McAfee Corp., a global leader in online protection, today announced findings from their Global Small Business Study which surveyed the owners and IT decision makers at across six countries to discover their thoughts and behaviour around small businesses cybersecurity.

The study, conducted in collaboration with Dell Technologies, reveals cybersecurity is one of the greatest concerns of small businesses in Australia, with 71% of organisations saying it is one of their biggest risks or vulnerabilities. And these fears are justified. The data shows that cyberattacks are on the rise, as 48% of small businesses have experienced a cyberattack, and 14% have experienced more than one. For 54% of the organisations that experienced a cyberattack, the incident occurred in the last two years, indicating that the threat of cybercrime has become more prevalent.

For a small business, even a single cyber incident can be devastating to the bottom line. For small business owners who experienced a cyberattack, 64% lost more than $10,000 dealing with the attack. In addition, more than half (54%) of the business owners and IT decision makers indicated that the cyberattack on their business took a physical or mental toll on them and/or their staff or colleagues. In 68% of the cases, the business lost more than a week of valuable time dealing with IT issues due to the attack.

These cyberattacks have a significant impact on the finances, customer trust, and operating efficiency of small companies, causing customer data (42%), passwords (38%) or other files (29%) to be lost. Most of these attacks (56%) were caused by someone mistakenly downloading malware by clicking on a phishing link and/or opening a malicious attachment.

Unfortunately, small business owners are at a significant disadvantage when faced with malicious messages that are increasingly realistic and frequent thanks to artificial intelligence (AI). AI is a scammer’s favourite tool, helping cybercriminals increase the scale, speed and sophistication of phishing and text message scams.

To help reduce AI-related concerns and anxieties about data security, small business owners need AI to beat AI. This cutting-edge technology can work in their favour to proactively protect them in real-time before they even know they have been targeted. For example, the AI-driven technology behind McAfee’s McAfee Scam Protection, proactively blocks dangerous links that appear in text messages, social media, or web browsers and engage with text messages, read emails, and browse the web peacefully and securely.

Cybersecurity Support and Responsibilities

Many small business owners understand that cyber threats are something they need to plan for and invest in mitigating. Despite their awareness, only about a third (35%) of business owners/IT decision makers were very confident in the ability of their business to prevent cyberattacks. Most small businesses (57%) manage cybersecurity without the help of external expertise or resources and over a third (36%) said they focus on overall general IT issues more than 7 hours a week.

McAfee and Dell’s Global Small Business Study also found:

• Over a quarter (26%) of business owners worry about cyberattacks daily.
• Just over half (51%) of the business owners or IT decision makers are confident in employees’ ability to take necessary steps to protect company devices and IP.
• A majority (68%) of small business owners believe their cybersecurity risks are increasing.
• A fifth (21%) of the small businesses that experienced cyberattacks reported the attacks occurred due to a vulnerability in outdated or unpatched software that was breached.

Resources for Small Businesses’ Digital Defence

In an increasingly complex online world, the need for resources and products to help keep small business owners and their employees informed and protected online has never been greater.

McAfee’s Business Protection is a comprehensive security solution built specifically for small business owners to ensure comprehensive protection for employees, data, devices, and online connections. Launched in collaboration with Dell Technologies last year, the software helps small business customers stay ahead of cyber threats and vulnerabilities with award-winning security, identity monitoring on the dark web, VPN, web protection for safe browsing, and more. In addition to the security features McAfee Business Protection has also been designed to be extremely intuitive and is easy to use with automated protections, timely alerts, and simple user interface.

“We understand the vulnerabilities and risks small business owners face, and we’re committed to providing them industry leading online protection solutions that let them do what they do best and let us do what we do best – protect you, your data, and your customers,” said with Tyler McGee, Head of Sales APAC.

In addition, to help educate small business professionals about the growing cyber threat landscape, and to arm them with tips to keep their data, employees, customers and livelihoods safe, McAfee and Dell have prepared a free small business resource guide.

In the tech unicorn’s latest venture, HR, payroll, and employee engagement platform Employment Hero has partnered with Sage – leading provider of accounting and financial management solution for small and mid-sized businesses (SMBs) to provide Australian SMEs with a seamless integration of HR and financial services.

The collaboration between Employment Hero, bringing expertise in payroll, HR, and employment compliance, and Sage’s cloud-based accounting software, Sage Intacct, will provide Australian SMEs with a straightforward solution to navigate and adhere to intricate and constantly evolving employment, tax, and payroll regulations.

