Written by Australia’s recent legislation banning children under the age of 16 from using social media marks a significant turning point for businesses that rely heavily on influencer marketing and brand ambassadors to target younger demographics. As one of the strictest social media policies globally, this law is set to pose challenges for brands that have built entire marketing strategies around platforms like Instagram, TikTok, and Snapchat—where teens are some of the most influential users. While the ban is primarily aimed at protecting young people from the potential harms of social media, including cyberbullying, privacy concerns, and mental health issues, it also raises critical questions for businesses looking to engage with the teen audience. With platforms like TikTok and Instagram being integral to youth culture, marketers may need to rethink their approach to social media and explore alternative strategies to connect with this demographic. The Impact on Influencer Marketing One of the most immediate effects of the teen social media ban will be on the influencer marketing industry. In recent years, brands have relied heavily on teen influencers to create authentic connections with younger consumers. Teenagers, with their large followings on platforms such as TikTok and Instagram, have become the cornerstone of many successful marketing campaigns. However, with these influencers no longer able to legally operate on these platforms in Australia, businesses will need to find new ways to reach this audience. For brands that have invested in youth-focused campaigns, the question now is: how do you adjust to a marketing landscape where the primary influencers are no longer accessible? Some brands may choose to pivot towards adult influencers, but that presents its own set of challenges. Will adult influencers be able to create the same level of relatability and engagement with a teen audience that their younger counterparts once did? Shifting Focus to Multi-Generational Campaigns With the teen demographic off-limits for many influencer campaigns, businesses may look to broaden their scope by creating multi-generational campaigns. This could involve partnering with influencers who appeal to both adults and younger audiences, or by shifting to content that resonates with parents, who may be the primary decision-makers when it comes to products and services for their children. Multi-generational campaigns could offer an opportunity for businesses to foster family-oriented marketing, where messages can be tailored to appeal to both parents and their children. For example, promoting family-oriented products, services, or experiences could become a more viable route for brands who are looking to maintain their relevance in the youth market while staying compliant with the new legislation. Reassessing Marketing Tactics Beyond influencer marketing, the ban may also force businesses to reassess their overall social media strategies. Teen-focused brands may need to consider alternative ways of reaching their target audience without the direct social media engagement they’ve relied on. This could include exploring other forms of digital engagement, such as video content on YouTube, or even shifting towards more traditional advertising avenues that still resonate with younger audiences, like TV or outdoor ads. In addition, brands may need to turn to data-driven solutions, such as targeted email marketing or creating communities through more controlled platforms like apps or brand-owned websites, where they can continue to engage with young consumers in a more structured and secure environment. The Future of Youth Engagement While Australia’s new teen social media ban is undoubtedly a shift in the digital marketing landscape, it is important to note that businesses will likely find innovative ways to adapt. Over time, companies will learn to navigate the new rules and explore alternatives that still allow them to engage with younger audiences in a meaningful way. The key takeaway for businesses is that flexibility and creativity will be essential in this new era of youth marketing. As Australia leads the charge in regulating teen social media use, it’s likely other countries could follow suit, making it essential for global brands to prepare for a future where digital engagement with teens is more restricted than ever before. For now, businesses should begin reassessing their influencer partnerships, explore multi-generational marketing strategies, and stay agile as they prepare for a shift in the social media landscape. A Positive Shift for Teens While businesses may face challenges, the new social media ban could bring some significant benefits for teens. With social media platforms often being a source of stress, cyberbullying, and unrealistic beauty standards, the legislation may provide young people with a much-needed break from the pressures of online life. Without the constant comparison and the need for validation through likes and comments, teens may be able to focus on their mental health, develop real-world connections, and explore other hobbies or interests. In this sense, the ban could encourage healthier online habits, offering teens more time to engage in offline activities and fostering a more balanced approach to their digital lives. For parents, this also offers peace of mind, knowing that their children will be shielded from the potentially harmful effects of social media at an earlier age. The post How Australia’s Teen Social Media Ban Will Affect Influencer Marketing & Brand Ambassadors appeared first on Small Business Connections.
