Australian businesses are looking at an interesting but potentially volatile 2024. A slew of advanced technology is set to transform many sectors, with generative artificial intelligence (GenAI) continuing its disruption. We look at six SMB tech trends that will be particularly significant.

Australia’s small and medium businesses (SMBs) have had a challenging past twelve months, but there may be more pain to come. The International Monetary Fund forecasts slowing growth in Australia, with risks from high inflation, global uncertainty and climate-related shocks.

To navigate these choppy waters, Australian businesses will need to keep an eye on emerging technologies and try to stay ahead of the curve.

The following six SMB tech trends will be particularly significant:

1. Transparent, tech-driven supply chains

A robust, agile supply chain is critical for business success. Advanced ERP solutions based on AI and blockchain will help make complex networks much more transparent and resilient.

Many SMBs still work off inadequate systems, such as ancient legacy systems or spreadsheets. They don’t have stock visibility and can’t guarantee fulfilment – a serious business risk in volatile times.

Those who invest in technology that gives them transparency and real-time data will best position themselves to survive future volatility and take advantage of opportunities in 2024.

2. Composable capabilities in the Cloud

The cloud isn’t just a data haven, it’s the crucible where modern business strategies are forged. As trust in cloud technology grows, SMBs can leap towards streamlined operations and data-driven decisions.

Gartner sees industry cloud platforms addressing industry-relevant outcomes by combining software, platform and infrastructure-as-a-service with composable capabilities. This composability will give businesses the adaptability and agility to respond to disruption.

3. Precise data drives better decisions

The world is inundated with data. Collecting it is easy, but storing, sorting and processing it remains challenging. Precision is needed for data to be useful, with real-time analytics and insightful data processing.

Cloud-based solutions are ideal for SMBs to manage it, providing data privacy compliance, higher security, and centralising information so it’s accessible and can be used to generate valuable insights. This ensures every decision made is not just timely but astute.

4. Getting a crystal clear grip on cashflow

Clarity over costs and financial forecasting remains a major headache for many SMBs. Research shows that managing cashflow is a top priority for 85 percent of small business owners. But to reach the next stage of growth, they need certainty and complete transparency in their operations.

2024 will see a surge in SMBs adopting ERP software that takes a much more holistic approach than a basic accounting package. Having real-time clarity around their financial position with accurate future projections will make it much easier to undergo digital transformation, plan expansion into new markets and access external investment.

5. Warehouses get mobile and agile

Mobility is not a luxury but the lifeblood of modern warehousing and inventory operations. Warehouses play a critical role in supply chain, bridging the gap between production and distribution. They’re essential to providing a good customer service.

To ensure a seamless supply chain, warehouses need to be as efficient and agile as possible while also keeping a cap on costs. The way to do this is with mobile tools, where key operational tasks can be executed with a tap, swipe, and scroll. Real-time data is critical in a sector with increasing automation and robotics.

6. GenAI unlocks a wave of innovation

GenAI was the standout tech trend of 2023, with tools such as ChatGPT and Dall-E making advanced AI available to everyone, from businesses to individuals. As its potential unfolds, it’s poised to become the creative catalyst in the business arena.

For SMBs, this means a universe where data doesn’t just inform but inspires, leading to innovative product designs, optimised operational models and personalised customer experiences.

A capability previously only accessible to the big end of town is now in the hands of the smallest startup. As Gartner observes: “business users will have ubiquitous access to knowledge and technical skills that wasn’t possible before, heralding a new wave of productivity.”

In 2024, you should follow the SMB tech trends; successful Australian SMBs will not just ride the tech tide but be the tide. There is so much exciting potential out there, and businesses equipped with the right tools and technology will be able to take advantage. GenAI, analytics, smart cloud solutions and mobility will take us into a realm of continuous innovation and creativity.

Contributed by Charlie Wood, CEO, Wiise

 Appliances Online, Australia’s largest online appliance retailer has today announced a partnership with Greener for Business, The partnership provides members with access to a curated range of Appliances Online’s most energy efficient appliances and electric alternatives, helping small and medium businesses to upgrade to appliances, which help reduce energy usage and carbon emissions, making it better  for the planet. 

