SBC Magazine - February 2023

https://vimeo.com/793958993

Editor’s note:

Alyssa Herr SBC’s Comms. Executive - Editor

After working as a financial and business reporter in Asia, Alyssa joined the ABF team as the magazine’s editor.

Whether you are just starting out or have been running a small business for years, this issue is designed to support your SME’s unique journey. Small businesses across Australia will be thrilled to hear that Australia’s largest SME event is returning to Melbourne in May 2023. CommBank SmallBiz Week 2023 is a marketplace and the perfect place for small business owners and entrepreneurs alike to learn, grow, and make valuable connections. In this magazine issue, we’ll look at the key issues facing SME and featured at the event, such as starting up a business in 2023, common risks to supply chain, and why younger Australians are the least safe cyber at work.

Editor Alyssa Herr alyssa.herr@abfgroup.com.au

03 8560 6883

Lucy Ng lucy.ng@abfgroup.com.au

Head of Creative & Production Kevin Le kevin.le@abfgroup.com.au

03 8689 9897

Account Manager Linh Bui linh.bui@abfgroup.com.au

03 8689 9895

Advertising and Partnerships Group Sales Director George Moraitis george.moraitis@abfgroup.com.au

03 8698 9892

Event Information info@abfgroup.com.au

We thank all contributors. If you would like to contribute to ABF Magazine, please contact: info@sbcmedia.com.au

Publisher PO Box 568 South Yarra, VIC, Australia +61 3 8560 6888 info@sbcmedia.com.au www.sbcmedia.com.au

Member of ABF Group

Limitation of liability

SBC Media accepts no liability for any errors, omissions or consequences, including any loss or damage, arising from reliance on information in this publication. The  views expressed in this publication reflect the options of the writers and are not necessarily endorsed by SBC Media. We recommend obtaining professional advice from an accredited advisor before relying on the information in this publication.

ABF GROUP

Suppoting the growth and success of Australian businesses

The Australian Business Forum (ABF) is excited to announce that CommBank SmallBiz Week 2023 will run in Melbourne from 23 – 25 May 2023, bringing together thousands of business owners, government agencies and industry leaders.

“Small businesses have shown extraordinary resilience and are now entering 2023 with a renewed sense of business confidence,” said Ray Evans, CEO of ABF Events. “We are proud to once again partner with CommBank and look forward to welcoming back thousands of business owners, delegates and visitors.”

CommBank SmallBiz Week 2023 will provide small businesses across all industries the opportunity to come together under the one roof to network, discuss tackling challenges and learn how to futureproof their strategies and drive business success.

CommBank Group Executive Business Banking Mike Vacy-Lyle said: “At CommBank, we recognise the vital role small business owners play in our economy. That is why we are excited to once again be a naming sponsor for CommBank SmallBiz Week 2023, an opportunity for these entrepreneurs to connect, learn and grow. We are proud to be a part of this event and to support the success of small businesses in every way we can.” May 23 - 25

Marvel Stadium, Docklands, Melbourne.

Connecting Businesses Across Australia

CommBank SmallBiz Week 2023 will host thousands of visitors and present over 100 exhibitors over 3 days at Marvel Stadium Melbourne May 23 – 25, 2023. The event includes multiple B2B networking functions and Australia’s largest small business expo. CommBank SmallBiz Week 2023 will also host two major forums with interactive keynotes and industry panels featuring leading small businesses, entrepreneurs and industry thought-leaders.

The event kicks off on May 23 with a black-tie gala dinner celebrating the rising champions of Australian business with CommBank SmallBiz Young Hero Awards. The awards program recognises the achievements of trailblazing entrepreneurs and business leaders 35 years and younger.

The Business Leaders Luncheon returns as CommBank Smallbiz Week 2023’s major corporate function and focuses on the critical support required for the SME sector and the future of small business in Australia.

To find out more about CommBank SmallBiz Week 2023 visit smallbizweek.com.au

For all media enquiries: alyssa.herr@abfgroup.com.au

Naming Sponsor

Event Orgraniser

Marvel Stadium, Docklands, Melbourne.

LEARN MORE

For all the ways we do busines s

we

c an we

c an we

c an we

c an we

c an we c an we

c an

INDIVIDUALLY MADE, UNIVERSALLY SOLD.

Visa connects buyers and sellers around the globe.

5 Ways to Thrive in a Downturn Small Business Tips

The outlook for 2023 might be bleak – but for small and medium-sized businesses, extreme cost-cutting measures can be a risky move. In most cases, restricting spend leads to restricting growth; a short-term solution that will leave your business playing catch-up when the economy stabilises.

In fact, a downturn is often the best possible time to invest in key growth areas of your business –particularly digital transformation. In its latest small business guide, Microsoft recently revealed the five key growth areas for Australian businesses to prioritise (spoiler alert: cost-cutting didn’t make the list).

Here are the top five ways to thrive and survive in a downturn.

1. Prioritise your tech spend

The transition from small to medium business can happen quickly and often leaves staff struggling to serve a customer, supplier and employee base that are significantly larger than its processes can handle. When this happens, the technologies you choose, how they integrate with each other and how quickly they can be implemented have a direct bearing on the future success of your business.

