Small businesses make up almost 98% of all Australian enterprises. Despite being prolific, small businesses often operate with limited resources, time and funding, meaning small business owners are often restricted from growing their offerings or taking innovative steps to expand.
Smart borrowing choices can transform small businesses by giving them the same opportunities available to larger enterprises.
Keeping costs under control is a crucial element in ensuring small and medium businesses (SMBs) are successful in the long term.
SMBs are now leaning on advancements in technology to reduce costs, as well as fuel and energy consumption, related to the management and tracking of equipment, including vehicles and heavy machinery. Businesses looking to invest in energy-efficient innovation and sustainability projects may also be eligible for discounted borrowing rates.
Economic growth is slowing but still decent. Inflation has peaked but remains too high. Despite the better data over recent weeks the outlook is for a weaker global economy over the next year. Global inflation has not declined as quickly as expected. The recent financial market instability is likely to lead to some weakening of the global economy.
Small to medium organisations rely heavily on employing the right people to make the business owner’s goals and aspirations a reality. But there’s more to it than just placing a job advertisement online and hoping for the best.
The ongoing increase in cost of living, and continual interest rate rises, is being felt by all Australians.
While everyday items go up, so too does the cost of borrowing money, which can impact us personally and professionally. In addition to what we can borrow for home loans, business loans are also hit with the same increases.
We found out recently that GDP grew by 0.5% in the December quarter. This was the slowest pace of growth since September quarter 2021, a time when both Sydney and Melbourne were in COVID lockdown. That pace is a little under the average quarterly growth rate of 0.6%.
Workers employed in agriculture are at greater risk of being killed or injured at work than most.
This is your yearly reminder to learn more about how to manage the risks and hazards on a farm, including working with animals, vehicles and chemicals.
Ensuring growth and innovation as a small business isn’t just about luck. You’ll need careful planning and some thinking outside the box, particularly if you have a tight budget.
Improving all aspects of a small business to achieve competitiveness and success is not a matter of chance. It requires constant effort and the adoption of industry best practices to improve processes, products, services, and tools, leading to reduced overheads, streamlined operations, and increased productivity.
Before the Feb meeting, the consensus was there would be a rate hike in Feb, with another rise to be delivered at one of the following Board meetings.
The Statement post the meeting though was more aggressive on the potential for more rate hikes than most had expected. The Q4 inflation number would have been a key factor in the change in view by the RBA although more optimism about the short-term global economic outlook may have played a role.
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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