Through Appliances Online Commercial Division, Greener for Business members get access to commercial prices across key categories and also electric product suggestions for water heating, cooktops and heating in a partnership that aims to help businesses reduce cost and emissions. Appliances Online has identified the top 20% most energy efficient products based on energy star rating across its range of refrigeration, washing machines, dryers and dishwashers.

James Bartlett, General Manager, Appliances Online, said“Appliances are present in just about every business in the country and they are the backbone of how these businesses operate. We are very proud to partner with Greener for Business to help Australian business owners reduce emissions and their energy costs in the long term; and take the hassle out of upgrading their appliances by offering them our legendary service, so they can really focus on what they do best, which is running their business and serving their customers”.

With energy being one of the largest operating costs for many of Australia’s 2.5M small and medium businesses, improving appliance efficiency presents a massive opportunity to help businesses significantly reduce overheads through lower energy consumption, and consequently deliver sizable environmental benefits through greenhouse gas emission reductions. 

“For many small businesses, like the 26,800+ hair and beauty salons Australia-wide, who often have washers, dryers and other appliances running all day, 6 or even 7 days a week, the costs can really add up,” said Sandy Chong, CEO of the Australian Hairdressing Council. “Not to mention when appliances break down, it can cost these businesses thousands in unplanned out of pocket expenses to replace or repair them. Having access to Appliances Online’s special commercial rates and next day installation on more efficient products via Greener for Business helps solve this pain point for businesses, but also helps cut down on their ongoing energy usage and bills”.

Alice Kuepper, Head of Sustainable Business and CSR Winning Group explains “Sustainability is a core part of Appliances Online’s legendary service; and we’re excited to build on our commitment to a sustainable future, which already includes free removal and recycling of old appliances, mattresses and product packaging. Our partnership with Greener for Business means it’s now even easier for businesses to become more energy efficient, and help future proof their business for electrification and the renewable energy transition”.

 
“Small businesses don’t have time or money to burn, and swapping out old appliances can be a real headache. How do you know which to choose? How do you install it? What do you do with the old one?”, said Tom Ferrier, Founder of Greener,  “That’s why we’re working with Appliances Online to bring real solutions to the table – free delivery, free installation, free removal and recycling of old appliances, and  and providing easy access to their most efficient appliances and electric alternatives, at commercial prices – to make upgrading better for the bottom line for SMBs.” 

To access Appliances Online commercial benefits, and get more simple step-by-step advice to unlock additional savings and further reduce emissions, businesses can sign up for free via Greener for Business. 

While Christmas and summer holidays can be a boon for some industries, especially those in the retail, hospitality, and F&B sectors, it can also be a lean period for others, with slower sales causing angst among business owners. We look at the top tips for improving cash flow.

Even the most well-prepared business can face a reduction in income with regular consumer segments out of the office, or at the very least, out of their regular routine.

Those businesses expecting a sales boost over summer can also be caught out in the face of increased trading costs such as staffing and supplier payments with insufficient cash flow to be able to meet peak season demand.

A slow or slower summer can be the reason a business shuts it doors permanently and most business owners will be doing their best to avoid becoming another business exit statistic. The ABS reported that in the 12 months to June 2023, 386,000 businesses stopped trading, with the largest number of those occurring in the retail, administration, and wholesale trader sectors.[i]

“SMEs forecasting a slower summer are applying for finance facilities to boost their bottom line and bridge a one to two-month income gap,” said Moneytech Head of Small Business, Reece Ketu. “On the other side, we also have businesses that have an increased demand for their products or services over this time and need to be prepared to ensure the availability of necessary resources, such as inventory, raw materials, and skilled labour, to scale operations as required. Smaller SMEs are much more likely to seek finance to maintain cash flow[ii] and this can be done with a variety of finance facilities including a Line of Credit to boost cash flow quickly.”

A line of credit finance facility is a set amount of funding which can be used by the business to pay for stock, bills, or sub-contractors. The funding limits and interest rates offered to clients are determined by a number of factors Including a business’s years in operations, the strength of their credit file and or the strength of their balance sheet and company assets.

“The line of credit platform allows for business to make ongoing payments both locally or overseas covering key business requirements including paying subcontractors and paying supplier invoices which can boost cash flow over a difficult period and position a business for greater success in the new year,” said Ketu.