Sage Intacct the award-winning accounting, and finance cloud solution, provides comprehensive visibility into operational and financial aspects of a business, leading to improved automation, increased profitability, and enhanced customer satisfaction.

By integrating with Employment Hero, Sage Intacct will seamlessly unify payroll, HR, and financial systems, ensuring accurate and compliant processing of payroll procedures in accordance with Australian employment regulations.

Ben Thompson, Founder and CEO of Employment Hero said: “For most industries in Australia, keeping up with the complexities of employment regulation can be difficult, especially regarding payroll. This is particularly challenging for SMEs who are already overstretched and lack the expertise to be aware of all compliance protocols. Employment Hero’s integration with Sage Intacct will be fundamental to supporting Australian SMEs by giving them an easy, clear way to engage with and comply with extensive employment regulations.”

“This includes giving SMEs access to services, via Sage Intacct, that ensure they are adhering to the correct interpretation of all pay conditions, accurate classifications of employees (taking into account the type of work performed during every shift), collecting true time and attendance data and processing this data with the correct pay calculations, pay slips, and correct PAYG tax and superannuation calculations.”

We’re excited to work with the Sage Intacct team to offer better services and streamlined processes for businesses.”                                

This integration will enable Sage Intacct users to access premium Employment Hero features, such as employee self-service, onboarding, rostering, time and attendance, and leave management – all tracked and accessed by the press of a button.

Dedicated to streamlining payroll and financial processes for SMEs, the collaboration between Employment Hero and Sage empowers them to effortlessly synchronize information directly with their Sage Intacct account. This includes importing charts of accounts and tax codes, assigning classes and departments to specific locations, and exporting journals populated with pertinent payroll details.

Tom Gough, Country Manager for Sage Australia/ New Zealand, says: “Sage Intacct empowers users to make tailored choices for their business, seamlessly connected to a diverse digital marketplace with integrations facilitating the consolidation of financial data into a centralized location. Through the collaboration with Employment Hero, we leverage our respective expertise to streamline business processes, ensuring smooth data flow between HR and payroll systems and minimizing the need for redundant data entry and potential errors.

Employment Hero’s proficiency in Australian employment law becomes a vital asset and the integration will assist businesses to consistently adhere to the latest tax, payroll, and employment legislation, particularly intricate in Australia.”

D-Link ANZ has launched its new AQUILA PRO AI M30 AX3000 Dual-Band Wi-Fi 6 Mesh Systems. These cutting-edge Mesh Systems, available as both a 2-Pack and 3-Pack, are engineered to address the three most common pain points of Wi-Fi users: coverage, speed, and usability. Featuring built-in AI technology, the AQUILA PRO M30 Wi-Fi 6 Mesh Systems are set to revolutionise the home networking experience. The AQUILA PRO AI M30 has also won a prestigious 2023 Good Design Award.

Drawing inspiration from the Aquila constellation (Latin for eagle), the M30’s design concept is a unique evolution of traditional router design. The AQUILA PRO AI M30 boasts an elegant, wall-mountable design to seamlessly blend with any decor and its five upgraded internal antennas provide wider, more spherical coverage, making the M30 an ideal centrepiece for any connected home.

As part of “D-Link Green”, D-Link’s long-running environmental initiative, the AQUILA PRO AI M30 closely adheres to green design principles. The chassis is made from post-consumer recycled (PCR) material, promoting environmental sustainability. The packaging uses 99% natural plant-based Mineral Oil Free (MOF) ink and the gift box design reduces printing ink usage by over 55%. The M30 also leverages the Wi-Fi 6 Target Wake Time (TWT) feature to reduce power consumption and offers a health mode that automatically turns the router into an ultra-low power standby mode during the night ensuring energy efficiency.

Compatible with Amazon Alexa and Google Assistant voice control, users can effortlessly manage their smart home. The AQUILA PRO AI M30 masterfully combines aesthetics and functionality, providing a hassle-free Wi-Fi solution that delivers seamless connectivity, lightning-fast speeds, and high levels of usability across your home network.

The AQUILA PRO AI M30 Wi-Fi Mesh Systems use a special antenna array designed to extend a stronger Wi-Fi signal, boosting spherical coverage and eliminating dead zones. The 2-Pack M30 Wi-Fi- Mesh System covers a home up to 465 square metres, whilst the 3-Pack M30 Wi-Fi Mesh System covers up to 650 square metres, delivering seamless Wi-Fi connectivity for more devices throughout your home.

