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Let’s reflect on the past few years, shall we?

ASIC has moved to prevent people using false Company Director identities to rip off customers, employees, subcontractors, lenders, and of course, the ATO. So all Company Directors have to have a registered identity. But time’s running out on Director IDs for existing Directors.

From tech unicorns to online retail stores that have gone global, we all hear about the businesses that have managed to make millions or even billions within a few short years of launching. Yet, for most of the 2.3 million small businesses in Australia, the reality is very different. In fact, for many businesses, it actually takes years before they turn a profit.

Why is small business failure so high?

It’s no secret that small businesses are the backbone of the Australian economy. In fact, small business employs more than 4.7 million people and 41 per cent of the business workforce in Australia. It’s a staggering number. However, of the 2.3 million small businesses operating in Australia, many will sadly fail.

As the new year begins, How Benchmarking improves Budgeting for Small Business is the perfect start for success in FY22.