Demonstrating that finance facilities such as a line of credit are not only sought by relatively new businesses or those facing short-term cash flow interruptions, Moneytech recently completed a Line of Credit facility solution for a 25-year veteran of the catering industry. The company needed working capital to operate the busine sand clear some key trade supplier accounts.

“The customer had several trade accounts with a number of different suppliers and wanted to consolidate terms to give them greater flexibility,” said Ketu. “A $250,000 Line of Credit facility from Moneytech consolidated their key supplier accounts, allowing them to boost orders and smoothen their cash flow over busy periods.”

Proactively managing cash flow enables businesses to predict forthcoming financial requirements, preparing for periods marked by past challenges, or seasonal fluctuations. Below, Moneytech shares their top tips for improving cash flow this summer.

Top tips for improving cash flow

1. Incentivise early invoice payment: Encourage payment of outstanding invoices by incentivising early payment. If your payment terms stipulate a net 30-day period, consider offering a modest discount to customers to settle within a shorter timeframe.
2. Streamline Accounts Payable: Efficiently managing your accounts payable system is crucial for enhancing your company’s cash flow.  Prioritise essential invoices ensuring that unpaid bills don’t go unnoticed.
3. Outsource Select Business Functions: Identify areas where outsourcing may be more cost-effective. Functions like IT, human resources, accounting, payroll, and marketing can be outsourced to specialised firms which can save money and provide staffing flexibility.
4. Renegotiate Service Contracts: Review internet, telephone, photocopier, software, and cleaning/building maintenance contracts to find cost-saving opportunities.
5. Maintaining a Rolling Cash Forecast: Implementing a rolling cash forecast is a valuable practice for enhancing overall cash flow. This forecast should include estimated inflows, such as customer payments, and outflows, including vendor payments and payroll. Update this data on a weekly basis at the very least.

Importantly, Ketu highlights that Moneytech’s finance facilities are assessed and decisioned based on the strength of the business and are not secured against personal assets. “If the business fails, personal assets are not at-risk giving business owners greater peace of mind,” said Ketu.

To learn more about finance facilities to assist and grow your business, visit www.moneytech.com.au.

A group of women engineers at Hatch is actively working towards bridging the gap between myths and truths about the profession in an effort to improve the representation of women in the industry. 

Daphne Wong and Bethany Smith are engineers at Hatch, a multidisciplinary leader in engineering, project management, and professional services with projects in the metals, energy and infrastructure industries. Hatch is committed to supporting female engineers through its diversity and inclusion programs. Daphne is a Process Engineer specialising in Hydrometallurgy and Bethany a Senior Mechanical Engineer. Thea Kurniawan, a fellow engineer that was previously from Hatch, is currently practicing her career as a Technology Lead in Tunas Resin a Polymer Chemical Manufacturer in Indonesia.  

A new study developed by the engineering trio and titled ‘Debunking Myths of Women in Engineering’ found that 54 per cent of adults believe the engineering field is male dominated and 22 per cent hold reservations about it being female friendly. Among students aged 16-18, 62.5 per cent are enrolled in at least one STEM subject in high school, however, the motivation for them was to meet university prerequisites and enhance high school grades, rather than a pure genuine interest.   

The trio have proposed pathways to improving the general public perception around women engineers by debunking misconceptions around female careers in the industry.

Daphne says: “Contrary to common misconceptions, engineering is a dynamic and versatile profession. It does not confine professionals to physical locations, with many engineering tasks taking place in offices or from the comfort of one’s home. The image of engineers in hard hats and steel-capped boots is outdated, as engineers work on a wide range of design, construction, testing, operation, and maintenance tasks across various industries.

“Furthermore, engineers do not need to be math geniuses to excel in their roles. Some engineering positions are highly technical, while others are more project management-oriented, requiring varying levels of mathematical involvement.”

Bethany says: “It can be easy to forget that engineers develop products used by the masses, which means that beyond considerations of equity, diversity in engineering offers a multitude of benefits for enhanced productivity, innovation and fresh perspectives that lead to better products for everybody.”

There are more engineering specialisations now than ever before. The digital revolution saw the definition of engineering branching out, with contemporary infrastructure like software, hardware, data and business processes often managed by engineers.^[1]

Engineering skills are highly versatile and transferable. The professional, scientific and technical services (PSTS) industry, for example, employs almost one-quarter (23%) of all working STEM graduates, while the education and training industry employs the second largest percentage (10%) of STEM graduates.^[2] 

Daphne says, “The key message is that each one of us, regardless of gender, can play a role in reshaping the perception of engineering. This shift will not only benefit women but also foster innovation and productivity in the field.”

