How's your business faring against the tides of 2024?

A quick question for you -- How's your business holding up in this daring ride of 2024?

Yes, we're wading through a minefield of challenges, but hey, did anyone ever say running a small business was going to be a walk in the park? The below were predicted to be amongst the biggest problems small businesses would face in 2024. Now we are almost a quarter of the way in, how are you looking?

Cash Flow Management

With rising costs across the board—from energy to rent, and let's not even get started on borrowing—keeping your cash flow healthy is more crucial than ever. And yes, we know, "cash is king" might sound like a broken record, but it's one tune that never gets old, especially now.

A smoother cash flow will help you sleep better at night. If you're feeling the pinch, consider revisiting your budget or exploring new inventory management software. Learn more about budgeting and cashflow, book in a systems review, or reach out to your accountant if you're feeling the pinch.

Industrial Relations Complexity

But it's not just about keeping the lights on. The industrial relations landscape is turning into a bit of a maze, isn't it? With casual worker changes looming that could redefine employment as we know it, it's no wonder many of us are scratching our heads. And if trying to wrap your head around an 800-page document sounds like your idea of a nightmare, you're not alone.

Does the mere thought of digging through industrial law changes make your head swim? Consider shaking hands with a local HR maestro. Trust us, bringing in the experts can make a world of difference – time and mental peace, preserved!

Cyber Risks

Then there's the cyber bogeyman. It seems like those cyber attackers have a particular fondness for small businesses, with nearly half of all attacks aimed at us. And at a steep cost of around $50,000 per attack, it's a threat we can't afford to ignore.

Folks, let’s shift gears and make cybersecurity paramount. Knee-deep into 2024, it’s all about initiating basic protocols like regular software updates, leading the charge in educating your star team about the pesky threats that loom in the vast world wide web. But don’t stop there, come on board the safety express by setting up a comprehensive IT and Security system, for a full-fledged digital fortress (because who wants to deal with a full scale data breach?)

Government Contracts & Prompt Payment

Fed up with the sluggish pace of government contracts and payments? We feel you! Despite a staggering $80 billion tied up in contracts last year, mere crumbs reached the eager hands of SMEs.

The Small Business Ombudsman is on a mission to simplify the maze of government procurement, ensuring that small businesses have a fair shot at snagging those contracts without getting bogged down in complexity and red tape in 2024.

Clearly, we’re due for some radical changes in this area. And while we're at it, why should we wait 30 days (or more) for payments? Prompt payment can make a world of difference.

Regulatory Changes

And just when you thought you had enough on your plate, there's talk of new regulations adding more weight to your load. From tweakings in the Privacy Act to modifications in superannuation payments, the need of the hour is a sharper understanding of how these tweaks align with our day-to-day. How about a "red-tape index" to introduce policymakers to our exciting ride, where days off are rarer than finding a quiet corner at the office?

Remember, guys, information is ammunition. Keeping an eye on the regulation updates ensures you're geared up and ready to swing and sway!

A Challenging Road Ahead

The road ahead in 2024 is challenging, but it's nothing we can't handle together. By staying one step ahead, trading stories, and battling for impactful changes, we can make sure that small businesses not only survive but thrive. After all, a vibrant small business sector is essential for a thriving Australia. So, let's roll up our sleeves and tackle these challenges head-on. Are you with me?