The Australian small business community faces a significant cash flow crunch, fuelled by soaring business and living costs and exacerbated by unpaid debt from the high number of business insolvencies nationwide. COSBOA has put forward targeted policy interventions to alleviate business costs. These interventions will support small business sustainability, enhance business resilience and lead to a reduced cost of living and an environment where both businesses and consumers thrive. COSBOA’s latest Small Business Perspectives Report highlights several critical challenges facing Australia’s small business sector, including the cost of doing business. Access the report here – https://lnkd.in/gsgHmiD3 #SmallBusinessPerspective #SmallBusinessData #SmallBusinessPolicy
Council of Small Business Organisations Australia (COSBOA)’s Post
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Australian small businesses could benefit from lower lease payments/property tax if states charged rental property investors commercial property taxes. Owning and renting out properties is a for-profit business activity. The low property taxes they pay are effectively subsidised by higher rates on all other businesses.
The Australian small business community faces a significant cash flow crunch, fuelled by soaring business and living costs and exacerbated by unpaid debt from the high number of business insolvencies nationwide. COSBOA has put forward targeted policy interventions to alleviate business costs. These interventions will support small business sustainability, enhance business resilience and lead to a reduced cost of living and an environment where both businesses and consumers thrive. COSBOA’s latest Small Business Perspectives Report highlights several critical challenges facing Australia’s small business sector, including the cost of doing business. Access the report here – https://lnkd.in/gsgHmiD3 #SmallBusinessPerspective #SmallBusinessData #SmallBusinessPolicy
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Business Growth Programmes for SMEs are an essential facet of regeneration. In this article Jay Mehta examines the Subsidy Control issues to address when applying public sector funding towards Business Growth Programmes. Learn more: https://lnkd.in/eg5edM_s #BusinessSupportProgrammes #SubsidyControl #CommercialLaw
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In an independently produced survey with Amárach Research about business costs, small businesses were asked about the impact of rising business costs in the past 12 months. This survey revealed that 83% of small businesses in Ireland are facing escalating costs. Moreover, 35% of businesses report that they cannot continue trading beyond six months without additional funding. David Broderick, Director of the SFA, underscores the severity of the situation: “The fact that over a third of small businesses will run out of liquidity within six months without any financial aid shows how cash-strapped they are. One in five small businesses have secured funding from friends and family to cope with rising costs. This is an alarming reality.” Supporting small businesses, the lifeblood of our communities, is more critical than ever. For the complete survey results and detailed insights, visit: https://lnkd.in/emuD69XM #SmallBusinesses #BusinessCosts #CostEscalation #SFA #SupportSmallBusiness Ibec Jonathan McDade Geraldine Magnier
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2 businesses per day closed in 2023, with a projected 3 per day in 2024. (That was the projection in Q1, but since there's been over 11,700 businesses served demand notices by Revenue in May regarding their tax debt warehouse situation. So the figure of 3 per day for 2024 may be conservative. We can no longer ignore or sideline the reality of the newer and more grave pressure small businesses are under now (that's 98% of all the businesses in Ireland). Calling on Govt to do a 'PRSI rebate' as proposed by Small Firms Association, so as to effectively support every small business in our country rather than just those who pay rates (ICOB - 'Increase in Cost Of Business' package, the €257m support scheme is only getting paid to rate payers.) #sme #smallbusiness Minister Peter Burke and Department of Enterprise, Trade and Employment
In an independently produced survey with Amárach Research about business costs, small businesses were asked about the impact of rising business costs in the past 12 months. This survey revealed that 83% of small businesses in Ireland are facing escalating costs. Moreover, 35% of businesses report that they cannot continue trading beyond six months without additional funding. David Broderick, Director of the SFA, underscores the severity of the situation: “The fact that over a third of small businesses will run out of liquidity within six months without any financial aid shows how cash-strapped they are. One in five small businesses have secured funding from friends and family to cope with rising costs. This is an alarming reality.” Supporting small businesses, the lifeblood of our communities, is more critical than ever. For the complete survey results and detailed insights, visit: https://lnkd.in/emuD69XM #SmallBusinesses #BusinessCosts #CostEscalation #SFA #SupportSmallBusiness Ibec Jonathan McDade Geraldine Magnier
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From Aberdeen to Perth, smaller businesses across Scotland face unique challenges and opportunities. Our latest SME Access to Finance report will help us tailor support to help smaller businesses across Scotland thrive. Published collaboratively with Scottish Enterprise, our report offers deep-dive analysis of smaller business finance across Scotland and a comparison to other Devolved Nations. Download your copy here 👉 https://lnkd.in/g43PKEpf #Scotland #SmallBusiness #SME #SmallBusinessResearch
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Guest Column 🚨 Cashflow, investment and financial stability. These are often the barriers which prevent SMEs from growing. Amanda Meyerhoff, Lead relationship manager for Wales for Allica Bank looks at how Open Finance works, what does this mean for businesses across Wales, and what impact could it have on Welsh SMEs? #OpenFinance #SMEs #WalesEconomy #Investment https://lnkd.in/exrcTGc7
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Managing Director at Count and Account Financial Services | Simplifying Accounting with a Personal Touch | Helping SMEs Thrive with Personalised Financial Solutions | Dedicated to Family, Finance, Faith & Fitness
Attention South African small business! Recent stats reveal a 35% increase in business liquidations compared to last year. 109 businesses closed down in January alone, proving just how challenging our economy is to navigate. Voluntary liquidations are particularly telling. They often signal that business owners know and accept there is no way out. We have unfortunately seen this happen with a few of our clients at Count and Account Financial Services (Pty) Ltd. It is normally the result of a ripple effect because if their biggest client goes under, they go under. As I've mentioned in previous posts, it's all about cash flow and whether the company has the reserves to carry itself through the difficult months. This trend is not just confined to one sector; it's spreading across the board, impacting even the strongest of industries. The decline in new vehicle sales further confirms that the economic pressure is far from over. If your business is feeling the strain or you're looking to strengthen your financial strategies, please reach out. Whether it's optimising cash flow, finding new ways to cut costs without compromising quality or exploring new revenue streams, we can provide support. https://lnkd.in/dj5cHEMc #SouthAfrica #Economy #Finance #SME #Supportingsmallbusinesses
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2450+ Connections I Postgraduate Lecturer I Finance and Innovation
1moAustralian small businesses could benefit from lower lease payments/property tax if states charged rental property investors commercial property taxes. Owning and renting out properties is a for-profit business activity. The low property taxes they pay are effectively subsidised by higher rates on all other businesses.