Daphne and Bethany have had the opportunity to attend international conferences, enhancing their visibility and actively engaging in initiatives to improve the landscape for women in engineering. Hatch also takes part in university and high school engagement programs, such as the Girls Engineering Tomorrow events. On International Women’s Day, Hatch celebrates by organising an in-house panel session for women engineers, sponsoring applications for industry mentorship programs, such as WIMWA (Women in Mining WA), as well as the AusIMM. Their colleague and industry peer, Helen Adamson, a Process Engineer, Hatch Associate, and Office Lead of Hatch’s Perth office, spoke at the AusIMM’s International Women’s Day event series this year.

Proudly, Hatch was this year named one of Australia’s Top Graduate Employers by the Australian Association of Graduate Employers for the sixth consecutive year for its ‘graduate first’ approach to internal development.   

Daphne shared her view on the mission of reshaping perceptions: “Our goal is to bridge the gap between myths and truths about women in engineering, making the field more inclusive. As a final challenge, we invite engineers to share their stories, and non-engineers to seek out these narratives. The International Network of Women Engineers and Scientists (INWES) offers a toolbox for sharing experiences, allowing all of us to be part of the narrative reshaping, creating a more diverse and equitable future for engineering.”

The journeys of Daphne, Bethany and Thea are an inspiration to aspiring female engineers and demonstrate what can be achieved when breaking down gender barriers and promoting inclusivity within the engineering industry.

Daphne, a disciplined and driven process engineer, has created a niche for herself in the lithium mining industry. Her career is driven by an interest in fostering diversity and gender equality in the workplace. Bethany, a highly accomplished mechanical engineer, has made a significant impact in the field, with a wealth of experience in design, project engineering, hydraulic design, and contributions to option/value-improvement studies and research and development work. She is also a mentor for aspiring female engineers. Outside of work, Thea enjoys researching the latest innovations in polymer chemistry, and managing TEDxUWA, one of Australia’s first and only fully youth-operated TEDx organisations based at the University of Western Australia.

A new survey has revealed almost half of Australian SMEs are sacrificing their hard-earned cash in fees and charges for convenience when making overseas purchases. Forty-nine (49) per cent admitted they use their credit cards when spending $2000 or more on a single international purchase, despite credit card fees of up to $90 for each purchase of this size.

The findings were derived from a survey of 202 independent business owners and decision-makers across the full SME spectrum commissioned by comparison service Money Transfer Comparison.

The three most common payment methods for overseas transactions are credit cards, bank transfers, and transfers from specialist international money transfer platforms. However, major banks charge transfer fees of up to $30 in addition to hefty exchange rate markups averaging 2.5 per cent on commonly currencies such as USD, NZD and GBP, and even higher on more exotic currencies. On credit card purchases, Australia’s major banks further slog card holders with currency conversion fees of up to 3.5 per cent. Specialised transfer providers such as Currencies Direct, TorFX and Moneycorp are the cheapest options^[1].

Convenience, and a lack of time and knowledge are key reasons for credit card use

The survey revealed a whopping two-thirds (63 per cent) of SMEs automatically make big international purchases with a credit card for convenience, while 31 per cent say they don’t have enough time to search other payment methods.

Almost 20 per cent don’t think other payment methods would give worthwhile savings, 19 per cent don’t know of any other payment methods, and 18 per cent think other payment methods seem too complicated.

According to a recent report commissioned by the Australian Competition and Consumer Commission, international money transfers from Australia are high by global standards^[2]. Credit card usage is also on the rise, according to a 2022 survey by the Reserve Bank of Australia (RBA), which shows a quarter of Australians favour their credit card in general for all payments^[3].

Russell Gous, Money Transfer Comparison spokesperson, says. “There is a wide range of overseas purchases that businesses – particularly retailers and eCommerce traders – can make regularly. Much of Australia’s goods are sourced internationally, technology and suppliers can be more affordable when sourced overseas, and business travel from Australia has rebounded strongly in the last year.  