Powered by Wi-Fi 6 technology, the AQUILA PRO AI M30 delivers extreme speeds of up to 3Gbps, supporting 160MHz bandwidth, along with a Gigabit Internet WAN port and four Gigabit LAN ports supporting wired devices such as smart TVs, gaming consoles, and PCs. As a result, the M30 ensures ultra-fast Wi-Fi or Wired connections, even when the entire family is online.

The AQUILA PRO AI M30 employs innovative AI technology, including an AI Wi-Fi Optimiser, AI Mesh Optimiser and AI Traffic Optimiser to ensure superior Wi-Fi performance for all your devices. The AI Wi-Fi Optimiser selects the optimal channel for each connected device, minimising interference, whilst the AI Mesh Optimiser provides fast and reliable network coverage using auto path selection and self-healing capabilities. AI Traffic Optimiser guarantees uninterrupted 4K/8K video streaming and video calling with AI-based QoS technology, ensuring a seamless and uninterrupted experience.

The AQUILA PRO AI M30 complies with the latest WPA3 encryption and IEC 62443-4-1 standards, safeguarding your network against unauthorised access. It also offers parental controls and separate guest networks to ensure the security of all home Wi-Fi devices.

AQUILA PRO AI M30 systems are designed to enable you to effortlessly set up your Wi-Fi network and manage it with the intuitive AQUILA PRO AI App. The AI Assistant monitors network performance and provides weekly reports, even when you are away from home, making it a hassle-free and convenient experience.

Aquila Pro M30 AX3000 Wi-Fi 6 Mesh Systems key features

• Eco-friendly Design: With a housing made from post-consumer recycled materials and delivered in sustainable packaging, the M30 was designed to reduce its environmental impact

• Refined Aesthetics: Boasting an eagle-inspired form and a unique feather-patterned ventilation design, the M30 seamlessly complements any home décor

• Rapid Connectivity: Revel in speeds up to 3Gbps with an extra antenna on the faster 5GHz band, assuring seamless video streaming, video conferencing, and smooth gaming

• Uninterrupted Wi-Fi Everywhere: Enjoy robust 360° spherical coverage courtesy of a sophisticated antenna design and advanced AI technology, ensuring fast and consistent Wi-Fi in every corner of your home

• Scale-as-you-need Mesh: Futureproof your network and easily expand your coverage by adding more AQUILA PRO AI devices to create a whole home Mesh network

• Ultra-Fast Gigabit Wired Connections: 1 × Gigabit WAN port plus 4 × Gigabit LAN ports allow you to make fast and reliable connections to wired devices like smart TVs, gaming PCs and more

• Help Protect Your Home Network: Help keep your family safer online with our premium home network security features like Advanced Parental Controls, ETSI EN 303 645 cybersecurity certification and WPA3 encryption

• Simplified Setup and Management: The intuitive AQUILA PRO AI app helps guide you through setup and monitors your network to help you keep it running at peak performance

The AQUILA PRO AI M30 Wi-Fi Mesh Systems are available in Australia now from www.dlink.com.au as either a 2-Pack (RRP AUD$399.95) or 3-Pack (RRP AUD$549.95) and from all authorised D-Link partners and retailers.

Reviewing Employment Hero’s SME Index data, the economy is likely to cool as we head into 2024 and a small recession may even be on the cards, which will impact SMEs in multiple ways.

Still, in the ever-evolving world of business, small businesses are set to defy expectations and make their mark in 2024. 

Ben Thompson, CEO and Founder of Employment Hero, said, “Small businesses – where they’re able to – will need to focus on maintaining growth and sharpening their competitive advantages. Beyond revenue generation, there will also be pressure to cultivate a productive and engaged workforce. This might be a lot for business owners and managers to consider but with the right planning and technology by their side, they can give themselves an advantage over larger competitors in the coming months.”

While the possibility of an economic downturn often means bad news for small businesses in Australia, Mr. Thompson believes that there are ways for business owners to gain a competitive edge in this challenging climate.

For instance, small businesses are breaking through barriers with the help of technology. AI technology is becoming more widely used among these employers, a trend we will likely see continue into 2024. According to Thompson, AI will increase productivity across SMEs and will allow employees to focus their attention on more strategic tasks. 

“Automating repetitive administrative tasks allows businesses to free up time and resources better spent elsewhere; this is especially impactful for smaller teams where every minute counts. As the burden of admin reduces, teams can dedicate more time to innovation, customer service, and strategy – all vital components of competitiveness.

