With inflation and rising interest rates continuing to take their toll, Australia’s economic outlook for the next 12 months is lacklustre.
The Reserve Bank has predicted GDP will grow by just 1.75 per cent in the year to June 2024.
That means small businesses will have to work harder than ever to maintain margins and sales.
Keeping pace with the latest business trends may help them achieve that end. Here are five trends to be across in today’s tight times.
Adopting automation
Using technology to complete time-consuming tasks formerly done by humans is a proven way to boost productivity cost-effectively.
From sending out marketing emails to taking bookings and chasing up accounts, there are many ways small businesses can adopt automation to their advantage.
Concentrating on customer experience
In a mature market, there can often be little to differentiate the products and services of one business from another.
Except when it comes to customer experience – a term used to describe how a business engages with its customers throughout the customer journey.
Big businesses are pouring big bucks into ensuring they get it right at every touchpoint, and small businesses that hope to maintain market share should pay close attention.
“Smart players will draw on the hard-learned lessons of the past to prepare for potential future disruption”
Exploring AI applications
The launch of ChatGPT thrust artificial intelligence into the mainstream in late 2022.
Whether it’s to help in the drafting of correspondence, the tracking of industry trends or the summarising of documentation, finding ways to use generative AI safely will be on the agenda for enterprises of all shapes and sizes.
Embracing ESG
A growing number of Australians want to reduce their environmental footprints by living and working more sustainably, and they’re keen to deal with suppliers that make it a priority.
Seeking ways to demonstrate sound Environmental, Social and Governance credentials is good for the Earth – and can be good for business, too.
Being prepared
The onset of the Covid pandemic saw many small businesses scrambling to adapt their business models and their supply chains.
Focusing on contingency planning and business resilience means they’ll be less likely to get caught out again.
Instead, smart players will draw on the hard-learned lessons of the past to prepare for any potential future disruption.
Safeguarding your business as it evolves
Having the right insurance policies in place can protect your enterprise and its assets in the event of accidents and incidents.
It’s easy for businesses to start doing things differently without considering the insurance implications, but it can be costly, Steadfast Broker Technical Manager Michael White warns.
“Not having adequate cover for your business can make it harder to recover should something go wrong.”
Cover to keep you in business in 2024
It’s important to talk to your broker if you diversify into new areas or change the way you operate helping to ensure your insurance cover remains appropriate.
To discuss whether your policies are right for your risk profile, contact your broker today.
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All information in this article is of a general nature only and does not take into account your specific objectives, financial situation or needs.
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