SMEs: Expert guide to thriving in uncertain times

Discover new opportunities amid the chaos

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Maziar Foroudian
June 07, 2024

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In an unpredictable world filled with economic shifts and uncertainty, learn from our experts how to wield practical strategies to not just survive, but thrive as a small business. Discover new opportunities amid the chaos!

Amid an ongoing housing shortage, Australia's decision to prioritize yoga teachers and dog handlers over tradespeople for its migrant skills list is causing a stir. Critics are voicing their concerns, as the list might just prioritize the wrong sectors in the face of a housing crisis.

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A monumental A$270 million first close for Brandon Capital's sixth fund was revealed at the 2024 BIO International Convention. This will spearhead new life science startups and expand their global footprint, especially into the UK, Europe, and the US. Discover how this top-tier venture capital firm paves the way for the future of life sciences.

Are you looking to expand your market share in the under-serviced SME sector? Learn how financial institutions can cater to the unique needs of small and medium business owners and become their go-to banking partner. Stay informed about the latest trends and strategies to stay ahead in the game.

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Top stories

The extension of the $20,000 instant asset write-off for small businesses is causing uncertainty due to legislative delays. Accountants struggle to advise clients amidst confusion and frustration, calling for a permanent and well-defined scheme to provide stability.

Julia Spicer OAM recently completed her tenure as Queensland's Chief Entrepreneur after focusing on building a sustainable innovation ecosystem. With a background in regional business, she highlighted the need for diverse support and investment, especially for women-led businesses.

Profit growth in consumer-exposed sectors like retail and hospitality has slowed, with earnings outside the resource sector increasing by only 1.6% over the past year, the lowest since COVID-19 lockdowns in 2021.

Australia

NSW is set to introduce an industrial manslaughter offense, with penalties of up to 25 years in prison and fines of $20 million for worker deaths due to gross negligence. The move aligns the state with others and emphasizes the importance of workplace safety.

Australian law firms are switching to alternative fee arrangements amid economic pressures, with over half changing their pricing models. This shift aims to provide cost certainty for clients and improve efficiency through AI technologies.

A recent report explores the growth of women-led businesses in Australia, despite facing significant barriers. Optimism and determination drive these female founders, with access to networks being a key driver of success. Despite challenges, female entrepreneurs are making breakthroughs.

Australian Economy

Brazil’s orange industry faces crisis due to drought and citrus greening, leading to a 24% forecasted production drop. Australia heavily relies on imports, mostly from Brazil, for orange juice supply. The shortage could prompt shifts in consumer preferences and benefit Australia’s local industry.

Australia's ski season is facing significant decline due to climate change, with snow sports predicted to become unviable at most resorts within 50 years. This will have far-reaching impacts on water supply and regional economies.

World

The European Central Bank lowered interest rates in response to improved inflation outlook. Led by President Christine Lagarde, officials emphasized maintaining restrictive policy rates despite positive projections. Further reductions were not indicated.

Discovering nearly $7 trillion in extra global GDP, equivalent to the economies of France and Mexico combined, the World Bank found a discount voucher for the world's spending, cutting 4% off the price of goods and services.

Women We Admire highlights The Top 50 Women Leaders in Nebraska for 2024, showcasing excellence in various industries including real estate, transportation, finance, and technology. Celebrating the achievements and impact of influential women leaders.

Tech

Photographers are unhappy over Meta's automated AI content tagging on platforms like Instagram, leading to debate over what constitutes an image "made with AI". Meta's approach has sparked backlash within the photography community.

Google Maps is improving privacy by transitioning its Timeline feature to a more secure, on-device system. Users must migrate their location history to their device to avoid data deletion as web access is discontinued. Backup options are available.

Google Ads' new Advisors Community allows select customers to shape future products and services through feedback. This initiative aims to improve user experience, potentially maintaining Google's dominance in ad tech. Members provide monthly input and receive updates on product development.

Major educational publishers are suing Google for promoting pirated textbooks, potentially reshaping tech giants' handling of copyright infringement and impacting the U.S. textbook market. Advertisers should pay attention as it raises concerns about ad integrity and fair competition.

Curated for you

In B2B marketing, effective communication is critical for success. The curse of knowledge can hinder clear messaging. Finding the right writing partner requires industry expertise and a deep understanding. Simplifying complex concepts is key.

Indeed's survey found that nearly a third of LGBTQ+ job seekers avoid companies without supportive cultures. Public support statements, visible inclusion symbols, and accessible facilities are key factors for attracting top talent. Embracing remote LGBTQ+ resources can also help.

Determining a business' value goes beyond financials. Owner involvement, company goals, and growth opportunities play key roles. By focusing on qualitative indicators like defined goals and team structure, businesses can increase their value.

AI systems are now accelerating non-animal alternatives in scientific testing. They can extract and analyze data to prevent unnecessary tests. AI, better than humans, can determine chemical toxicity. AI is involved in every stage of toxicity testing, creating new opportunities.

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