“A robust employee engagement platform can help small businesses establish a solid organisational culture that boosts morale and increases retention. A well-engaged workforce is more productive, creative, and loyal, attracting new talent and ensuring employees aren’t looking elsewhere for work with bigger businesses,” Mr Thompson continued.

Recognising the importance of a skilled workforce, small businesses are also investing heavily in recruitment and development. In 2024, these enterprises are ensuring they have the right employees and that they have all the tools they need to succeed. 

Thompson says that if small businesses put their best foot forward, they could have an advantage over larger businesses when hiring. “While small businesses face recruitment budget constraints against larger companies, strategically showcasing strengths like culture, flexibility, and growth can help them compete effectively. SMEs also boast a faster hiring process, with 48 per cent filling a position in under ten days, compared to the industry average of 30 days. It’s important to highlight to candidates in this process that they can be a ‘big fish in a small pond’ whose achievements directly impact the business.

Advancements in AI are also seeing hiring tools become more available and affordable to SMEs to help level the playing field. 

Mr Thompson said: “The use of AI-enabled hiring tools can not only better match employees and employers but also do it much quicker. Something we’re helping our customers to achieve with our SmartMatch service. This helps to ensure SMEs land the very best talent quickly and efficiently. 

“Overall, small businesses should be confident in taking on larger competitors; they have ample opportunities to optimise their operations and gain a competitive advantage. Today’s digital technologies level the playing field, allowing smaller companies to rival their larger counterparts in efficiency and innovation.”

As we navigate 2024, small businesses are not just keeping pace; they’re thriving. Their successes speak to their resilience, innovation, and ability to rewrite the rules of business engagement in the modern era. The narrative is changing, and small enterprises have the potential to emerge as forces to be reckoned with in the business landscape. 

Retail predictions for 2024, more retailers will take steps to protect customers from security issues, while consumers will change their essential, discretionary and Christmas shopping habits to get more bang for their buck amid the tightening cost of living. 

These forecasts come from Richard Thame, CEO of parcel delivery service CouriersPlease, who has more than 20 years of leadership experience for Fastway Couriers, Aramex couriers, McDonalds, Greater Union Cinemas and Thrifty Car Rental. At CouriersPlease, which is owned by Singapore Post, Richard oversees a national network of more than 1200 couriers, 400-plus freight handlers and 18 major depots across 800+ franchise territories. 

Richard says: “Both retailers and consumers are already adjusting their habits in response to security issues, economic pressures and other influences. SMS scams and declining consumer trust is prompting retailers to find alternative communication methods, while economic pressures is seeing consumers shopping smarter and in line with sales calendars. Retailers have responded with longer, earlier sales events, a trend that could see Christmas shopping come even earlier this year. Subscriptions for essential items are also predicted to become more popular and widespread.

“More consumers understand the retail sales calendar and the types of discounts to expect and are holding off on spending until big sales events, while comparing prices between sales. They are being more economical: putting essential shopping items first, and they’re spreading out discretionary spending on things like Christmas gifts. Our depot was already extremely busy six weeks out from Christmas. In 2024, we will see more retailers responding to these emerging habits.”

Retail predictions for this year:

1. Retailers will ditch SMS delivery alerts amid rising scams. For the second year in a row, SMS is the most reported contact method scammers use^[1]. Richard says this will prompt retailers to shift delivery tracking notifications back to emails and apps to protect and reassure consumers. Richard said the shift was in line with trends that had unfolded overseas. “It’s very rare for consumers in advanced overseas economies to get a tracking link via SMS,” he said. “Clickable links on mobile devices will die off over the year, and people will go back to receiving advice via emails to get links that are easily verified, then it will move to apps.”
2. Subscription-based purchases for essential items will continue trending up. After soaring in popularity during pandemic lockdowns, automated subscriptions for items such as toilet paper, cleaning products, food and pet supplies will become more common and popular in 2024, regardless of a household’s economic vulnerability. Richard said the subscription model for essential items is relatively recession proof, with consumers appreciating the convenience of having these items arrive regularly on their doorstep with little-to-no effort. In 2023, consumers had reigned in spending on some discretionary items, with home furnishings, household equipment, alcohol and tobacco all seeing negative growth from July to September 2023^[2].  
3. Parcel pick-up and drop-off (PUDO) networks will take off. Through pandemic lockdowns, parcels were predominantly delivered direct to consumers’ homes. While hybrid working arrangements are now widespread, an increasing proportion of people that have been working remotely every day are returning to workplaces for at least part of the week. These shoppers will turn to PUDO points – networks of independent retailers such as petrol stations and pharmacies that accept parcel drop-offs and pick-ups – to collect their parcels after hours, especially during peak industry periods when employers require staff to be on site.
4. Consumers will align spending with retail sales calendars. Recent CouriersPlease research revealed that 91 per cent of shoppers changed their buying habits in 2023, with more than half of those surveyed holding off on purchases until sales periods. This trend will grow as consumers become more familiar with retail sales calendars, while the rising cost of living puts them under more pressure to shop economically. 
5. Online Christmas shopping to peak earlier. Richard says Christmas shopping will peak earlier, as more consumers plan ahead and rely on Click Frenzy and Black Friday sales to do their Christmas shopping event, making the two November sales bigger combined shopping event than Christmas. CouriersPlease’s own research found that half (52%) of online shoppers use sales events such as Black Friday and mid-season sales to do their Christmas shopping. The highest proportion was among under-50s (65% of all under-50s) and women (56% of all women). This year, CouriersPlease is expecting November to be its peak delivery month, not December. 
6. Major sales events will start earlier and run longer. The days of brief ‘click frenzy’ sales are on the way out as retailers adjust to changing consumer habits. Richard said stores such as Nick Scali had already extended their Black Friday sales across the full month of November, a move more retailers are likely to follow. CouriersPlease research showed that 2 in 3 shoppers held off spending in the weeks approaching Black Friday and Cyber Monday sales. 

Where do customers want to shop in 2024? Everywhere. But with growth comes fierce competition. To stand out, leading ecommerce expert, strategic advisor and global best-selling author, Paul Waddy, shares the most important trends reshaping the future of online and retail.

AI Will Find New Applications In Ecommerce
While generative AI has the talk of the town in 2023, new applications of machine learning and artificial intelligence will be a driving force in 2024. Advancements in AI technology will enable businesses to personalise customer experiences, improve systems and streamline operations through automation. Ecommerce brands can go a long way with AI-powered chat and content creation if the models are trained to codify and operationalise brand tone. This will lead to stronger conversations, an increased customer base, and more loyal customers.

It Pays To Go Green

Sustainability has become increasingly important in ecommerce and retail as consumers are more conscious of the environmental impact of their purchases. Brands need to support this by offering a wide range of sustainable options, providing transparent information about product sourcing and manufacturing processes, and promoting responsible consumption practices. Additional vital components include competitive logistics, shortening delivery times and reducing carbon emissions through efficient transportation and packaging methods. 

The Time For Retailers To Use Social Commerce Is Now
The global social commerce market size was US $0.62 trillion in 2021 and is predicted to reach US $7.03 trillion by 2030 – and as younger millennials and gen z continue to consume the market, that number is only going to grow with 83% of gen z consumers saying their shopping starts on social media. 

In 2024, major trends in social commerce include delivering seamless omnichannel commerce that lets consumers build their own buying journey, embracing authenticity when engaging with your audiences and taking a mobile-first approach to UX design.

Value Combats Inflation
Inflation was on everyone’s mind in 2023, and while consumers’ budgets tighten, they will likely curb online spending as a way to introduce barriers against impulse buys. But it bears mentioning that consumers aren’t halting all discretionary spending. Instead, they are being highly thoughtful and intentional about where, how, and on what they spend their hard-earned dollars. But value can mean a lot of things.

Retailers should continue to embrace the tried-and-true methods of easing shoppers’ anxieties. Such as offering easy returns and budget-friendly options, leveling up their focus on the ways they deliver value beyond cost-savings, providing reliable, predictable, top-tier service and rewarding loyalty with perks and bonuses customers’ actually want.

About Paul Waddy

Paul Waddy is an award-winning ecommerce executive and strategic advisor to some of the biggest brands in ecommerce. Paul is also the global best-selling author of Shopify for Dummies, which reached number 1 in the retail category in Amazon USA, and Selling Online for Dummies. Most recently, Paul turned his attention to helping small business scale to great heights with the launch of Learn Ecommerce, the digital platform that shares his proven strategies on how to build a profitable online business in under 90 days through on-demand courses.

Latest building approvals figures show new home builds continue to remain too low despite an uptick in higher density building.

Responding to data released by the Australian Bureau of Statistics, Master Builders Australia chief economist Shane Garrett said detached house building approvals slid by 1.9 per cent during November.