An enterprise resource planning (ERP) platform is much more than just an accounting software; it can transform your entire business operation. Modern ERPs, like Wiise, use advanced analytics, AI and machine learning to provide businesses with full control and visibility over their critical operations; from key processes like payroll, CRM and accounting, to competitive capabilities such as inventory management, employee self-service and project costing.

2. Support your staff

Employees are officially your most important asset. Seventy per cent of Australian CEOs are struggling to fill vacant positions right now – so attracting and retaining talent has never been more important. A recent Microsoft Work Trend report revealed that two of the most important factors for employees are the ability to use best-in-class tools and technologies to complete tasks, and greater control over their working arrangements.

Wiise native integrations enable staff to continue using many of the existing familiar tools that they know and love – from Excel to Expense Manager. Self-service HR features hand control back to employees, with the ability to view payslips, submit leave and expenses or even accept, reject or swap shifts via their mobile devices.

3. Cut waste, not costs

There are smarter ways to cut costs than kneejerk spending freezes.

Out-dated or inefficient processes cost businesses up to 28% in lost time, productivity and efficiency – fixing these processes will not only eliminate wasted spend, but your exposure to compliance risks. Wiise ERP is designed to help to run your business more efficiently – from inventory management to ensure only stock that sells is reordered, to purchase requisitions enabling approvers to make smarter buying decisions.

4. Forget ‘business as usual’

A growing business is a changing business – and its tools, people and processes should always be ready to change and grow with it. Businesses that take advantage of AI and automation technologies are rewarded with greater productivity and more time to focus on strategy and innovation – which, in turn, leads to greater growth.

Ensure that your business is set for growth, with technologies that are:

• Cloud-based and ready to scale as demand increases.

• Armed with AI capabilities, to provide predictive analytics that can help your business to make informed decisions based on sales revenue, staffing and spend management data.

• Able to automate processes, removing menial tasks for your staff while eliminating errors and helping your business to become more agile.

Don’t let the downturn fool you…

Despite the temptation to cut costs, the key to thriving in a downturn is to grow your business and build resilience into your systems and processes.

To find out more, read the full article Investing in a Downturn: Why ERP is Critical in Recession Intervention or download the latest Microsoft small business guide: Your Digital Journey.

CommBank Young Hero Awards acknowledges and celebrates the achievement of young entrepreneurs and business leaders 35 years old and under. Hosted annually by the Australian Business Forum (ABF) and Small Business Connections Media, the awards attract innovative talent from a diverse range of businesses and industries.

Winners are announced before the Small Business Community, VIP guests, media, friends and family at the awards dinner event marking the opening of CommBank

SmallBiz Week 2023

YoungHeroAwards Awards Categories

5 Individual / Enterprenuer Awards

• Entrepreneur of the year

• Rising star award

• Innovator of the year

• Sustainable entrepreneur award

• Social media star

5 Business / Team Awards

• Startup of the year

• Excellence in marketing

• Retail innovation award

• Emerging tech award

• Excellence in customer service

Awards Timeline

Younger Australians are the least safe cyber generation at work

Small business owners should not assume their young social media-savvy family members or employees have the know-how to defend their businesses from a cyber attack.

Australia’s first generation of digital natives are among the least ware of common cyber security threats such as identity theft and ransomware, according to a new survey of more than 2000 small business owners and employees by the Council of Small Business Organisations Australia’s Cyber Wardens program.

The survey findings signal a warning for small business owners who regularly rely on younger family members or employees to manage their technology and business social media.

Four in five Australian small business owners and employees are not confident in their ability to

prepare for, fight and recover from a cyberthreat. The survey, which examined generational approaches to cyber security, found two-thirds (67 per cent) of Australian small business owners believe tech-savviness equates to cyber safety skills. While Gen Z employees – those born after1997 – may have grown up with Tiktok and Minecraft, the research suggests our first generation of digital natives are among the least cyber safe, lacking the awareness and key competencies of cyber security compared to their older colleagues.

The safest pair of hands in the small business community appear to be GenXers and upper Millennials in their 30s, who are the most likely to take cyber security seriously. Despite the lower awareness of incoming threats compared to their older counterparts, Gen Z rate their skills to prepare for, fight and respond to cyberthreats as

on par to all other generations, suggesting inflated levels of confidence.

In good news, Gen Z is the generation most keen to learn more and help build a culture of cyber safety, with one in two Gen Z employees (55%) interested in participating in the Cyber Wardens program.

The Cyber Wardens program, developed in partnership with the CommonwealthBank (CBA) and Telstra will be rolled out this year to help safeguard Australia’s 2.3 million small businesses and lock the digital front doors of businesses across the country.

“A good first step is taking stock of who is responsible for your business’ cyber protection,” COSBOA Chairman Matthew Addison said. “Don’t just assume your kids or younger employees are the safest pair of hands when it comes to online activity.”

CBA Chief Information Security Office, Keith Howard, said the Cyber Wardens program will give small business owners and their employees simple information and tools to stay safe online. “With a focus on practical behavioural change rather than technical jargon, Cyber Wardens will arm small business employees and owners with simple steps to protect their personal and professional lives online. It’s great to be working closely with COSBOA and Telstra to help create a frontline defence against cyberthreats with Australia’s 5 million-strong small business workforce, “ Mr Howard said.