“Our survey results speak volumes about the glaring information gap when it comes to making international purchases cost-effectively, and it’s a gap that’s hurting the hip pockets of SMEs. What almost half of SMEs fail to realise is that specialised transfer providers typically offer far better exchange rates than the big four Australian banks, with their transfer fees often 0.3 to 1.3 per cent depending on the size of the transfer. Additionally, they’re remarkably secure, and they’re easy to set up and use. Online spending is on the rise,and significant savings can be made by eschewing banks for third-party transfer sites.”

Micro businesses more cost-conscious, least likely to use credit cards

When asked if they would automatically use a credit card when making overseas payments of $2000 or more, 51 per cent of small businesses (11-50 employees) and 47 per cent of medium-sized (51-200 employees) businesses confessed they’re the most likely to do so.

Overwhelmingly, micro-businesses are the least likely to use their credit cards for overseas purchases of over $2000, at 60 per cent. This compares with 53 per cent of medium-sized businesses and 49 per cent of small businesses.

The full survey results, including breakdowns across different business sizes and States, can be found here: https://moneytransfercomparison.com/australian-business-credit-cards-overseas/.

Over the weekend, Shopify merchants set a Black Friday data record with a combined $4.1 billion in sales, a strong start to the biggest holiday shopping weekend of the year.

Please see some key highlights from Australia and globally below:

Australia highlights from Shopify merchants from Black Friday data shows: 

• Peak Sales Hour: 10AM AEST time on November 24
• Top Selling Cities: Melbourne, Sydney, and Brisbane
• Average Cart Price: $165.70 AUD 
• Top 5 Product Categories by Orders: Clothing, Personal Care, Kitchen & Dining, Shoes, and Jewellery
• Desktop Sales vs. Mobile Sales: 73% Mobile, 27% Desktop
• Percentage of Cross-Border Orders: 14% 
• % of Point of Sale: POS sales made by Shopify merchants in Australia have grown by 27% since Black Friday last year.

Global data from Shopify merchants from Black Friday shows: 

• From the start of Black Friday, our merchants’ total 2023 sales were: $4.1 Billion USD, a 22% increase in sales over Black Friday in 2022.
• Peak Sales Per Minute: $4.2 Million on Black Friday data at 12:01 PM EST 
• Top Selling Countries: U.S., UK, and Canada
• Top Selling Cities: Los Angeles, New York, and London
• Average Cart Price: $110.71 USD Globally ($110.08 on constant currency basis) 
• Top 5 Product Categories by Orders: Clothing, Personal Care, Jewellery, Shoes, and Decor 
• Desktop Sales vs. Mobile Sales: 75% Mobile, 25% Desktop
• Percentage of Cross-Border Orders: 15% 
• % of Point of Sale: POS sales made by Shopify merchants globally have grown by 33% since Black Friday last year

Shopify President Harley Finkelstein said “Another epic, record-breaking Black Friday in the books for Shopify merchants. The world showed up for our merchants, and the excitement is only building, with Cyber Monday still to come.”

With the cost of living for working Australians increasing by 2 per cent in the latest quarter, and 0 per cent compared year on year^[1], it’s no surprise that new research reveals almost two-thirds of Aussies have cash or store vouchers at the top of their Christmas wish list this year. 

The findings were derived from a survey of an independent panel of 1005 Australian adults commissioned by leading parcel delivery service CouriersPlease. The survey asked respondents what top three items they would like to receive this year as well as what product categories were the worst Christmas gift they could receive. For the full survey results, click here: https://couriersplease.com.au/portals/0/Cash%20and%20Vouchers%20White%20Paper%202023%20V2.pdf

The survey found that cash and vouchers are at the top of the list for Christmas gifts. Almost two-thirds (65%) of Aussies would prefer cash, followed closely by supermarket, department store or shopping centre gift cards (chosen by 61%). 

CouriersPlease CEO, Richard Thame, says “All five living cost indexes rose between 0.5 per cent and 2.0 per cent in the latest quarter, according to the Bureau of Statistics’ most recent report^[2]. The latest CPI inflation data indicates that the price of many services is continuing to rise, and any progress is expected to be slower than previously expected^[3]. Our research shows a shift in attitudes towards Christmas gifts, in line with these economic trends, suggesting many Aussies would prefer a monetary gift that will bring them financial relief.” 

