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NEW HARDSHIP PANEL TO PROVIDE MORE BUSINESSES WITH COVID-19 FINANCIAL SUPPORT

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Minister for Finance and Small Business Damien Tudehope

NEW HARDSHIP PANEL TO PROVIDE MORE BUSINESSES WITH COVID-19 FINANCIAL SUPPORT

A new Hardship Review Panel has been established to consider financial support for businesses experiencing financial hardship that do not qualify for COVID-19 business support measures.

The panel will assess on a case-by-case basis businesses which did not meet the eligibility requirements for the 2021 COVID-19 Business Grant, Micro-business Grant and JobSaver payments.

Minister for Finance and Small Business Damien Tudehope said the Review Panel would help those businesses experiencing genuine financial hardship that were previously ineligible for support payments and grants.
“COVID-19 has affected so many businesses in NSW and even though we have a number of support measures in place, there are still some businesses under severe financial strain that aren’t eligible for assistance for a number of reasons. We want to plug that gap as much as we can,” Mr Tudehope said.

The Review Panel will include representatives from Revenue NSW, NSW Treasury and Service NSW and will make recommendations on businesses’ eligibility for relevant support payments and grants.
It will consider a broad range of factors in determining whether a business has experienced financial hardship, with the Chief Commissioner of Revenue NSW to be ultimately responsible and make the final determination for applications.

“My message to small businesses is this – no matter what corner of the state you’re in, we will be there with you all the way as we navigate this global health pandemic,” Mr Tudehope said.

Factors that the hardship panel will consider include, for example, whether the business is an employer, in a highly impacted industry, in an LGA of concern or has unavoidable costs for which no other support is available.

Businesses will be back paid to the fortnight where they can demonstrate the required decline in turnover with the Panel. Hardship applications for JobSaver are now open with hardship COVID business grants and Micro-business grants to open later this month. See more here: https://www.service.nsw.gov.au/campaign/covid-19-help-businesses/covid-19-business-support-hardship-review.

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Why Do SMEs Struggle to Scale Up?

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SMEs

Why Do SMEs Struggle to Scale Up?

 

By Jeff Gibbs

A defence industry executive recently posed a compelling question: why do so many SMEs in the defence sector, and across industries globally, plateau or sell after reaching a certain size, typically around 15-20 staff and $5 million in revenue? This observation resonates deeply, highlighting a widespread challenge in SME growth.

One significant reason behind this stagnation is the lack of long-term planning among business owners. While many start with aspirations for growth, they often fail to strategies for the future, limiting their potential. Some entrepreneurs opt to maintain their business at a certain scale to support their lifestyle or preserve a legacy, rather than seizing growth opportunities.

This tendency to remain small has broader economic implications, particularly in reducing economic complexity. Without more SMEs scaling up, countries struggle to develop diverse industries. This issue is particularly pertinent for Australia, were economic complexity lags behind other developed nations. Amidst economic challenges, SMEs require support to overcome stagnation and foster growth.

SMEs

So, what can be done to break through this stagnation?

  1. Embrace a Growth Mindset: Business owners must commit to growth and adopt a proactive approach. Governments can support this by fostering a growth-oriented culture through education and providing incentives for expanding companies.
  2. Define Growth Objectives: It’s crucial for businesses to clearly articulate their growth objectives and envision the future state of their organisation. This includes setting specific goals, identifying target markets, and determining resource needs.
  3. Delegate Responsibilities: Entrepreneurs must recognise the importance of delegation and building a capable team to support growth. By relinquishing control and empowering others within the organisation, businesses can navigate growth more effectively.

Ultimately, when SMEs transcend their growth barriers and evolve into larger entities, the entire economy benefits from increased diversity and prosperity. It’s incumbent upon us to inspire SME owners to choose growth, thereby creating jobs and fostering a robust economy for future generations.

 

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One million ‘Introduction to AI’ scholarships available to Australians

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'Introduction to Artificial Intelligence' are now available.

One million ‘Introduction to AI’ scholarships available to Australians

 

Artificial intelligence (AI) ‘scholarships’ are now on offer to one million Australians, in a bid to increase the nation’s literacy of a technology estimated to be worth $4 trillion to the economy by the early 2030s. 

The free ‘Introduction to Artificial Intelligence’ microskill course is provided by the National AI Centre (NAIC), coordinated by Australia’s national science agency – CSIRO, and the Institute of Applied Technology Digital (IATD).

The course will provide a non-technical introduction to AI fundamentals and is designed for people at the beginning their AI literacy journey.