Telstra Small and Medium Business Executive, Anne Da Cunha said the findings demonstrate the importance of a co-operative approach to

cyber security across generations, industries and businesses both big and small. “Australian small business owners have done it tough the past few years, emerging from COVID, navigating global supply chain issues and for some the impacts of natural disasters, the last thing they need is a cyber attack or scam to contend with,” Ms Da Cunha said The Cyber Wardens pilot program will launch in early 2023.

Consumers spend more at businesses prioritising these 3 values…SME are lagging

New research from Mastercard reveals customers in 2023 are more likely to spend with businesses that prioritise diversity, sustainability and data security. The research also finds that small businesses are lacking in these areas and customers are noticing.

Key findings from the report on small businesses include:

- Only a third (33%) of small businesses say that they currently have a DE&I strategy in place, compared to two thirds (67%) of medium businesses and three quarters (74%) of large corporations.

- Only 42% of small businesses say that their work premises are completely accessible for workers with a disability, compared to 72% of medium and 62% of large companies.

- Less than one in three (31%) of small companies say that they have made major changes to their work premises in the past 12 months to make it more accessible to people with a disability, compared to 67% of medium and 56% of large businesses.

- Only four in five (80%) small companies believe that increasing diversity and inclusion in the workplace will have positive benefits on their businesses, compared to 98% of medium and 97% of large organisations.

- One in five (19%) small businesses say that they do not even have data retention policies.

Most Australians (75%) agree all Australian businesses should be accessible to people with a physical, mental, sensory or intellectual disability, with more (76%) believing that organisations could do more when it comes to work and career opportunities for people with physical, sensory or intellectual disabilities.

The research revealed a gap when it comes to small businesses’ performance in these areas when compared to other sized businesses.

As it stands, only 42% of small businesses say that their work premises are completely accessible for workers with a disability, compared to 72% of medium and 62% of large companies, indicating there is still significant work to be done to match consumer expectations.

In addition, less than one in three (31%) of small companies say that they have made major changes to their work premises in the past 12 months to make it more accessible to people with a disability, compared to 67% of medium and 56% of large businesses.

Overall, the benefits of diversity and accessibility in an organisation are well recognised, with 92% of business leaders believing that increasing their diversity and inclusion in the workplace will have positive benefits for the whole company, including improving innovation and profitability. However, when breaking this down, only four in five (80%) small companies believe that increasing diversity and inclusion in the workplace will

have positive benefits on their businesses, compared to 98% of medium and 97% of large organisations.

“Ensuring an accessible society for everyone is growing in importance as we hear from more diverse voices in our media and at incredible sporting events like the Australian Open. Technology and the digital environments we all interact with now have made the world more accessible than ever, and businesses must make the most of the opportunity. Creating touch-accessible products or sonic-accessible experiences must be on the agenda for 2023 and beyond,” said Richard Wormald, Division President, Australasia, Mastercard.

“The past year has been challenging for businesses, emerging from the pandemic environment to heightened customer expectations and a changing economic environment. There’s been incredible resilience in the landscape, with 85% of business leaders saying they are optimistic about the success of their business in 2023, but the message is clear that 2023 will be a year where businesses are rewarded for prioritising the things that are priceless for their customers and employees,” he added.

The biggest business expo in Melbourne

25-26 October 2023

B2B Enterprise Week is a major B2B event showcasing Australia’s medium-to-large growing enterprise sector.

B2B Enterprise Week is poised to reach thousands of business owners, senior management, entrepreneurs and startups across Australia. The media campaign begins in May 2023 and drives engagement all the way up to the final event in October 2023.

B2B Enterprise Week is anticipated to host over 3000 visitors with free online registration.

Over 1000 delegates are expected to participate in the summit, networking functions, workshops and corporate luncheon.

90+ Exhibitors

4K+ Visitors & Delegates

80+ Speakers

B2B Enterprise Week provides medium-tolarge organisations with an excellent platform focused on connecting businesses across all industry sectors and helping them to grow and succeed.

The major business functions to CONNECT - GROW AND EXPAND

25-26 October 2023

ABF will present the seventh annual B2B EXPO in 2023, a well-established and market-leading B2B event made for Australia’s medium-tolarge growing enterprise sectors. B2B EXPO showcases business innovation, cutting-edge technologies, products and services as well as the latest trends and market solutions.

B2B Enterprise Summit features prominent CEO’s, business leaders and industry experts delivering a series of keynote presentations and panel discussions that will provide attendees with important insights into the future of the industry as well as advice on challenges and opportunities facing businesses for the remainder of 2023 and beyond.

Exhibitor/Sponsor

Join Australian business leaders and entrepreneurs from some of the most influential companies and organisations in the most wisdom-packed luncheon of the year. With expert insights about what’s driving market change, you’ll learn how to overcome upcoming challenges and seize opportunities for business growth. Book your seat today to connect with Australia’s business leaders in this once-a-year corporate event. Corporate tables are available.

Partner & Speaker Packages Available

Contact: info@abfgroup.com.au

Phone: +61 3 8689 9898

Why your best employees are leaving and how to stop it

Turnover: it’s an important metric for any organisation’s health and one that executives across the business often scrutinise. If you feel confused answering questions like, “why are employees leaving,” you’re not alone. It’s hard to know what’s right when the research is flip-flopping, suggesting one minute that employees leave because of managers, and the next, that’s not the case We at Culture Amp have even weighed in on this debate in the past. If your head is spinning, don’t worry. Ours was, too.

