&u will accelerate their innovation and impact.

The two companies are seen as global leaders in the category and have already demonstrated that the combination of Aussie tech and hospitality is a force to be reckoned with around the world.”

— James Cameron, Partner, AirTree Ventures

“The merger of me&u and Mr Yum is an audacious move on the part of the Founders and Shareholders of both companies.  The combined business is an even more formidable force in spearheading the global transformation of technology-driven hospitality services.  Acorn looks forward to continuing to support this remarkable Australian success story.”

– Robert Routley, CEO, Acorn Capital 

New research from leading business financing company OptiPay has revealed the top 5 cash flow hurdles facing Australian SMEs as more business owners are being forced to dip into their personal savings to make ends meet. 

“A smooth and reliable level of working capital is essential to the success of any business and with the current economic challenges it’s becoming harder for SMEs to maintain this,” says OptiPay CEO Angus Sedgwick.

Recently released data from accounting platform Xero shows one-third of Australian small business owners are unable to pay themselves due to cash flow challenges and 27% are being forced to dip into their personal savings to mitigate rising costs.

“Inflation has had a huge impact on cash flow for Australian businesses over the past six months,” says Mr Sedgwick.

“Rising costs and changing consumer behaviour have seen a shrinking profit margin for many businesses putting a strain on working capital but conversely it is also during periods of growth where we see SMEs really struggling with their cash flow,” says Mr Sedgwick.

“It’s important for business owners to realise that profit and cash flow are not the same thing. You can have a profitable business on paper and not have a dollar in the bank.”

OptiPay has seen a huge increase in the number of SMEs seeking invoice financing as a way of maintaining their cash flow and enabling growth.

“Invoice financing allows a business owner to unlock the cash that’s tied up in their unpaid invoices, providing a line of credit secured by the Accounts Receivables ledger” says Mr Sedgwick.

“The financier gets paid when the debtor makes payment so there are no repayments to be made. Typically, businesses can access up to 90% of the sale value of an invoice whilst continuing to offer credit terms to customers.”

“It’s a widely used form of business finance overseas and Australian SMEs are starting to realise the benefit when faced with current cash flow challenges,” he adds.

Top 5 Cash Flow Hurdles:

• Lending Restrictions

It’s a tough time for any SME to obtain bank finance with access to working capital becoming harder to come by. Banks have tightened lending criteria making it difficult to obtain loans or raise credit limits. 

• Slow Paying Customers

Many large companies have invoice terms as high as 60 days which is a long time to wait to be paid after you have delivered your goods or services to your customers. Slow payments can hurt a businesses cash flow if they don’t have a facility like invoice financing in place.

• Rapid Expansion

Companies that grow too quickly can find themselves struggling to maintain cash flow. A combination of increased overheads like materials, equipment, staff and expanded equipment sees them drain their cash supply to meet orders. Without a cash flow injection these companies may have to turn away orders as they wait to get paid from the last.

• Seasonal Income

Businesses that raise most of their income in one part of the year can find they run out of funds if they don’t diligently manage their expenses. Companies making seasonal goods such as beachwear, Christmas items or seasonal rural products are examples of this. They are usually an excellent candidate for invoice financing so they have the cash at hand to fulfil orders when the season changes and their business picks up.

• Lack of Customer Credit Checks

Many Australian businesses experience cash flow problems because a major customer goes bankrupt and leaves them exposed to bad debt. Do your due diligence when it comes to customer credit checks and set reasonable limits for companies with poor credit history. Avoiding defaults and late payments could stop your company from going broke. All invoice finance facilities provided by OptiPay have the added benefit of Trade Credit Insurance included, thus mitigating this risk.

Contributed by Optipay

As trading conditions get tougher for Australian businesses, it becomes even more important to have a holistic view of the trade payments data behaviour of your clients and customers. They might be paying you but do you really know if they’re paying their other suppliers on time?

Using trade payments data in your credit risk management process helps you minimise financial risk and maximise cash flow by revealing the true financial health of a business, its intentions when dealing with you and your relationship with it. It should be considered a non-negotiable tool of any good credit control process.

Breaking it down, trade payments data has five key benefits to businesses looking to minimise their financial risk:

ONE: Providing data to make more informed credit risk decisions  

When onboarding a new customer, deciding what credit terms should be extended to them can be a crucial step in protecting your cash flow. Reviewing trade payments data before deciding on credit terms to offer is an easy defence against potential late payment and cash flow issues down the track. Reviewing a prospective customer’s trade payments data will give you insight into whether they typically pay suppliers promptly or whether they regularly fall in the late payers’ bucket. From this knowledge, you will be able to decide whether your standard credit terms can be extended to them or whether it’s more appropriate to offer cash on delivery until you can see improvements in the way they pay suppliers.