Coming in third on the wish list, after cash and gift cards, is travel vouchers, with 34 per cent of respondents selecting this option, followed closely by restaurant vouchers (at 32% of respondents). 

Richard says, “As the cost of living continues to impact Aussies, many have no choice but to cut back or eliminate luxuries such as travel and dining out. Food in Australia increased by 4.8 per cent in September compared with the previous year,^[4] and house prices are expected to continue rising nationally by 4.9 per cent into 2024^[5], indicating that the helping hand will go a long way this Christmas.”

CouriersPlease found that all age groups in the survey are keen to receive a gift card, with half (50%) of 18-30 year olds, 65% of 31-50 year olds and 64% per cent of over 50s selecting gift cards as a top choice. 
 

Respondents were also asked what their worst Christmas gift would be, with more than a quarter (26%) of respondents choosing a secondhand item. This was unanimous across all age groups, sitting at 26 per cent for 18-30 year olds, 24 per cent of 31-50 year olds and 28 per cent for those over 50. 

Not far behind as the second-worst Christmas gift is an appliance or gadget that won’t be used, such as a ‘fad’ kitchen gadget (17%), as well as a non-functional decorative item, such as an ornament (chosen by 13%). 

Richard says Aussies have made it clear that they want cash and vouchers, not only because of their monetary value but because it enables recipients to shop sales and get more out of their gift. “As Aussies struggle with everyday costs, people can find confidence in gifting their loved ones with cash or gift cards, knowing they are making a genuine difference in their lives and gifting them something they actually want and will be of use. Our research suggests individuals are looking for gifts which allow them to experience something memorable, such as a meal out, shopping trip or a hotel stay.” 

Diversity has been a trending word in the business sector for the last few years, and while a significant number of companies have set targets and quotas, it’s apparent that many are struggling to make real change when it comes to diversity, equality, and inclusion.

A new study commissioned by COS, Australian-owned and operated company offering product supply solutions for the workplace, surveyed over 1,000 Australian workers and found that more than two thirds of people say it’s important to them that their workplace has a diversity policy. However, this need isn’t being catered to by businesses, with only 47% of respondents saying their company does have a policy, whilst a further 35% are unsure whether their company does or doesn’t.

The main reasons people said having a policy in place was important to them was: inclusion of everyone is important to me (33%), I value diversity in every part of my life (28%), it makes me/would make me proud to work for a company (17%), and diversity makes companies more successful (17%).

In positive news, 85% of respondents feel their current workplace is diverse. The main ways they feel their company is diverse are: Race and ethnicity (72%), age (69%) and gender (67%). The HR (94%), IT and Telecommunications (94%) and Architecture, Engineering & Building (92%) sectors had the highest levels of staff who felt their company was diverse, as did employees from the Northern Territory (100%), Victoria (87%) and South Australia (87%).

On the findings, Co-CEO of COS, Amie Lyone says, “There’s a significant amount of research that reflects that diverse companies are more likely to outperform non-diverse businesses, so it’s truly in everyone’s best interest to ensure this is a priority within the workplace. As Co-CEO with my sister, it’s important for us to have a strong representation of females at the leadership table and we are proud that 56% of our 60 leaders are women. Our employees also come from more than 51 different parts of the world and speak over 60 different languages. Based on the evidence of the benefits, as well as the yearning for diversity from staff, it’s apparent that while leaders may want to improve this area of the business, they simply don’t know how or where to find the time.”

How to have diversity in your workforce that will benefit the company going forward:

• Conduct an internal audit.

Before introducing a policy, it’s important to know where the business is currently positioned from a diversity perspective. Carry out a formal review of the company, everything from gender split, pay differences and cultural mix.

• Be clear on the goals.

Once the audit has been conducted, it’s important to gather the leadership team and set measurable goals. For example, reducing the gender split by 10% in 2024 or increasing the cultural mix by 15% by 2025. Once the goals have been set, leaders can also make team members accountable, by giving teams and departments individual goals. This can be included in the review process.

• Improve the company’s hiring process.

The hiring level is the number one stage where businesses miss the mark when it comes to diversity. Broadening the scope will help to open up the candidate pool with more choice. It’s also important that there is a diverse panel of interviewers to make better and more diverse hiring decisions. LinkedIn’s Global Recruiting Trends report found that diversity is a key trend that has impacted the way organisations hire their people. According to the report’s findings, 78% of companies prioritise diversity to improve culture, and 62% of companies prioritise it to boost financial performance.