So we undertook our largest study on employee turnover to date, aiming to provide some muchneeded context around these challenging questions. We found that:

• There are 3 key reasons employees leave

• When it comes to keeping managers, inclusion is most important

• Employees that you want to keep most are more likely to be vocal about their dissatisfaction

• If you want to predict who is going to leave, you should just ask them

To discover these insights, we analysed the survey responses of over 300,000 employees who voluntarily exited over the 15 months prior to COVID. We compared both their exit survey responses as well as their engagement survey responses before leaving. Then we incorporated

other characteristics we knew about the individuals, like their tenure, manager status, and if the People team considered their exit to be regrettable. We busted some long-established myths – no, employees don’t leave because of managers – and found insights that no one has reported on before. Now, let’s dive in.

There are 3 common reasons employees leave When comparing those who left to those who stayed, there were three key reasons they left:

• Career growth: Employees who left were less favourable on the question “I believe there are good career opportunities for me at [Company].” Additionally, a lack of Growth (in their career or development opportunities) was selected by 1 in 3 employees as a top reason for leaving at the time of exit.

• Role expectations: Unsurprisingly, they were also less favourable when asked if “I am happy with my role relative to what was described to me.”

• Inclusion: Those who left were less likely to feel like they belonged at the organisation. On average, those who left were 7 points lower on these questions than those who stayed on.

This is an excerpt from ‘Why your best employees are leaving and how to stop it’ by Fresia Jackson, Lead Research People Scientist, Culture Amp. Read the article in full here

Why 60% of SMEs go bankrupt within 6 months of a cyberattack

60% of small companies go bankrupt within six months of a cyberattack — expert tips on how to avoid it.

By 2025, financial damage from cybercrime is expected to rise to over 10 trillion USD. The threat is often underestimated by companies of all sizes. The stakes are extremely high for small and medium businesses (SMBs). Eighty-three percent of small businesses do not have additional funds set aside in case of such an event. Thus, 60% of small companies go bankrupt within six months after a cyberattack.

Mindset is key

According to research, most SMBs are unprepared for cyberattacks, and decision-makers are to blame for it. For instance, 66% of leaders have

a strong belief that their business will not face a cyberattack. Paradoxically, at least 67% SMBs reported a cyberattack in 2019. In addition, a common mindset includes thinking that a company “is too small, too new, or too unappealing to be targeted.” In reality, absolutely every kind of business can be a target of a cyberattack.

Carlos Salas, engineering manager at NordLayer, Nord Security’s product for business network protection, says, “A mindset like ‘hackers only target big companies, so we’re safe being an SMB’ is problematic. Yet many decision-makers have this mindset. We need to understand that attackers can come in any shape, size, or form — from curious high schoolers trying to get recognition from their

hacking forums to state-backed hacking squads. No target is too small.”

A cyberattack checklist for businesses

Salas explains, “As always, preventive measures are the easiest (and cheapest) way to avoid data leaks, ransomware, and scams. If an attack has already happened, the best thing to do is contact the countries’ respective authorities in charge of cybercrime and get an assessment (post-mortem analysis) by a cybersecurity expert to prevent further damage.”

Additionally, Salas shares the following tips for businesses to minimize damage from a cyberattack:

- Make sure to change all the associated passwords.

- Disconnect from the internet.

- Disable remote access.

- Run a malware test.

Your business deserves the right technology partner to succeed

In today’s fast-paced world businesses are looking for advanced technology to help give them an edge through increased mobility, connectivity, security and collaboration.

Making the right technology decisions for your business requires deep tech know how and the resources to be able to deploy them at pace. This is where JB Hi-Fi Business can help you shine.

Technology is our business. We love listening to our business customers’ ambitions and providing the best-fit technology solutions that empower people in your business to be their best.

Whether you’re a start-up or an enterprise, you can feel confident knowing that we take pride in guiding you toward the right technology decisions to make your vision of success a reality.

JB Hi-Fi Business. More for Business.

More available products

When you collaborate with us, you have hundreds of innovative tech brands and products at your fingertips, ensuring your business technology needs will be met.

More competitive pricing

By signing up for a free online business account, you gain access to specialised commercial pricing, and our dedicated business team who are on-hand to help you with your tech requirements.

More (convenience) locations and people

Reap the benefits of one-stop purchasing, available 24/7 through our business portal and supported by our advanced national fulfilment capability, backed by our network of over 200+ stores across the country for click and collect.

JB Hi-Fi Business | Capability Statement

Telco

As one of Telstra’s largest partners, we support you with a comprehensive telecommunications solution that is not only reliable, but flexes and stretches with the evolving needs of your business.

Our telco offering spans Mobility, Business Internet, IT Integration and Network Services. We can help you harmonise your entire communications suite with our Unified Communications for optimal productivity and collaboration. JB Hi-Fi Business also offers a Service Desk to provide user support for devices purchased through us.

There’s a better way to telco. Talk to us and say goodbye to hang-ups with your business communications.

Solutions & Services

We’ve identified the most useful, value-driven business solutions to help take today’s workplaces into tomorrow.

