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​  Australian small businesses are leading the charge in providing flexibility in the workplace, according to new global research from Remote, a leading global HR platform for distributed companies.  With 69% of Australian businesses experiencing increased demand for flexible work options among employees in the last six months, the survey reveals how important flexibility is becoming to Australian talent. More than half (60%) of hiring leaders say their employers have lost employees to organisations who are less tied to traditional office hours and locations in the last six months. The Global Workforce Report, which is based on an international survey with more than 4,000 business leaders of companies across 10 countries including 506 leaders from Australia, delivers a positive view of the current state of global companies. More than three-quarters (76%) of Australian businesses report having seen their workforce numbers swell over the past year, which is higher than the global average (73%). Other counties with notable growth include Germany (86%), the UK (81%), and the USA (72%). SMBs writing the playbook on remote work In Australia, flexible working hours and remote work are offered by 39% and 32% of businesses respectively. However, small businesses and small-medium enterprises are significantly more likely to offer these perks.  Most businesses with 1-9 employees (83%) and 10-49 employees (72%) offer flexible working hours, in comparison to only 41% of businesses with 250-499 employees and 53% of businesses with 50-100 employees. Similarly, remote work is currently offered at 69% of businesses with 49 employees or less, and less than a third of businesses with 250-499 employees (27%) and 500-1,000 employees (33%).  Flexible work drives productivity and company performance Global workforces are growing quickly, and it is not just people’s desire for better life-work balance driving this growth. Companies are increasingly reaping the business benefits of flexible working models, including expanding their hiring options. The research found that, in Australia, an increase in productivity (40%) and improved business performance (29%) were two primary benefits that respondents attributed to operating remotely. This stands in contrast to the view of some high-profile organisations, who have introduced RTO (Return to Office) practices citing productivity as a reason for their move. When asked about the impact remote working has on employees, 35% of companies said it increased employee satisfaction and 28% highlighted remote work as being crucial to an enhanced life-work balance for employees.  Finding candidates with the right skills is a challenge all companies face alike, with about a third of Australian businesses (31%) citing this as their biggest hiring challenge. Remote companies are leaning more towards hiring freelancers, with 48% looking for freelance or contractor talent in the last year as their workforce grew, in comparison to only 40% of office-based businesses.  The report also found that companies with mainly or fully remote workforces faced a range of challenges including: Managing compliance issues with international labour laws (74%) Managing remote teams (78%) Increased costs associated with remote technology implementation (75%) Assessing cultural fit of remote candidates (77%) Receiving AI-generated resumes with false information (77%) However, this stands in contrast to the majority (82%) who were able to reduce office space due to implementing remote or hybrid models successfully.  “We have only just begun writing the playbook on remote work and will need to work together to identify and tackle these challenges,” explains Job van der Voort, CEO and co-founder at Remote. “This data echoes what we hear from many of our customers – the benefits of flexible and remote work far exceed the challenges. We believe that distributed work is paving the way to a more successful, balanced and fair business world and are committed to helping other companies in adopting flexible work and attract great talent from everywhere.” The post Beating Big Business: Why Over 70% of SMEs Offer Flexible Hours & Remote Working appeared first on Small Business Connections.  

​  The Reserve Bank once again held rates, but shoppers’ wallets remain shut to struggling retailers. The Australian Bureau of Statistics (ABS) reported that year-on-year sales flatlined in July, despite efforts by retailers to encourage spending. National Retail Association (NRA) Interim CEO Lindsay Carroll said the sector is bracing for a significant discounting period from November, with Black Friday and Cyber Monday sales expected to play a crucial role in supporting retailers through the end of the year. “Discretionary spending remains subdued, and many retailers are doing it tough in the lead-up to Christmas,” Ms. Carroll said. “Retailers are working hard to generate enough profit, but consumer spending isn’t where it needs to be. “Ongoing pressure from rising interest rates continues to impact the sector, with little relief in sight. “The weight of these interest rates is unprecedented, especially since they’ve done little to address true inflationary drivers like housing supply and low productivity,” she said. Despite government efforts to raise retail wages, workers in the industry are still vulnerable due to the high cost of living and cuts to working hours. “Business owners are having to scale back on shifts just to manage rising costs, which in turn undermines the wage reforms meant to support workers,” she said. “Policymakers need to take greater action to protect the industry and support both businesses and their employees. “Retail is the largest employer of young people—the first group to feel the effects of economic downturns. “We need a regulatory environment that supports businesses so they can grow and provide better opportunities for their workers. More must be done to protect such a vital part of our economy.” The post Why Consumers’ Wallets Remain Shut Despite Rates Hold appeared first on Small Business Connections.  

