As an entrepreneur, it’s easy to get mired in a sea of emails, phone calls, and operational and personnel problems, leaving almost no time for your regular responsibilities. This hectic day-to-day scramble won’t just run you ragged, it’ll ultimately also hold your business back, and keep you from developing and implementing your best ideas.
Timely cash flow is a big problem for both businesses and consumers in Australia. Today, relatively simple transactions can take anywhere from hours to days to clear, depending on the type of transaction, and when it’s initiated. The rollout of the New Payment Platform (NPP) promises to change that, making it possible for consumers and businesses to send and receive payments in real time.
In recent years, small businesses in Australia and New Zealand have increasingly become victims of payment fraud. Due to changes in both consumer and criminal behavior, businesses are becoming more vulnerable, and losing more money to fraud every year. Smaller businesses are often poorly equipped to contest fraudulent chargebacks or to detect fraudulent purchases, and don’t take necessary preventive steps to protect themselves. In addition, they rarely have the financial flexibility to absorb significant losses resulting from criminal behavior, or even to operate while waiting for a contested charge to come through. To survive in this emerging environment, businesses need to develop preventive measures and find short term cash flow solutions to help them keep the lights on when they become victims.
Over the course of his long career, Richard Branson has made himself a singular figure in the world of entrepreneurship. With a net worth of over $5 billion, the founder of Virgin Group is one of the wealthiest and most consistently successful entrepreneurs of all time. Entrepreneurs at every stage of their careers can learn a great deal from Branson’s experience, philosophy, and wide-ranging approach, as well as the way he has pursued humanitarian initiatives and community engagement.
Of all the businesses launched in Australia, 60 per cent close their doors within the first three years. Of those that survive, most will stop growing almost immediately, becoming one of the country’s 2.17 million small enterprises.
The Australian government loses hundreds of millions of dollars worth of taxes every year to the “black cash” economy. This year, the government is once again working hard to crack down on cash-based businesses to track down these missing dollars, and to collect any missing taxes. Unfortunately, many of the businesses that are causing this issue aren’t even aware that they’re evading taxes, which can lead to some nasty surprises for cash-focused small business owners in Australia.
Small businesses with 19 or fewer employees make up over 97% of all businesses in Australia. They’re the proving grounds that every business needs to go through before they can establish themselves on a larger scale. But surprisingly few business owners really play to win.
In 2017, Australia began to crack down on what has been described as an epidemic of late payment in the country. The Payment Times and Practices Inquiry launched by the ASBFEO (Australian Small Business and Family Enterprise Ombudsman) to investigate the issue concluded that immediate changes were critically important to the health of SMEs in Australia. In response, the federal government committed to 15 day payment terms, while many of the country’s largest businesses signed on to the Australian Supplier Payment Code, a private initiative to encourage timely payment to small business suppliers.
Starting on the first of January this year, Australia has implemented new mandatory payments for overtime work. As a result, businesses that habitually rely on workers putting in a lot of additional hours may be forced to change their business practices in order to avoid high penalties.
Frank Wang’s career in drone technology started with a school project in which he impressed his robotics teacher with a helicopter flight control system. Today he’s the world’s first drone billionaire, with a net worth of over $3 billion. Wang’s business, DJI, is worth an estimated $10 billion, and reportedly controls over 70% of the global consumer market for unmanned aerial vehicles (UAVs).