Our TechOnDemand solutions include Meetings (subscription-based conferencing with enterprisegrade hardware), Cloud Collaboration (the transitioning of on-prem systems into a unified cloud platform), Device as a Service or ‘DaaS’ (flexible, secure, and scalable procurement and support for fleets of devices) and Managed Mobility (a comprehensive mobile management program keeping your users connected and your people focused on business).

Find out more about these unified, hybrid and remote working solutions, and empower your business with increased productivity.

Our partnership promise looks like this

Your business deserves more from your technology investment. When you work with us, you gain access to an exceptional range of products, pricing, and know-how, combined with a thorough lifecycle management approach that informs every step of our journey together.

Here are the four stages of our engagement with your business:

1. Consult

We ask you the right questions to fully understand what you’re trying to achieve and where you’re at. Only once we’re satisfied that we’re all on the same page do we move to the next stage.

2. Design

Firstly, we select vendors and create a solution roadmap and proposal for you. Next, we finalise solutions and develop a detailed design. This may include a site audit and assessment to test assumptions and risk as part of the validation of our proposed solution.

3. Build

We construct the final solution from our detailed design, including staging and lab acceptance testing. Then, we deploy the lab-tested solution, rolling out equipment at your site. Quality testing is performed to complete this stage.

4. Manage

Our ongoing commitment to your business means we focus on continuous improvement, which includes sales and project implementation review and handover. We use a feedback loop to improve services and keep innovating alongside your business.

Don’t be a stranger – it’s time to connect for your business success.

Tourism industry forecasted to return to pre-pandemic spending in 2023

Australia’s visitor economy is forecast to bounce back to pre-pandemic expenditure this year, and grow to $227.7 billion by 2027, according to new forecasts out today.

In very welcome news for the sector, this year’s annual Tourism Forecasts for Australia project a brighter future for the visitor economy from now until 2027.

International tourism will continue its recovery, with international visitor expenditure to exceed pre-pandemic levels in 2024, and visitor arrivals to top pre-pandemic arrivals by 2025.

This year, nearly 3.5 million international visitors are forecast to arrive in Australia, rising to 9.5 million in 2025 and 11 million in 2027.

By 2027, New Zealand Europe, the US, UK and India are projected be among our leading sources of international visitors, with China also expected to return to prominence over the forecast period.

Overseas holidays are also back on the cards for Australians, forecast to rise from 6 million departures for Australian residents in 2022 to 13.4 million in 2027, enabling us to reunite with family, pursue business opportunities, and engage with other cultures.

Therecovery for our domestic travel has been much quicker, with overnight and day trip expenditure already surpassing prepandemic levels. While the recovery has been uneven across states and territories, visitor nights are forecast to be a minimum of 9 per cent higher that pre-pandemic in all states and territories by 2027.

I have been delighted to see Australians getting out and about around our country this year, and I look forward to our tourism and travel businesses welcoming more international visitors in coming years.

The Albanese Government is committed to supporting the visitor economy both now and in the future. Tourism is not only a major employer and export earner for Australia, it also showcases to the people of the world the cultures, landscapes, and attractions that make Australia unique.

While the pandemic stunted growth in international visitor numbers by several years, travellers are returning, and Tourism Australia’s new global campaign is sure to convert the pent-up demand for an Australian holiday to see our iconic destinations and friendly faces, into bookings.

The recent Federal Budget provided $48 million in new funding to attract and skill-up workers, support quality tourism products, and deliver infrastructure upgrades. These initiatives add further impetus to Australia’s national long-term strategy for the visitor economy, THRIVE 2030.

3 Common risks to supply chain and how to fix them

3 Digitalization Strategies Driving Supply Chain Resiliency – Expert cites 3 common supply chain risks and how safeguard against inevitable turbulence and uncertainty. With the considerable supply chain disruptions brought on by the pandemic and amid escalating inflation, supply chain resilience is more critical than ever before.

The unforeseen pandemic of late has presented a range of challenges that many supply chains were clearly—often admittedly—unprepared for. Labor shortages, shipping cost surges, new patterns of production and consumption have all played a key role in disrupting business logistics, upending markets, industries and whole econom ies in the process. In its wake are logistics, procurement and other supply chain professionals who continue to suffer stress and chaos on the front line, scrambling to react to newly exposed systemic weaknesses and vulnerabilities.

“In order to prepare against unforeseen and inevitable turbulent events ahead, it’s important to take proactive measures to identify the most inherently fragile areas within a supply chain,” urges Nirav Patel, CEO of Bristlecone —the leading provider of connected logistics solutions that’s part of the $19 Billion dollar Mahindra Group.

“In this post-pandemic era, we need to challenge conventional thinking and pursue digital innovation on a much larger and more significant scale. Embracing emerging technologies like AI and SAP integration can transform and fortify companies with an appropriate level of resilience and agility to defend against future crises and unforeseen challenges.”

Three Common Risks to Supply Chain

While there are numerous reasons why supply chains are disrupted, there are a few prime culprits:

Environmental Forces: External factors, such as natural disasters, economic turmoil and geopolitical instability impact

supply chain performance in numerous unsavory ways like damaged transport infrastructure, canceled deliveries and demolished inventory— all of which can lead to unbalanced supply and demand.