“Today’s figures mean that just 945,554 new homes have been approved across Australia over the past five years.

“Master Builders has forecast that 2023-24 will see around 170,100 new homes builds, well below the 240,000 needed per year to meet the 1.2 million housing accord targets.

“However, there was a modest 1.6 per cent increase in the overall number of new home builds approvals during November 2023 thanks to a 7.2 per cent gain in higher density approvals.

“More higher density building will help alleviate some of the pressure in the rental market which has seen big inflationary impacts in the economy.

“Labour market shortages, lack of shovel-ready development, planning delays and interest rate rises continue to be the biggest impediments to home building,” Mr Garrett said.

Master Builders Australia Deputy CEO Shaun Schmitke said: “With a new parliamentary year ahead of us, we hope at the top of all government action lists is how to reduce the time and cost pressures around home building.

“We know the cost of living crisis is currently being exacerbated by stubborn inflationary impacts in housing.

“Any decision taken by Government needs to consider closely the impact it will have on the cost of doing business.

“This is why Master Builders remains deeply concerned about the proposed ‘Closing Loopholes’ workplace reforms that impact independent contractors and the businesses who engage them. “If you make it harder to engage independent contractors and casuals, you’re ultimately going to make it more expensive to build,” Mr Schmitke said

FREE entry into the 2024 Australian Small Business Champion Awards, operators are encouraged to share their challenges and triumphs.

Australia’s 2.3 million small businesses are being encouraged to celebrate their resilience, after new survey data reveals an exceptionally difficult operating climate during 2023.

Despite 40 per cent of Australian small business owners surveyed during November 2023 indicating a decline in profits during the past 6-12 months and almost half (48 per cent) citing cashflow and profitability as their ongoing top concern, the Australian small business sector continues to play a vital economic role; accounting for one-third of the nation’s GDP and employing two out of every five people in the private sector, according to Australian Government data published during January 2024.

The November 2023 independent survey commissioned by Precedent Productions – a small business in its own right which presents the Australian Small Business Champion Awards – also suggests that as many as 57 per cent of small business owners have a second job or additional ventures, with 43 per cent opting for a side hustle primarily for financial reasons.

The survey also unveils that 64 per cent of Australian small business owners today cite large and medium businesses as their most pressing competition.

Spanning hundreds of small business owners from every Australian state, the survey findings patently bring to light the sector’s enduring struggle with the current cost of living crisis.

“From high inflation and steep increases in operating costs, to challenges associated with staff hire, productivity and the overall ongoing high cost of living, there’s no disputing that Australian small businesses are currently doing it very tough – potentially, tougher than ever before,” says Steve Loe, Managing Director of Precedent Productions for more than four decades and Founder of the Australian Small Business Champion Awards.

“Now more than ever is the time to shine a spotlight on Australia’s small business operators to praise their resilience and their invaluable economic, social and cultural contributions to the nation,” adds Mr Loe.

As the 15 February deadline draws near for FREE submissions into the 2024 Australian Small Business Champion Awards, small business operators from all parts of the country are encouraged to share their challenges and triumphs via online entry at businesschampions.com.au.

This year marks the 26^th consecutive year of the Awards, which specifically highlight the best of Australia’s small businesses in the retail, services and manufacturing industries. Featuring more than 100 categories, the Awards are judged by an independent panel with experience in small business.

“Even in the face of the current challenging economic conditions, so many Australian small businesses persist in backing charities and worthwhile community initiatives. This support is particularly commendable during the current climate and forms a key part of the Australian Small Business Champion Awards’ judging criteria,” explains Mr Loe.

Other findings of the independent survey conducted during November 2023 include:

• 65 per cent of Australian small business owners are concerned for the future of their small business.

• Almost three quarters (71 per cent) believe Australian small businesses pay too much tax and are subject to too much regulation.

• 61 per cent feel they do not get enough government support to take adequate action on matters such as climate change, cyber security, innovation, and local manufacturing.

• 45 per cent feel that it is now harder to meet customer-related outputs or delivery deadlines than pre-Covid.

• 22 per cent of small business owners have implemented Artificial Intelligence (AI) into their operations, with a further 39 per cent seriously considering it.

In addition to its flagship Australian Small Business Champion Awards, Precedent Productions has been presenting a multitude of state and national award programmes for more than 40 years and therefore, Steve Loe and his team are generally well-acquainted with the sentiments of the nation’s business community.

