When it comes to cybersecurity, many businesses, particularly smaller businesses and those outside the tech sector, are underprepared. Those who do have coherent cybersecurity strategies, appropriate software, and company policies to help protect sensitive data, though, also frequently fall victim to data breaches. This isn’t because their strategies are inadequate on paper, but rather because they fail to take the human element into account. A business’ data is never more secure than its employees make it.
Australian businesses are facing a sales slump in several sectors, particularly in property related businesses such as real estate, and insurance firms. Additionally, services such as interior design, education, and personal care services have been strongly affected. The survey of over 30,000 businesses by Invoice2Go found that smaller businesses were particularly hard-hit, with sales falling an average of 7 percent since last year.
Before it can sell a product, a business first needs labour, supplies, work space, tools, energy, and all of the other small things that make that business run. In short, it costs money to make more money. Initially, businesses normally deal with this issue by financing their operations with a bank loan, their personal savings, or investor support. Once a business is up and running, however, every further attempt to grow requires a similar investment.
Weak company cultures can have a lot of negative effects on a business, including decreased productivity and increased employee turnover. Considering that cultural issues are largely preventable, their ubiquity among modern businesses might seem surprising. The problem is that business leaders often lack the perspective they need to view their own businesses realistically, and to address problems as they arise.
Businesses in Australia are looking for new, more reliable ways to fund growth. Tightening borrowing conditions from major lenders, combined with a growing awareness of other financing options is increasingly leading businesses to turn away from their primary bank to look for the funding they need. While businesses of all sizes are taking advantage of the new options offered by tools like supply chain and invoice finance, the issue of conservative lending practices has particularly affected SMEs.
Pinterest was originally billed as a visual “catalogue of ideas”, designed to allow people to discover and share what they found on the Internet. In practice, the social platform enabled us to organise and share not just ideas, but also the products that we found.
Cybersecurity is quickly becoming an issue that businesses across all industries are forced to contend with. While most online businesses, financial institutions, tech companies, and large corporations have systems and policies to protect their sensitive data, these often aren’t sufficient to cope with more sophisticated modern cybersecurity threats. Worse yet, many other businesses still don’t take cybersecurity seriously, and don’t take any meaningful steps to prevent potential threats.
With multiple major players in the global economy stirring up trade tensions, it’s no surprise that businesses in Australia and New Zealand are also beginning to feel some adverse effects. While governments in neither country believe that a recession is already underway, both are seeing a notable drop in consumer confidence. The ANZ-Roy Morgan Australian Consumer Confidence index shows that Australia has reached a 2-year low in consumer confidence in July, whilst the Westpac-McDermott Miller consumer confidence index in New Zealand shows an ongoing, but unsteady decline since reaching a high point in 2014.
The escalating trade tensions between the US and its biggest trading partners, most notably China, have been at the heart of slowing global trade. It has already impacted economies all over the world, halting growth and pushing major economies toward recession. However, while there are certainly no real winners in a trade war, there are business opportunities. Even as some sectors of the Australian and New Zealand economies have felt the impacts of this global slowdown, others—specifically the mining industry—have pushed the country’s trade surplus to a record high.
Money is a constant headache for business owners, regardless of how successful your business is. That’s because business is competitive, and nobody can afford to let working capital sit around unused when it could be driving growth. Excess funds can always be used to expand production, expand marketing efforts, or develop new and more innovative products.