Amid the bustling preparations for seasonal celebrations and the end-of-year hiatus (or upsurge in activity in some sectors), the importance of appreciating your steadfast customers can sometimes be overlooked.
Client appreciation should be a core strategy for small business owners, and December is an ideal time to show your gratitude and foster customer loyalty.
Although the end-of-year holiday period is meant to be a time for goodwill and generosity, it also offers opportunities for fraudsters. Last year, scammers were the most active in October and November, with Scamwatch receiving about 50,000 reports of scams in these two months.
Continue reading to find out how to prevent your business falling victim to a scam or fraud this festive season.
The Australian economy has performed better than expected this year, largely due to fiscal policy support and high population growth. A key factor has been the accumulation of household savings during the pandemic, as lockdowns and income constraints led to what some economists call ‘excess saving’. Unlike other developed economies where saving ratios have returned to pre-pandemic levels, Australia and the US have seen ratios drop below those levels, indicating households may be using these savings to support consumption, especially in the face of declining real disposable incomes.
In 2009, the very first Bitcoin transaction was used to order two Papa John’s pizzas, marking the humble beginnings of what would eventually change the meaning of currency as we know it. Since then, the world of cryptocurrencies has exploded, with the number of cryptocurrency users expected to reach a staggering 994.30 million by 2027.
Australia’s consumer spending equated to 49.8% of GDP in the June 2023 quarter, compared with 63.5% for the UK and 68.3% for the US.
The Australian consumer spending percentage has fluctuated significantly in the last three years as a result of COVID pandemic lockdowns, the post-pandemic release of pent-up demand, and, more recently, inflation and the rising interest rates intended to curb it.
More than half of small businesses (62%) have experienced a cyber security incident, according to a recent survey from the Australian Cyber Security Centre. This amounts to an estimated loss to businesses of $300 million annually.
With limited resources and human resources, most small businesses struggle to gain visibility and compete against large corporations with big marketing budgets.
Some economic numbers mean more than others and that was the case with the Q3 CPI data. The RBA had recently made it clear that it was getting uncomfortable that inflation might stay too high for too long. The essence of the message was that if inflation continued to decline in line (or below) the RBA’s forecasts then the cash rate may have peaked. But if inflation surprised notably on the high side then another rate hike was likely. The September quarter CPI data surprised on the high side.
Navigating today’s business landscape presents distinct challenges for small businesses. When business is doing well, you may feel too busy for paperwork and administrative duties. Conversely, when you’re dealing with larger business issues, prioritising timely submissions of tax returns and business activity statements (BAS) might not be at the top of your to-do list.
The jobs market has been resilient in the face of economic challenges. Despite a noticeable deceleration in job growth, it is essential to recognise that the rapid post-pandemic expansion was unsustainable. In August, the 12-month average job change remained close to its highest level in over thirty years, with the unemployment rate still near historic lows.
For personalised service, the very best financial products and exceptional customer service where you really matter, look no further than the professional team at Mainland Finance
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