“It is often rightly said that small business is the backbone of the national economy, and I believe this has never rung truer. The economic challenges of 2023 have spilled over into at least the start of 2024 and too many it seems are hanging on by a thread. It is truly a privilege to help shine a deserved spotlight on these Aussie troopers.

“From regional and rural areas to the suburbs and capital cities, small business operators from all parts of the country are encouraged to enter the Awards – free of charge – as we strive to acknowledge the people behind the small businesses that help to shape their local communities and our nation as a whole,” adds Mr Loe.

Top tips for small business operators on how to navigate 2024 include:

• Be financially cautious and as savvy as possible – especially in pricing, cost of goods and services, or fixed operating costs. Inflation is all but guaranteed to remain a sticking point in 2024. While ‘shopping around’ for the best deals in energy, rent, insurance and the like can be time-consuming, the reality is that these expenses are highly-likely to further increase in 2024 – impacting your bottom-line and the spending behaviours of your customers who are essentially contending with the same cost of living pressures. Astute management of resources is vital for small businesses today.

• Keep your customers top of mind and effectively promote your points of difference – as people are likely to remain considerate in their spending, ensure you are adequately targeting potential and loyal customers via the right channels and messaging that is in accordance with their values, perceptions, and needs. Stand out from your competitors – including big businesses – by honing-in on the unique selling points of your offering and consistently providing quality customer service.

• Understand how new regulation will practically impact your business – 2024 will see increased regulation absorbed by the small business sector so it is vital that business owners are adequately prepared for changes to the Fair Work Act, skilled migration policy, the removal of the small business exemption to the Privacy Act, and proposed budget changes to the instant asset write-off.

• Consider the advantages of AI and your cybersecurity requirements – identify which AI or software vendors can benefit aspects of your business as AI continues its rise. Importantly, also expect ongoing cybersecurity-related pressure because if you’re a business that holds peoples’ data, you are a target – no matter the size of your business.

• Social and environmental consciousness – is still important to people, even within challenging economic conditions. Find ways to give back to the communities in which your business operates because it truly helps with building your brand identity and even staff morale. Support of the environment and local community initiatives is a constant feature of Australian Small Business Champion winners.

Finalists of the 2024 Australian Small Business Champion Awards will be announced during March; and winners will be revealed during April.

For more information and to submit a free entry form before the 15 February deadline, visit: businesschampions.com.au.

The back-to-school season is a bustling time for small businesses, but for some, it presents a logistical puzzle of epic proportions. Imagine managing a business where 90% of your annual operations are concentrated within a six-week period, precisely when many employees are on holiday.

For Campion Education, the annual back-to-school surge is not just a busy period, it’s a logistical mountain to conquer. With schools across Australia preparing to welcome students back, the demand for educational materials skyrockets exponentially. Our business model revolves around serving these schools efficiently and comprehensively, which means gearing up for an exceptional logistical challenge.

In this article, we’ll delve into several top tips based on our approach to managing logistics during the back-to-school season, when we prepare to onboard 1,500 casual staff across the country and pack around 10,000 orders daily.

Planning is everything for back-to-school

Fail to prepare, and you prepare to fail. Begin your preparations well in advance of your peak season. Create a clear timeline that includes sourcing, staffing, training, and any other critical activities specific to your industry.

Begin staffing processes well in advance of the peak season to allow ample time for interviews and training. Finding staff willing to work during the holiday period can be a challenge, so it pays to start this process as early as possible. 

Develop a comprehensive onboarding program that familiarises seasonal staff with store policies, products, and procedures. Utilise training materials, online modules, and mentorship programs to expedite the learning process well ahead of time.

Planning is the only way to prepare for the unexpected. Contingency plans should be developed to deal with unforeseen challenges that may arise during peak seasons, such as higher or lower-than-expected demand, price sensitivity, and competitor shifts. 

Get detailed about demand

Tackling high demand during peak seasons requires precision, dedication, and deep market understanding. Our logistics and warehouse operations have the capacity to pack 10,000 orders daily during the peak season, but these impressive numbers are only possible thanks to our robust demand forecasting and inventory management systems. 

Excess inventory incurs storage costs and can lead to significant quantities of obsolete stock, while accurate demand forecasting minimises these expenses. As part of your planning, invest in a well-structured inventory management system that enables efficient stock turnover when you need it most. Utilise historical data and market trends to predict product demand accurately, so that when the dial gets turned up to 11, you’re already one step ahead. 