Value Chain Disruptions:

Issues within the value chain, the process starting from businesses receiving raw material to then selling the finished product to consumers, can create a bullwhip effect where small fluctuations in initial operations can lead to even greater negative effects across the entire supply chain. Value chain triggers include labor disputes, limited supplier cash flow, manufacturing accidents and so on.

Business Operation Challenges:

When troubles arise internally within key areas of the business, like breaches in the finance, IT or HR divisions, core operations will struggle to function and that will impede the company at large.

As supply chain threats like these and others remain omnipresent—with regional, national and global implications—it has become an imperative for organizations to employ digital tools for enhanced automation, visibility and resiliency. Here are three digital strategies leaders can implement to do so:

Supply Chain Digital Twins: Digital twins are digital replicas of physical supply chains. They integrate with the company’s systems to provide real-time insights on any sudden disruptions in a supply chain’s performance level, allowing supply chain management to become more proactive than reactive. Digital twins help companies

mitigate environmental risks by immediately notifying them of natural disasters or other external forces that can harm the supply chain’s efficiency. This simulation provides an additional level of visibility that would otherwise be impossible without leveraging technology.

Predictive Maintenance: This is a preventative technique that uses machine learning technologies and sensors to track how machines and systems are functioning. Predictive maintenance is able to foresee when a machine is likely to develop issues in the near future so that maintenance can be done before any breakdowns. Supply chain operations become more resilient knowing that all machines and robotics are working efficiently.

Tracking: Today’s supply chain management companies live in a fortunate time where they can collect real-time updates on current events courtesy of the Internet and other technologies. Companies can leverage social media to obtain consumer behavior analytics while also monitoring the industry, news and other sources that can indicate potential supply chain disruptions like the passing of a new regulation. Logistics and transportation technologies provide powerful modern digital fleet tracking so that companies can track their shipments and fleets across land and sea, all over the world. Analytics from cloudbased and other technologies provide valuable insights on—and can fiscally quantify—things like employee engagement and productivity. This data is direct feedback that supply chain managers can leverage to assess what

leadership tactics are effective and which fail to drive workforce benchmarks. Mitigating avoidable business risk by proactively transforming and shoring up supply chains with digital technologies and methodologies like these is a trend forecasted to persist over the next few years. This as Gartner predicts that “by 2026, more than 75% of commercial supply chain management application vendors will deliver embedded advanced analytics (AA), artificial intelligence (AI) and data science.” A McKinsey survey also cited that more than 90 percent of respondents reported they have invested in digital supply chain technologies in the last year.

Digital transformation is already reinventing the modern supply chain across sectors as technologies like Artificial Intelligence (AI), Machine Learning (ML), lnternet of Things (IOT) and Blockchain integrations grow. These nextgen digital deployments are offering innovative ways for supply chain professionals to procure highly accurate, up-to-the-minute data—the kind that creates opportunities for companies to predict and aptly react to macro and micro conditions, mitigate risks and, at the most extreme level, thwart a business busting disaster.

“Supply chains are complex and disruption is becoming the norm,” Patel says. “Businesses must be able to operate seamlessly within their ecosystem of functional teams, partners, logistics providers, customers and other stakeholders, and work together to navigate and mitigate supply chain risk—all while improving customer experience. Establishing multi-tiered digitalization replete with data aggregation,

information exchange, collaboration, risk management, AI-powered analytics and robust cloud technologies can shore up a supply chain with unprecedented speed, visibility, synergy and control. It’s a mission critical way to maintain the kind of resiliency that will demonstrate—and protect—business value.”

Fast. Reliable.

Fast. Reliable.

What your business needs for a fast-paced world

What your business needs for a fast-paced world

In today’s global business environment, the internet is more essential than ever before. We depend on it for virtually all aspects of our working lives; from phone calls and email contacts, to video conferencing and accepting payment from our customers - virtually everything we do in business requires the internet.

In today's global business environment, the internet is more essential than ever before. We depend on it for virtually all aspects of our working lives; from phone calls and email contacts, to video conferencing and accepting payment from our customers - virtually everything we do in business requires the internet.

In today's global business environment, the internet is more essential than ever before. We depend on it for virtually all aspects of our working lives; from phone calls and email contacts, to video conferencing and accepting payment from our customers - virtually everything we do in business requires the internet.

Fast. Reliable.

Yet often when selecting a new internet service provider the first aspect considered is price. Whilst this may certainly be one deciding factor, the ISP’s reliability is actually an even more important gauge of quality.

What your business needs for a fast-paced world

Yet often when selecting a new internet service provider the first aspect considered is price. Whilst this may certainly be one deciding factor, the ISP’s reliability is actually an even more important gauge of quality.

With technology what it is today, it’s inevitable that we’ve all experienced those unfortunate times when our connectivity was lost for a period of time - typically always at the worst possible moment: perhaps your payroll was due - or a major tender was about to close. At some stage, all internet services can experience downtime or degraded speeds.

In today's global business environment, the internet is more essential than ever before. We depend on it for virtually all aspects of our working lives; from phone calls and email contacts, to video conferencing and accepting payment from our customers - virtually everything we do in business requires the internet.

With technology what it is today, it’s inevitable that we’ve all experienced those unfortunate times when our connectivity was lost for a period of time - typically always at the worst possible moment: perhaps your payroll was due - or a major tender was about to close. At some stage, all internet services can experience downtime or degraded speeds.