• Educate and engage the whole company.

For all staff to feel included and supported, there needs to be an internal conversation. For example, at COS, the business respects the unique needs, individuality, points of view, and potential of all team members. One way to build awareness and foster inclusivity is to be aware of and acknowledge a variety of upcoming religious and cultural holidays. Use the company’s internal communication system to educate employees and be respectful of these days when scheduling meetings.

Amie concludes, “Often tasks like creating and implementing policies takes a back seat to more time sensitive items that need urgent attention, but it’s clear that employees are looking for more businesses to implement diversity policies so it’s important to take action. Hopefully, following the above process makes it seem less overwhelming and puts your company on the right path to diversity in 2024 and beyond.”

For more information on COS, visit: https://www.cos.net.au/

Throughout my career, I’ve never found an organisation that didn’t have challenges with their data. Almost by definition, applying data and analytics to business, yields issues around data quality, governance, and security, not to mention the relevance and impact of the analyses themselves. Why then, should small business be any different? In thinking about the data red flags that small businesses might encounter, while some may be universal, there are certainly others that are unique to the sector.

I’d suggest that data-related issues for small business fall into one of two main categories, the first which we’ll group as data management, followed by the second, which is business impact. Examples of these challenges are given below as well as consideration as to how they can be mitigated or avoided all together.

Data Management

Small businesses typically don’t have the luxury of dedicated teams or resources to curate and organise their data. As a result, data management can cause disproportionate problems that result in poor data quality, inconsistent maintenance, and potentially inaccurate analyses. Specific red flags include:

· Premature Data Democracy: One of the touchstones of modern data and analytics is “data democracy”, whereby data is made available directly to empowered employees, to speed up decision-making. While a tempting option for small business (due to less dependence on centralised data services), it can wreak havoc within unprepared organisations as staff take on additional responsibilities, often without training or support. Don’t assume that merely providing access to data is anywhere near enough to derive value from it – true data democracy requires a mature data culture within the organisation.

· Absence of Data Standards: It’s all too easy, within any sized organisation, to assume that everyone knows what data means, and how it is to be used. In practice this is rarely the case as evidenced by

comprehensive standards and policies in place at larger organisations. Without the ability to classify and use data effectively small businesses run the risk of committing serious errors, or best case wasting significant amounts of time. The relatively simple task of creating (and maintaining) basic data standards should not be neglected.

· Effort Acknowledgement: Perhaps the hardest aspect of managing data lies in the acceptance that both ongoing effort and tenacity are required. Data governance is often seen as a “necessary evil”, who’s demands can be ignored after initial setup or when the organisation gets busy. Truly believing that data is a critical asset, and behaving accordingly, is a practice every sized organisation must adopt.

Data red flag business Impact

Regardless of organisational size or complexity, once committed to a data and analytics program it is critical that it delivers tangible value to the business. Unfortunately, many businesses are awash in “vanity metrics” that fail to move the needle, or worse, analytics that are meaningless and just waste time and energy. Key red flags around business impact include:

· Low Data Literacy: One thing that can quickly derail a data and analytics effort is when people don’t understand the data they are working with. Likewise, despite frequent claims to be “data-driven”, leadership often fail to understand what the data is telling them and are unable to translate understanding to action. As a foundational skill it is imperative that all businesses instil basic data literacy skills across every role, and especially those with leadership or decision-making responsibilities.

· Unsubstantiated Use Cases: Much as in the case of vanity metrics it is very easy for an organisation to pour data and effort into use cases that, while possibly interesting, have little to do with business performance, or worst case are just wrong. Likewise, there can be a tendency to believe the value of specific data or analyses is “self-evident”. With limited budgets and resources that are typical of small business it is even more important to select and understand that use cases that make a difference and are worth pursuing.

· Poor Risk Awareness: Once an organisation starts getting its hand on some data and begins generating insights, it can be easy to lose sight of the fact that the data is not always correct, nor are your algorithms or models. Experienced teams factor these risks into their decisions and action plans, however smaller or less mature organisations may not even recognise the risks of a bad decision, let alone know how to mitigate it. The more valuable your data, the potentially higher the risks – plan and act accordingly.