​  We’ve answered some of your questions about side hustles. Learn more about the differences, tax obligations and how to manage burnout. A side hustle is an activity or job outside of your main job that can give you extra income. We’ve cleared up some of your questions and assumptions about side hustles. Is my side hustle a hobby or a business? A side hustle can be a hobby or a business. Your side hustle may be a hobby if it is something you do in your personal time for your own enjoyment. However, if your side hustle is making a profit, then may be more than a hobby. For example, if you sell your knitted scarfs to friends and family as a one-off transaction, then it is not a business. If you want to start selling your knitting to a larger customer base, then you may need to register it as a business. Your side hustle may be a business if you run or work for another business, such as in sharing economy. Do I need to pay tax for my side hustle? Yes, if your side hustle makes you money, then you need to declare it on your tax return. If you’re unsure what to claim on your tax return, you can contact the Australian Taxation Office (ATO), an accountant or registered tax agent. If my side hustle makes money, do I have to register it as a business? Well, it depends. There is no one factor that determines if you’re in business. If you intend to make a profit or want to start a business, then you should consider registering as a business. To run a business, you may need to: register for Australian Business Number (ABN) register for goods and service tax (GST) claim tax deductions and business costs. Can running a side hustle cause burnout? Balancing a job and running a side hustle can be demanding. Here are some things to consider when running a side hustle: You may take on many roles to run your side hustle. If you feel too overwhelmed, consider decreasing your hours or outsourcing tasks. You may focus all your energy to your side hustle, which may decrease your performance at your main job. Make sure you work around your schedule and focus on one job at a time. You may work extended hours. Make sure you rest, recharge, and enjoy life outside of your job and business. The post What You Need to Know about Side Hustles appeared first on Small Business Connections.  

​  Off-the-shelf offensive security tools and poorly configured cloud environments create openings in the attack surface. Elastic (NYSE: ESTC), the Search AI Company, today released its 2024 Elastic Global Threat Report, produced by Elastic Security Labs. Based on observations from over 1 billion data points, the report reveals adversary success from using offensive security tools (OSTs) — testing tools created to proactively identify security flaws — alongside misconfigured cloud environments and a growing emphasis on credential access. “As a global platform used by more than 200 million people, we’re committed to building the world’s most trusted visual communication platform for our community across the globe. The Elastic Global Threat Report is a great asset that ensures our threat detection stays laser-focused on real-world adversary activity,” said Raymond Schippers, Canva’s Director of Security Engineering for Detection and Response. “Understanding the top adversary techniques in the cloud is critical, and unlike other vendor reports that simply drop a name, Elastic’s diamond models give us a fast, in-depth look at adversary movements, helping us stay ahead of the game.  Key findings in the report include:   Adversaries are utilising off-the-shelf tools   Offensive security tools (OSTs), including Cobalt Strike and Metasploit, made up ~54% of observed malware alerts  Cobalt Strike accounted for 27% of malware attacks  Enterprises are misconfiguring cloud environments, allowing adversaries to thrive   Nearly 47% of Microsoft Azure failures were tied to storage account misconfigurations   Nearly 44% of Google Cloud users failed checks coming from BigQuery — specifically, a lack of customer-managed encryption  S3 checks accounted for 30% of Amazon Web Services (AWS) failures — specifically a lack of multifactor authentication (MFA) being implemented by security teams   In the wake of successful counters for Defense Evasion, attackers are leaning into legitimate credentials to infiltrate   Credential Access accounted for ~23% of all cloud behaviors, primarily in Microsoft Azure environments   There was a 12% increase in Brute Force techniques — making up nearly 35% of all techniques in Microsoft Azure  While endpoint behaviors accounted for ~3% of the total behaviors in Linux, 89% of them involved brute-force attacks   There has been a 6% decrease in Defense Evasion behaviors over the last year   “The discoveries in the 2024 Elastic Global Threat Report reinforce the behavior we continue to witness: defender technologies are working. Our research shows a 6% decrease in Defense Evasion from last year,” said Jake King, head of threat and security intelligence at Elastic.  “Adversaries are more focused on abusing security tools and investing in legitimate credential gathering to act on their objectives, which reinforces the need for organisations to have well-tuned security capabilities and policies.“  The post How Criminals Exploit Common Security Mistakes appeared first on Small Business Connections.  