This makes it ideal for workers seeking to upskill, individuals starting their career in AI, and small to medium business owners.

Rita Arrigo, Strategic Engagement Manager of National AI Centre (NAIC). 'Introduction to Artificial Intelligence'

Rita Arrigo, Strategic Engagement Manager of National AI Centre (NAIC).

With many small to medium enterprises (SMEs) grappling with the challenge of adopting AI, NAIC Director Stela Solar said the course is the perfect opportunity for business owners to build their AI understanding.

“SMEs make up over 98 per cent of Australia’s economy, and ‘Introduction to AI’ is their opportunity to learn how they can use this revolutionary technology to enhance their operations, services, and market competitiveness,” Ms Solar said.

Council of Small Business Organisations Australia (COSBOA) CEO Luke Achterstraat welcomed the introduction of the course, praising its ability to provide small businesses with the knowledge needed to unlock AI’s vast opportunities.

“Small businesses are a main source of innovation in Australia – they are entrepreneurs who try new ideas, test new products and usually back themselves with their own capital.

“This microskill course will help build confidence and competency for small businesses as they navigate the AI landscape.”

Stela Solar, Director of the National Artificial Intelligence Centre (NAIC). - 'Introduction to Artificial Intelligence'

Stela Solar, Director of the National Artificial Intelligence Centre (NAIC).

Director of IATD Operations Helen Fremlin said the accessibility of the course will empower Australians nation-wide to advance their AI understanding.

“No programming or computer science background is required for students to enrol, and the virtual nature of this course facilitates an easier path for Australians to upskill in AI, whenever and wherever they choose.”

Available now through IATD, the two-and-a-half-hour course will cover:

  • What AI is
  • Common AI terminologies
  • The challenges and risks of using AI
  • Common misconceptions
  • Real-world applications of AI
  • Australian AI case studies
  • Advice from industry experts to start your career in AI

Students will receive a certificate of completion upon finishing the Introduction to Artificial Intelligence course. Register for the course.

 

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BOUNCE IN BUSINESS CONFIDENCE DESPITE COST CRUNCH

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Business Confidence

BOUNCE IN BUSINESS CONFIDENCE DESPITE COST CRUNCH

 

The State’s peak body for business, Business NSW, released their Quarterly Business Conditions Survey Report today.

Businesses have recorded their highest levels of confidence in nearly two years, but remain concerned about cash strapped customers, insurance and energy costs.

The gradual rise in business outlook has been cautiously welcomed by Business NSW with business confidence levels coming off an historically low base.

“The increase in business confidence to its highest level in nearly two years has largely been driven by interest rates remaining on hold,” said Jane Laverty, Northern Rivers Regional Director for Business NSW.

“With every interest rate rise, small to medium businesses experience an almost immediate reduction in customers walking through the door. This increase in business confidence is a positive sign.”

When it comes to their customers, 95% of businesses are experiencing some impact of the rising cost of living.

“The most common experience is reduced customer demand for their products and services,” Mrs Laverty said.

“A majority of businesses have observed consumer behavioural changes in the form of reduced frequency of purchases, reduced quantity per order, increased appetite for lower cost substitutes and increased price negotiation.”

“This means businesses are doing another pivot in their business lifecycle to meet this change.”

Business Confidence

Businesses have recorded their highest levels of confidence in nearly two years, but remain concerned about cash strapped customers, insurance and energy costs.

Insurance is again the top of the list of cost concerns for businesses, while taxes/levies are second and energy costs third.

“It remains vitally important that our state and federal governments make the cost of doing business the number one, two and three issues on their agenda.

“To improve the ease of doing business, survey respondents consider taxes, levies and government charges as the area that requires top priority attention from government.”

Key findings from the survey of more than 1100 businesses include:

  • • The Business Confidence Index has risen for the third straight quarter to -52.9, the highest reading in nearly two years.
  • • 95% of businesses are experiencing some impact of the rising cost of living.
  • • More than half (51%) of NSW businesses have reported business supply chain disruptions in the past three months.
  • • 10% of businesses observed more job applicants as a result of cost-of-living pressures.
  • • 92% of businesses have identified issues related to attracting and retaining skilled workers in their region.
  • • 17% of businesses are planning to hire additional staff in the next three months, while 18% are planning to cut staff. The rest are planning to maintain the same headcount

“Northern Rivers businesses are looking ahead to the next quarter with considerably higher levels of confidence and that is pleasing for our regional economy and the community at large. That confidence will also be buoyed by locals continuing to spend in the region first.” Mrs Laverty said.

 

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