A new report from the Council of Small Business Organizations Australia (COSBOA) illuminates the critical issues facing Australia's 2.5 million small businesses; which contribute a third of the nation's GDP. Rising costs; skill shortages; and regulatory pressures are testing their resilience; yet the report identifies strategies to foster growth and sustainability.
High operational expenses; including energy; rent; and wages; are a significant concern; and many businesses struggle to break even. Targeted policy interventions such as rent relief; energy efficiency programs; and quicker payment terms are proposed to address the cost crunch.
Labour shortages remain a barrier to growth; prompting calls for streamlined migration processes and enhanced training initiatives. The report also highlights opportunities in renewable energy and artificial intelligence (AI); though financial and technical hurdles must be overcome.
Cybersecurity is growing; with nearly half of cyberattacks targeting small businesses. Awareness programs like Cyber Wardens aim to bolster digital resilience.
Additionally; due to complex procurement processes; small businesses face challenges accessing government contracts. Simplified systems and increased outreach are recommended.
The report argues that by addressing these challenges; small businesses can strengthen their role as the backbone of Australia's economy.
A copy of the report can be found at the following link: https://www.cosboa.org.au/post/navigating-critical-challenges-cosboa-and-commbank-launch-2024-small-business-perspectives-report
"Om du har funderingar kring vissa specifika områden inom kostnadshantering är du välkommen att höra av dig för ett samtal. De flesta företag är medvetna om att det finns besparingsmöjligheter i deras kostnadsstruktur, men ofta vet de inte hur de ska gå tillväga för att realisera dessa besparingar, eller så upplever de att det är för tidskrävande."
Grant Morrow Principal Consultant +61 415 203 575 gmorrow@eragroup.com