Collaboration with suppliers is a game-changer. Flexible terms and return policies can significantly reduce the burden of excess inventory, especially when demand doesn’t meet expectations. Strong supplier relationships enable businesses to adapt quickly to changing market conditions and ride the demand rollercoaster more smoothly.

Never stop improving

Investing in technology and systems that streamline your operations is quite clearly the right move – but don’t assume that once you’ve implemented a new tech system, your job is done for good. 

No system is perfect. By encouraging feedback from your team, customers, and partners, it’s possible to uncover hidden pain points and inefficiencies in your operations. These insights are invaluable for identifying areas that need improvement, especially during busy periods when all hands are on deck.

Data analytics is a powerful tool for understanding your business. It provides insights into customer behaviour, operational efficiency, and areas for enhancements. Small efficiency improvements can lead to significant cost savings and huge improvements in overall customer satisfaction. 

By continuously iterating and refining your processes, you can optimise efficiency year on year, resulting in better resource allocation and profitability to help balance out those quieter periods. With the right mindset and commitment, any small business can rise to the challenge of managing logistics during peak seasons and thrive in the face of mounting orders.

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Contributed by James Cathro who is an education resource expert with more than three decades of experience across the education, broadcast, and IT industries. Since 1998, he has been the Managing Director of Campion Education, Australia’s largest supplier of education materials. 

The latest Employment Hero SME Index, which uses an accumulative dataset of over 150,000 small and medium-sized businesses (SMEs) and 1.5 million employees, reveals wages in Australia’s SME sector have declined month-on-month (MoM) for the first time in six months, signaling further rate rises in the near term to lower inflation are unnecessary.

The monthly median hourly rate decreased by -0.3 per cent from October to November. South Australia (0.1 per cent), Victoria (0.2 per cent), and Tasmania (0.3 per cent) were the sole states with an increased median hourly rate MoM. Interestingly, smaller enterprises saw a 0.6 per cent increase while medium and larger enterprises dropped by -0.4 per cent and -1.4 per cent, respectively.

The industries that saw the most significant MoM drop in wages include Healthcare and Community Services (-0.7 per cent); Science, Information and Communication Technology (-0.5 per cent), and Manufacturing, Transport, and Logistics (-0.4 per cent).

For 18-24-year-olds and 25-64-year-olds, MoM median rates increased by 0.3 per cent and decreased by -0.01 per cent respectively, while median rates for Under 18-year-olds saw a 0.6 per cent increase as 65+-year-olds remained unchanged. The median hourly rate for employees working in Australian SMEs is now $37.77, $0.19 less than the previous month.

Average employee growth has increased only marginally (0.04 per cent) MoM within the SME sector, with growth varying across states and territories. SMEs in the Northern Territory saw the biggest decline at -0.2 per cent, while the Australian Capital Territory and Queensland saw a decrease of -0.1 per cent. SMEs in Victoria showed a 0.04 per cent rise, while Tasmania, New South Wales, and West Australia experienced an increase of 0.1 per cent. SMEs in South Australia saw the largest monthly increase of 0.2 per cent.

Employee growth also varied among industries from October to November. SMEs in Construction and Trade Services and Science, Information and Communication Technology decreased by -0.01  per cent. Healthcare and Community Services and Manufacturing, Transport and Logistics increased by 0.1 per cent. SMEs in Retail, Hospitality and Tourism increased the most at 0.2 per cent.

Ben Thompson, Co-founder and CEO of Employment Hero, said: “After months of slowing, wages in Australia’s SME sector have decreased for the first time in six months. As the data shows wage growth is flattening to align with inflation, the RBA must consider halting interest rate increases for at least the near term. 

“This critical alignment of wage growth with inflation and an ongoing decline or slowing of average employee growth in SMEs marks a potential turning point in the nation’s economic trajectory. Our data indicates that the economy will continue to cool off as we head into 2024 and it is likely mid-next year, we’ll see SMEs cutting back on hiring and growth plans as the economy potentially enters a small recession.”

The retail sector braces for a mild Christmas as the cost of living bites

Although median hours worked slightly increased by 1.3 per cent year-on-year (YoY) across Australian SMEs, most industries recorded a YoY decline except for Science, Information, and Communication Technology, which saw no change. The Retail, Hospitality, and Tourism sectors saw the most significant dip YoY at -1.4 per cent and quarterly at -3.2 per cent, suggesting workers in these industries are receiving fewer hours compared to this time last year, perhaps in response to weakened in-store foot traffic.