​  The Australian Government has launched the Voluntary AI Safety Standard. You can also have your say on a new proposals paper for mandating guardrails for the development and deployment of artificial intelligence (AI) in high-risk settings. Voluntary AI Safety Standard The Voluntary AI Safety Standard provides guidance for Australian businesses that are developing, procuring, and deploying AI systems and services. The standards will help by providing a global, consistent approach to responsible AI and practical guidance to deploy risk-based, innovative, and responsible AI. The Voluntary AI Safety Standard has 10 guardrails to help you: understand the benefits of AI mitigate and manage the risks AI may pose to your business promote ongoing action to check AI systems are fit-for-purpose encourage accountability for AI deployment, use and impact decide which systems are critical or which systems may pose the highest level of risk or harm. Have your say: developing safe and responsible AI systems The Australian Government has released a new proposals paper with options for mandating guardrails for the development and deployment of AI in high-risk settings in Australia. The proposal paper includes: Proposed principles for defining high-risk AI. 10 proposed mandatory guardrails. Regulatory options to mandate these guardrails. This is your opportunity to provide feedback about the options being put forward, to ensure they address AI risks and harms and provide businesses with the regulatory understanding to adopt AI. The post AI in Australia: New Proposals for Regulation appeared first on Small Business Connections.  

​  The Business Council strongly endorses the passage of the Government’s legislation to pay superannuation on the paid parental leave scheme, as a key step in closing the super balance gender gap for women. Business Council Chief Executive Bran Black said it was an important step to support the long-term financial security of women. “The BCA has long advocated for the Government’s PPL scheme to include superannuation as a key measure to better support women in their retirement,” Mr Black said. The Business Council says data from the Workplace Gender Equality Agency shows that 81 per cent of companies that offer paid parental leave also pay superannuation as part of their entitlement. “This reform should be part of a broader strategy to further boost female participation and secure real wages increases.” The BCA’s pre-budget submission urges for further reforms to support women impacted by time out of the workforce. The post Business Council Welcomes Super Payments for Mothers appeared first on Small Business Connections.  

​  HP Inc. (NYSE:HPQ) released its second annual HP Work Relationship Index (WRI), a comprehensive study exploring the global relationship between employees and their work. The study, based on surveys of 15,600 respondents across industries in 12 countries, reveals that work is not fully fulfilling for many, with only 27% of Australian knowledge workers reporting a healthy relationship. However, the study also identifies two potential solutions to improve this situation: AI and personalized work experiences. The survey found that Australian workers have a growing desire for personalised work experiences, including tailored workspaces, access to preferred technologies, and flexible working environments. In fact, over two-thirds of Australian knowledge workers would be willing to give up a portion of their salary for such personalised experiences. Report Highlights: Only 27% of knowledge workers in Australia have a healthy relationship with work, a five-point increase compared to 2023 More than two-thirds of Australian knowledge workers desire personalised work experiences; and 92% would give up a portion of their salary to get it AI usage among Australian knowledge workers surged to 69% in 2024, up from 32% last year; and 67% of knowledge workers who use AI say it opens new opportunities for them to enjoy work Only a quarter (26%) of Australian knowledge workers say they consistently see their senior leadership demonstrate empathy, despite 73% believing it important for them to do so. The study also highlights the importance of equipping workers with the necessary tools and training to successfully integrate AI into their work. This includes addressing concerns about job replacement and ensuring that employees have a good understanding of how to use AI effectively. HP’s Work Relationship Index provides valuable insights into the evolving nature of work and the factors that contribute to a healthy relationship between employees and their jobs. As businesses continue to adapt to the changing workplace, understanding the needs and preferences of their employees will be essential for fostering a positive and productive work environment. Key Findings: Australian workers desire personalized work experiences: 72% believe personalization would improve their relationship with work, and 68% believe it would enhance their overall well-being and incentivize them to stay with their current employers longer. AI usage is on the rise: AI usage among Australian knowledge workers has surged to 69% in 2024, up from 32% last year. Workers using AI report benefits such as improved work-life balance, new opportunities, and easier jobs. Leadership empathy is crucial: Trust in senior leadership remains a critical factor in a healthy work relationship, but many Australian workers feel their leaders lack empathy and understanding. The post 9/10 Aussie Workers want Tailored Workspaces, Tech, and Flexibility over Higher Pay appeared first on Small Business Connections.  