Australia’s NBN rollout was intended to be the solution to this type of connectivity unreliability; however, due to political changes in direction the quest for cost-cutting and faster rollouts has resulted in a piecemeal approach that deployed mixed technologies - at the expense of consistent speed and stability.

Yet often when selecting a new internet service provider the first aspect considered is price. Whilst this may certainly be one deciding factor, the ISP’s reliability is actually an even more important gauge of quality.

Yet often when selecting a new internet service provider the first aspect considered is price. Whilst this may certainly be one deciding factor, the ISP’s reliability is actually an even more important gauge of quality. With technology what it is today, it’s inevitable that we’ve all experienced those unfortunate times when our connectivity was lost for a period of time - typically always at the worst possible moment: perhaps your payroll was due - or a major tender was about to close. At some stage, all internet services can experience downtime or degraded speeds.

So what can you do to protect your business? The first thing we recommend is to install a 4G Backup. Having this functionality available is one of the simplest methods to safeguard connectivity for your business.

Australia’s NBN rollout was intended to be the solution to this type of connectivity unreliability; however, due to political changes in direction the quest for cost-cutting and faster rollouts has resulted in a piecemeal approach that deployed mixed technologies - at the expense of consistent speed and stability.

With technology what it is today, it’s inevitable that we’ve all experienced those unfortunate times when our connectivity was lost for a period of time - typically always at the worst possible moment: perhaps your payroll was due - or a major tender was about to close. At some stage, all internet services can experience downtime or degraded speeds.

Additionally, it’s crucial to assess the market to determine if there is an alternative type of connection available to your property. Switching over to a fibre connection (if available) offers far greater levels of stability than services still running over sections of the old copper network, or utilising wireless technology.

Australia’s NBN rollout was intended to be the solution to this type of connectivity unreliability; however, due to political changes in direction the quest for cost-cutting and faster rollouts has resulted in a piecemeal approach that deployed mixed technologies - at the expense of consistent speed and stability.

So what can you do to protect your business? The first thing we recommend is to install a 4G Backup. Having this functionality available is one of the simplest methods to safeguard connectivity for your business.

At URL Networks we pride ourselves on placing our customers first. We run our own network and partner with various wholesalers, which allows us to genuinely determine the ‘best fit’ available service for your location.

So what can you do to protect your business? The first thing we recommend is to install a 4G Backup. Having this functionality available is one of the simplest methods to safeguard connectivity for your business.

Furthermore, we take a proactive role in keeping your business online. We utilise a variety of monitoring tools to diagnose our customer services in real time, and if we determine there’s a problem - we’ll let you know, often before you’ve even noticed it yourself!

Australia’s NBN rollout was intended to be the solution to this type of connectivity unreliability; however, due to political changes in direction the quest for cost-cutting and faster rollouts has resulted in a piecemeal approach that deployed mixed technologies - at the expense of consistent speed and stability. So what can you do to protect your business? The first thing we recommend is to install a 4G Backup. Having this functionality available is one of the simplest methods to safeguard connectivity for your business. Additionally, it’s crucial to assess the market to determine if there is an alternative type of connection available to your property. Switching over to a fibre connection (if available) offers far greater levels of stability than services still running over sections of the old copper network, or utilising wireless technology.

Additionally, it’s crucial to assess the market to determine if there is an alternative type of connection available to your property. Switching over to a fibre connection (if available) offers far greater levels of stability than services still running over sections of the old copper network, or utilising wireless technology.

Additionally, it’s crucial to assess the market to determine if there is an alternative type of connection available to your property. Switching over to a fibre connection (if available) offers far greater levels of stability than services still running over sections of the old copper network, or utilising wireless technology.

So, if your Telco is complacent with your internet connectivity, reach out to us to find out how we can better support your needs. Because here at URL Networks, we aim to take the stress out of business telecommunications.

At URL Networks we pride ourselves on placing our customers first. We run our own network and partner with various wholesalers, which allows us to genuinely determine the ‘best fit’ available service for your location.

At URL Networks we pride ourselves on placing our customers first. We run our own network and partner with various wholesalers, which allows us to genuinely determine the ‘best fit’ available service for your location.

Furthermore, we take a proactive role in keeping your business online. We utilise a variety of monitoring tools to diagnose our customer services in real time, and if we determine there’s a problem - we’ll let you know, often before you’ve even noticed it yourself!

@urlnetworks url.net.au

Furthermore, we take a proactive role in keeping your business online. We utilise a variety of monitoring tools to diagnose our customer services in real time, and if we determine there’s a problem - we’ll let you know, often before you’ve even noticed it yourself!

hello@url.net.au 1800 875 638 stress-free telecommunications

At URL Networks we pride ourselves on placing our customers first. We run our own network and partner with various wholesalers, which allows us to genuinely determine the ‘best fit’ available service for your location. Furthermore, we take a proactive role in keeping your business online. We utilise a variety of monitoring tools to diagnose our customer services in real time, and if we determine there’s a problem - we’ll let you know, often before you’ve even noticed it yourself!

So, if your Telco is complacent with your internet connectivity, reach out to us to find out how we can better support your needs. Because here at URL Networks, we aim to take the stress out of business telecommunications.

So, if your Telco is complacent with your internet connectivity, reach out to us to find out how we can better support your needs. Because here at URL Networks, we aim to take the stress out of business telecommunications.