As we can see there are plenty of challenges in getting the most from your data, no matter what size the organisation is. These data red flags may provide insight into some common areas of concern, however the fundamentals of good judgement, knowing your business, and objective leadership will always pay benefits. Remember, your data is only there to help you make better decisions – understand that and you can’t go wrong.

Contributed by Brad Kasell, Principal Technology Strategist, Domo Asia-Pacific

For some entrepreneurs, their stories start at business school. Some start working a side hustle on the side of their grown-up, adult jobs. 

My story started at age eleven during a family holiday. We were trying and failing to navigate around the airport, my entire family was stressed, and that was where a spark of an idea began. I saw a problem that needed a solution. It’s the same situation that ignites any entrepreneur’s journey. 

When we got home, I opened up my mum’s laptop and started building a website. Little did I know that this simple act would mark the beginning of my first business, which I named Planeapidea: The Wikipedia of Planes.

My vision was clear: to create a less stressful air travel experience for everyone. As I delved deeper into the business, I began to form partnerships and collaborate with some of the biggest airlines in the world. 

By 2017, I was working alongside giants like Qantas, and in 2018, I proudly added Singapore Airlines to the list. Planeapidea wasn’t just a business, it was also a learning experience that taught me the foundations of entrepreneurship – from branding and websites to partnerships and the importance of a strong work ethic.

But at such a young age, I had to make a choice that would set the tone for my entrepreneurial journey. I committed to following a side hustle that I believed was right for me, despite the doubts and concerns of others. It was my first opportunity to own my story, but not my last.

As I continued down this track, I was exposed to the opportunities of leadership and entrepreneurship, which sparked yet another idea. I felt frustrated when I saw that not all young people had access to the knowledge and opportunities I was fortunate enough to stumble upon. This frustration led to the birth of YLAA (Young Leaders and Entrepreneurs Association).

My goal was to create a one-day event in Perth where young people could embrace ambition without limitations, providing them with the chance to level up as leaders. I vividly remember my days in year 11, aged 15, spending my lunch breaks cold-calling every school in Perth.

Finally, on the 28th of August 2018, our first event took place, with 65 students from five schools. I began speaking at events, and it wasn’t long before I was invited to Hawaii to deliver a keynote speech.

As I entered year 12, something changed. I had become known as the ‘entrepreneur,’ and my ego started to take over. I dropped out of the ATAR (the Australian Tertiary Admission Rank), fully expecting to never attend university. We hosted a national tour that year, and it completely flopped. We only managed to sell 30% of the tickets, with just one school attending in Sydney. 

It was a tough pill to swallow, but it forced me to do the self-work and become more self-aware. I reflected on the ‘why’ behind our work and reshaped my mindset. The ego needed to step aside, and self-awareness took its place. 

Fast forward to today, and we’ve been selling out our events with record numbers each year, now expecting up to 12,000 attendees. We expanded our reach to include primary school programs, aiming to address the growing gap in depression, anxiety, and suicide rates among young people. We see ourselves as early interventionists focused on instilling confidence and awareness in the next generation.

In 2020, we experienced an incredible growth spurt, going from a yearly turnover of $30,000 to hitting six figures within just two months. This success prompted two significant decisions on my part: I was accepted to study for my Masters in Business, and I sought the guidance of a business coach. Looking ahead, YLAA’s current goal is to support 100,000 young people annually by 2025.

My journey from a kid with a laptop side hustle to a successful entrepreneur has been filled with challenges, self-discovery, and ultimately, success. Through it all, I’ve learned that entrepreneurship isn’t just about solving problems but also about personal growth, self-awareness, and staying true to your ‘why.’ I can’t wait to see where it takes me – and, of course, the young people we’re leading through their entrepreneurial journeys via YLAA.

Youth Leadership Academy Australia (YLAA) is a youth-led organisation dedicated to empowering young individuals to lead themselves, schools, and communities for a positive future. Through impactful in-person events and tailor-made school programs, we provide accessible leadership opportunities across Australia.

About Wil Massara

Wil Massara is a young social entrepreneur, whose journey began at the age of eleven. At 15, he founded the Youth Leadership Academy Australia (YLAA), revolutionising youth leadership nationwide. YLAA is now the largest youth-led provider, positively impacting over 30,000 lives and earning the trust of 1000+ schools.