The new Australian small Business and Family Enterprise Ombudsman, (ASBFEO) reveals her prioirties for the year ahead.

I am honoured to have commenced as Australia’s Small Business and Family Enterprise Ombudsman (ASBFEO).

I join ASBFEO after having most recently served as the Victorian Small Business Commissioner. Prior to that, I served in senior executive roles within workplace relations and building and construction regulation. I also previously practiced as a commercial litigator in private practice.

Having grown up in a small business family where our family business did not survive the 1990s recession, I understand first-hand the highs and lows of small business life.

Tips to weather business disruptions

It’s been a challenging period for small businesses with petrol and diesel prices impacted by global uncertainty and supply disruptions. We hear daily about the impacts to small businesses especially those in freight transport, logistics, construction, agriculture and hospitality. Regional and rural Australia in particular are doing it tough with rising fuel costs adding pressures to local economies dependent on freight, deliveries and travel tourism.

It is a volatile trading environment, increasing business operational burdens on many small businesses and family enterprises. While the trading environment is beyond your control, there are some ways traders can proactively prepare to navigate these challenges.

• Payment delays can occur during times of uncertainty, which can exacerbate cashflow and business viability. Get your invoices out the door as quickly as you can to give yourself the best chance of being paid on time. At ABSFEO we are also focused on encouraging larger businesses to pay their small businesses in a timely way.
• Unpredictable events that disrupt trading conditions can cause distress for traders, suppliers and business owners, and increase chances of disputes becoming heated. Review dispute de-escalation tips now and prepare for handling potential situations that may arise.
• If you are struggling to comply with your taxation and lodgement obligations, speak to your accountant or tax agent and don’t wait for the tax office to chase you. Proactive action to manage your affairs puts you in a stronger position to deal with any potential issues down the track.
• Seek guidance from trusted advisers on managing cash flow, debts and business obligations. The sooner you speak to them, the more options you are likely to have and benefit from help available.
• Connect with others in the industry for support and to share insights and practical tips relevant to your business. Stay up to date with latest news and compliance requirements impacting your business through memberships to industry associations, local chambers or trade networks.
• Help and assistance is available. Keep informed of helpful and free guides and tools including government resources through the ASBFEO website and state based small business commissions.

Government support and recent announcements

To provide some relief to the spike in fuel prices, fuel excise was halved for three months from 1 April to 30 June. For the same period, the heavy vehicle road user charge was reduced to zero providing additional relief for operators of heavy vehicles. The ATO is providing targeted support to eligible businesses that are unable to meet their payment obligations due to high fuel costs including streamlined access to more flexible payment plan arrangements.

While current conditions may add to operational pressures, it’s also important to keep across other regulatory requirements. Changes to Payday Super come into effect on 1 July. In addition to useful information on Business Builders, the ATO website has resources to help prepare, including a Cash Flow Toolkit and Payday Super checklist for employers.

Anti-money laundering and counter-terrorism financing (AML/CTF) regime is expanding and small businesses including legal professionals, conveyancers, accountants, real estate professionals, and dealers in precious metals/stones will be regulated from 1 July. Guidance is available on the AUSTRAC website and enrolment is now open for businesses that fall under the new laws.

Reforms to the card payment system, intended to reduce costs and improve transparency, come into effect from 1 October. Small operators can begin to prepare now by understanding your real card costs, reviewing your pricing strategy and planning for impacts to cash flow and margins.

Reaching more small business and family enterprise

I am deeply committed to serving and supporting our small businesses and family enterprises, and the people behind them, who make a vital contribution to the Australian economy and our communities, adding value to our daily lives.

Help and guidance is available, but not all small business and family enterprise have equal access or awareness of government services. The most recent independent review of ASBFEO found opportunities to raise awareness of our services. A key priority for me will be to bridge that gap – through our assistance and advocacy, as well as through our communications, outreach and engagement. Another priority is reaching more business owners from diverse backgrounds and in regional and rural Australia who may not be connected to traditional business networks.

That starts with listening and learning – to better understand where small business owners already get information, who you trust for advice and how you learn about regulatory and compliance changes, particularly if you don’t receive information directly from government.

Connecting with small business and family enterprise and understanding your experience is central to ASBFEO’s purpose. ASBFEO is here to serve. If you need assistance or guidance, or unsure who to contact for the help you need, connect with us.

Want more? Get our newsletter delivered straight to your inbox! Follow Business Builders on Facebook, Twitter, Instagram, and LinkedIn.