Factoring and SMEs

Rates and rising business costs behind bleak outlook - SMEs

Rising interest rates and fuel prices are key factors in the gloomy outlook for the economy small business owners have for the coming year, according to results of the MYOB Australian Small Business survey.

Almost a third (32 per cent) of the 1424 respondents reported that the increase in interest rates had affected their operations “to some degree” and almost three quarters indicated that the cost of petrol was the key factor in their bleak outlook for the economy.

The continuing trade payments situation and rising business costs are likely to mean more businesses face insolvency says D&B chief executive, Christine Christian.

"Over recent months, Australian businesses have been feeling the strain of soaring fuel prices and interest rate rises," Christian says. "And this coupled with the fact that business-to-business trade payments continue to lag, is inevitably going to impact on stability and sustainability."

Govt small business program to provide IT skills training for young entrepreneurs

The federal government has unveiled a new program and funding to provide young entrepreneurs with much needed skills in IT, succession planning and mentoring to ensure small businesses aren’t left behind in the IT boom.