TWO: Revealing early warning signs that a customer could be in trouble  

Once you are trading with a customer you aren’t guaranteed their financial situation will remain stable. Ongoing monitoring of customers’ financial and operating situation is crucial in being first to know when things are deteriorating. Not all changes are bad, and this should be considered as you monitor financial activity. Points to monitor include:  

• A continued, new trend of late payments when they used to pay on time.  
• Smaller or less frequent orders  
• Making payments on time, but not in full  
• Payment behaviour that is significantly worse than the industry average  

THREE: Highlighting customer behaviour that warrants further investigation  

Sometimes customers can do puzzling things. Sometimes they’re trying to (not so subtly) send you a message. Sometimes they’re doing the opposite and trying to hide something. Whatever the situation the following behaviour spotted through trade payments data should raise a flag:  

• A change in how they pay you, for example they consistently paid on time and now they’re paying late (or the opposite).  
• The timeliness of how they pay you is worse than how they pay other suppliers  
• Their payment behaviour is significantly worse than the industry benchmark  
• A change in their regular order with you. For example, they’re consistently ordering less from you or more time is passing between their regular orders. Or the opposite and there’s a consistent trend of larger and more regular orders.  

Why should this sort of behaviour raise flags? Well, if they’ve turned their payment behaviour around and have now been paying you consistently on time (perhaps coupled with increasing order sizes or doing more business across the board) then maybe it’s time to reassess their credit terms. If they’re on cash on delivery, maybe you can strengthen your relationship and start offering trade credit.   

On the other hand, if they use to be an all-star customer and are now appearing on you overdues list it might be worth a phone call. Sometimes these situations are caused by a change in staff or someone on holiday. Other times, it can be a first indication that the customer is unhappy with the goods and services supplied. It may mean there’s a dispute on the cards. In any case, the only way to speed up payment in these instances is to investigate further – pick up the phone, have a chat, dive into the detail.

FOUR: Reducing the risk of engaging with a fraudulent customer  

Reviewing trade payments data prior to onboarding and agreeing credit terms with a new customer is an important step in minimising your risk of being a victim of B2B fraud. Establishing that a prospective customer has an active payments history and good payment behaviour should give you confidence that you’re dealing with a business in good faith.

FIVE: Increasing trust in your business  

If you’re a new business or small business chances are you’re out there hustling. All your hard work though can be curtailed if suppliers and service providers you’re trying to trade with aren’t sure whether to trust you or not. This is where signing up to a commercial credit bureau and sharing your own trade payments data can be advantageous.  

By sharing your own trade payments data, prospective suppliers and customers will be able to review your history and have confidence in your ability and willingness to pay.   

Contributed by Ryan Jones, Account Executive, CreditorWatch

Franchisee and franchisor support for the Franchise Council of Australia (FCA) National Roadshow on the Federal Government’s review of the Franchising Code has been extremely positive with strong turnouts in all States and Territories.
 
The FCA is committed to widespread collaboration and has already held an Online Policy Forum as well as meetings in Perth, Sydney and Melbourn as it gathers valuable input for its submission to the review including insights and concerns on the Code’s potential improvements.
 
The next scheduled session is Brisbane on Tuesday 19 September from 10-1130 after the QLD Insights Breakfast (register https://www.trybooking.com/events/landing/1106858 ).
 
FCA Chair Brendan Green expressed his gratitude for the members’ participation, saying, “We want to extend our sincere thanks to all of you who have dedicated your time and support to join us in these consultations. Your commitment is essential in shaping the future of franchising in Australia.”
 
The roadshow is focused on the 22 criteria outlined by the Code’s reviewer and aims to gather practical insights from those with direct operational experience in the franchise sector.
 
Brendan Green emphasized the importance of providing real-world examples to support proposed changes to the Code: “Our approach is to highlight the areas where the Code is working effectively and, equally important, to pinpoint those aspects that require improvement through tangible examples.”
 
FCA CEO Matthew Monaghan emphasised the importance of input from both franchisees and franchisors in shaping the submission. “We are determined to ensure that our submission reflects the practical realities of operating a franchise business. The alignment of challenges faced by both franchisees and franchisors and examples of the current frustrations will lend greater weight to our recommendations,” he stated.
 
“We are dedicated to making this consultation process as interactive as possible. Your feedback is invaluable, and we aim to represent a wide range of voices in our submission so please share your thoughts with us via Membership@franchise.org.au.”
 
To maintain transparency and inclusivity, the FCA encouraged franchisees and franchisors to hold advisory council meetings to discuss and compile common challenges and concerns.