So, if your Telco is complacent with your internet connectivity, reach out to us to find out how we can better support your needs. Because here at URL Networks, we aim to take the stress out of business telecommunications.

@urlnetworks

Starting up a business in 2023 7 things you must do

Despite the impact of COVID on our economy, the number of people starting up small businesses is still very strong. In fact, the number of micro-businesses in Australia grew 10 percent from 1.41 million in June 2021 to 1.55 million in June 2022.

According to Coco Hou, CEO of Platinum Accounting Australia, many people will take the leap in early 2023 to start up their own business. While there are many aspects to consider, there are seven key things people should do when they start up a new business to help them achieve profitability sooner.

“Starting up a new business is one of the most exciting things you can do as part of your career jouarney, however it can also be one of the most stressful and expensive,” Ms Hou said.

“There are lots of costs associated with setting up a new business so it is important that you take care to manage costs or you will put yourself in a precarious position from day one. The key is to minimise spending while maximising revenue generation. Unfortunately many people are not good at minimising spending.”

Buy secondhand

“While purchasing equipment for your business may be tax deductable, you need to outlay the funds upfront to buy things,” Ms Hou said.

“From day one you need to be thinking about

moving into the black. This is an accounting term that relates to profitability. In simple terms, you need to be bringing in more income than you are sending out the door through spending. If you are still in the red, then your business is not sustaining itself financially.

“Where possible set up your business with secondhand items. Secondhand marketplaces are full of desks, chairs, cupboards, fridges, shelving and other items that are ideal for offices and warehouse setups. This will save you considerable money and also help you to get up and running quickly.”

Use free software and apps

“Running a business can be very expensive so you need to look for ways to keep your costs down,” Ms Hou said.

“Utilise the plethora of free apps and software available online to support and run your

business. These include apps for collaboration, communication, creative design, account management and more.

“When choosing which apps are best for you, consider things such as integration and scalability. As your business grows and your needs increase, you may need to advance to paid versions to access different services.”

Engage a good bookkeeper and accountant

“There are some things that you must have from day one when you start a business and having a good accountant and bookkeeper is very important,” Ms Hou said.

“A good accountant will ensure that your structure and business have been set up correctly from day one to meet your needs from a risk and tax compliance and minimisation point of view. They will also work with you to put in place systems to help you manage your cashflow, invoices and expenses in a central and manageable manner. Your accountant will also be able to recommend bookkeepers who are skilled and trustworthy at taking care of your day-to-day accounts.

“When you start your business, every cent matters so you need to keep track of your expenses and receipts and ensure invoices are being generated quickly and efficiently and payments are being followed up.”

Digital assets

“It can be difficult to think of everything when you set up a business but digital assets are very important,” Ms Hou said.

“Websites, social media and customer databases are critical in business and form a key part of your

overall operations and digital assets. Ensure you have registered all available and relevant domain names, social media pages and your branding with IP Australia.

“These assets will grow in value over time and become integral to your brand and business value. If you don’t secure domain names and social media handles early on it may cost you more once your business is established to purchase these assets.”

Outsource help

“When starting up a new business the key is to sell hard and bring as much revenue in the door as possible while scaling up in a measured way,” Hou said.

“You also need to keep fixed costs and expenses as low as possible to bring the business into the black. If you find you are growing fast and need more help to deliver the work to customers, opt for uber style task platforms such as Airtasker and Upwork to get tasks done quickly on an ‘as needs’ basis. Outsourcing the work in this manner is more

cost-effective in the early days than bringing on board employees.”

Security

“Security is an important issue for business owners regardless of your size of operations or stage of growth,” Ms Hou said.

“Ensure your computers, website and other assets or systems that sit in the cloud or are connected to the internet are secure. A lot of businesses are being hacked and blackmailed. Websites are being hijacked and social media accounts are being hacked into and stolen.

“Ensure you have good security in place from day one and maintain high levels of vigilance. Being hacked can be devastating and bring your business to its knees.”

Swap services

“Build your business fast and find other businesses that offer services that you may need that could benefit from your products or services,” Ms Hou said.

“Value exchanges are important strategies while you are growing. If you need an IT person to set up your computers, then offer products and services in return to reduce the cost of the services.

“Many business owners are happy to swap services in order to gain access to expertise they need while using their own services as currency. This is referred to as bootstrapping and it is an extremely valuable tactic to use while you are growing and moving into the black – and also a good strategy to use to stay in the black.”

ABF VISION

SMALL BUSINESS CONNECTIONS TV

ABF Vision presents Small Business Connections; a TV program delivering targeted news content and interviews aimed at empowering and informing the small-tomedium business community on the latest trends, technology and solutions available to SMEs.

EXCLUSIVE INTERVIEWS WITH BUSINESS LEADERS & BUSINESS OWNERS

A multi-faceted business media platform providing the latest industry insights delivered through in-person interviews with business leaders, business owners, entrepreneurs, government officials and industry experts.

Alyssa Herr | Presenter of Small Business Connections TV

Alyssa Herr is the editor of Small Business Connections Media & Magazine

Vivienne Ryan | Host of Small Business Connections TV

Vivienne Ryan is an entrepreneur, co-founder and director of media agency Gravia Media

https://vimeo.com/793958993