​  The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, is encouraging all Australians to celebrate National Family Business Day on Thursday 19 September. “It’s a great moment to reflect on the crucial role family-owned businesses play in the economy and throughout our communities and I commend the Family Business Association on this initiative,” Mr Billson said. “Think about the many farming, hospitality, convenience, construction and professional services businesses in your community and often it will be family owned and led. “Some of our most enduring businesses are family business where leaders take an intergenerational view to their decisions and plans, are always thinking about their contribution to the local community and are often deeply values driven. “So, let’s take a moment to salute the entrepreneurial families who delight customers and enrich our communities and give them our support on National Family Business Day and all year round.” Seven out of 10 businesses are family-owned and 40 per cent are run by a couple team, typically a husband and wife. “It’s a big responsibility owning and running a small business and that is magnified when it is a family endeavour,” Mr Billson said. “When the dining table becomes the board table that can create a unique set of challenges. “The families who have the passion and drive to run their own business invest their whole life. For many, there’s no clocking off at the end of the day or on weekends. They are always going because they know the stakes are high. “Typically, they have put their home on the line to build up their business, which amplifies the emotional and financial pressures. “It is often the case when a family business faces difficult circumstances, other family members pitch in – all hands-on deck.” Family businesses come in all shapes and sizes and are spread among many industries. Around 170,000 people are counted as contributing family members working in a family business. About 25 per cent of contributing family workers are in agriculture, forestry and fishing. Family farms running sheep, beef cattle or grain account for two out of three contributing family members across the entire agricultural sector. One in 10 people working in a family business are in construction with similarly high numbers in accommodation, food services and retail trade. “Australia is one of the few major economies that records and recognises the immense contribution of family members to a business, even when they might not receive a separate income for their endeavours,” Mr Billson said. “As we get older, those who stay in the workforce are increasingly likely to be associated with a family business.” About 13 per cent of all workers aged over 70 are working in a family business. Among those over 80, it rises to 24 per cent of all workers being a contributing family worker. Mr Billson said one of the biggest challenges for family businesses is succession planning. “Those who have created a family business hope to pass it on to the next generation,” he said. “How to balance variations in passion and contribution across siblings, reward the earlier generations for what they have built and navigate differences in aspiration and vision across family members are part of the tricky path of succession. “For the parent, passing the business onto the kids can be an ideal way to end their business journey but sometimes the next generation are not interested or have developed skills and interests not necessarily aligned to the family business. “Every family is different and succession planning needs to be customised. Usually, a 3–5-year plan is recommended by the experts, but some will have a longer horizon while for others fate may force immediate transitions. “In some families it will be smooth sailing, but we know that family dynamics can be challenging and for others it may be complicated, fraught and a highly emotional process. “An independent, trusted adviser can moderate this process. It is also important to understand the accounting, tax and legal implications.” Mr Billson praised Family Business Association as the uniquely focused family business peak body that helps its members navigate the nuanced intersection of family dynamics and business operations, including succession planning, governance, financial management and strategic planning. The post When the Dining Table Becomes the Board Table… appeared first on Small Business Connections.  

​  Inflation remains a significant concern for economies globally, with some experiencing moderation while others facing persistently elevated levels. This disparity has led companies to reevaluate their strategies to mitigate inflation’s effects. Companies across industries are taking decisive steps to deal with the pressure emerging out of these challenges, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Company Filing Analytics Database reveals the various action plans of companies to tackle inflation or minimize its impact on margins in their respective filing documents. Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “While some companies are seen to be keen on covering inflation with pricing actions, some are focused on cost management. Meanwhile, some companies are considering reducing the pressure on their lower-end customers as inflation begins to ease.” Alimentation Couche-Tard Inc believes that inflation is beginning to ease and interest rates are expected to be lowered in the coming months. The company hopes this will lessen some pressure on the lower-end customers. The Canada-based Convenience store company is also working to provide customers with value and ease inside stores and on forecourts. Darden Restaurants Inc revealed its attempt to minimize the annual effects of inflation through appropriate planning, operating practices, and menu price increases. The filing documents reveal that some of the impacts of the inflation have been offset by menu price increases and other adjustments made during the year. Bio-Techne Corp discussed its plan to fund all new investments with productivity initiatives and cover inflation with pricing actions. Hewlett Packard Enterprise Co expects the pricing to remain competitive, which might impact the company’s financial results. The information technology company plans to mitigate the impact of these dynamics through disciplined cost management. Haier Smart Home Co Ltd revealed in its latest report that the company strengthened its supply chain and distribution network, enhanced its high-end product lineup, and increased price indices to achieve 9.9% revenues growth in South Asia, 12.4% in Southeast Asia and 26.8% in Middle East & Africa in the first half this year. Singh concludes: “As businesses navigate these pressures and try to maintain profitability it requires a careful balance between cost management, market development, and portfolio diversification. Companies will need to stay agile to adapt to the ongoing economic uncertainties and the evolving inflationary landscape.” The post Top Strategies: How Companies are Battling Inflation appeared first on Small Business Connections.