As Donald Trump begins his second term as US President in January 2025, his economic policies are expected to ripple across the global economy, with direct consequences for businesses in Australia. From trade tensions to currency fluctuations, Australian businesses will need to navigate a shifting landscape shaped by Trump’s economic agenda, including tax cuts, deregulation, and protectionist tariffs. Impact on Trade and Exports One of the most significant impacts Trump’s policies could have on Australian businesses is through international trade. With his protectionist stance likely to intensify, including the introduction of tariffs on imports, Australian exporters may find it more challenging to compete in global markets, particularly in the US. The US is one of Australia’s largest trading partners, and tariffs could raise costs for Australian businesses trying to sell goods in the US market, such as agricultural products and resources like coal and iron ore. Moreover, other countries may retaliate against US tariffs by imposing their own restrictions, potentially creating a ripple effect that could disrupt Australian businesses that rely on international supply chains. These trade disruptions could lead to delays, increased costs, and a reduction in market opportunities, particularly in industries that depend on seamless global trade. Currency Exchange Rates and the AUD A key consequence of Trump’s economic policies is the strengthening of the US dollar, driven by his fiscal stimulus and proposed infrastructure spending. As the US dollar rises, the Australian dollar (AUD) could weaken in response, making it more expensive for Australian businesses to import goods from overseas. This would affect companies that rely on foreign suppliers or need to source products internationally. The increased cost of imports could squeeze margins, forcing Australian businesses to either absorb the additional cost or pass it on to consumers. For businesses involved in importing goods, such as electronics or raw materials, a weaker AUD could further escalate their expenses. On the flip side, it could make Australian goods and services more attractive to overseas customers, which could benefit Australian exporters in the short term, provided global demand remains strong despite trade disruptions. Logistics and Supply Chain Challenges Another critical area where Australian businesses may feel the impact of Trump’s policies is in logistics and supply chains. With the US likely to continue its protectionist measures, including tariffs, there could be a knock-on effect on global shipping routes and costs. Businesses relying on international suppliers may face increased shipping costs, as freight prices rise due to tariffs, customs fees, and supply chain disruptions. The logistics sector, in particular, could experience delays as trade conflicts escalate, with customs bottlenecks and limited access to certain materials becoming more common. Australian businesses that depend on global supply chains for their production processes could see longer lead times and rising costs, affecting everything from inventory management to product delivery times. For smaller businesses in particular, these added costs and delays could strain cash flow and hinder growth. Consumer Prices and Holiday Spending The impact of Trump’s policies on Australian businesses won’t be limited to the supply side. The cost of living for Australian consumers could rise, driven by inflationary pressures resulting from fiscal stimulus and infrastructure spending in the US. As inflation increases, so too could the cost of goods and services in Australia, as businesses pass on rising costs to consumers. This could also have an impact on Australian holidaymakers. A stronger US dollar could make international travel, particularly to the US, more expensive for Australians, as they would get fewer US dollars for their Australian dollars. This might discourage Australians from travelling abroad, which could have a knock-on effect on businesses in the tourism and hospitality sectors that rely on spending from international holidaymakers. Bitcoin and New Opportunities While traditional trade and supply chains may face significant challenges, the rise of digital currencies could present a new avenue of opportunity for Australian businesses. Trump’s pro-crypto stance, particularly his support for Bitcoin, could influence the digital economy globally. Australian businesses may find new opportunities to adopt Bitcoin for cross-border payments or international transactions, offering a faster and potentially cheaper alternative to traditional banking systems. Navigating a Shifting Landscape As Trump’s economic agenda unfolds, Australian businesses will need to carefully consider the risks and opportunities presented by these global shifts. The weakening AUD, rising import costs, and disrupted supply chains could create challenges for many businesses. However, those that stay informed, adapt to new trade realities, and explore digital alternatives may find ways to thrive in a changing global economy. The key to success will be agility and strategic planning as Australian businesses prepare for the economic shifts that are likely to come with Trump’s second term in office. The post How Trump’s Economic Policies Could Affect Australian Businesses in 2025 appeared first on Small Business Connections.
New data released this week by credit bureau illion, an Experian company, as part of its Commercial Risk Barometer, reveals that business failure risk has continued to improve over the last quarter (August – October 2024). This improvement is not uniform across industries and regions, however, with some still deteriorating. Construction industry turns corner Most notably, the Construction industry has improved, where business failure risk was down 0.2% in the September quarter, suggesting that more favourable trading conditions are beginning to appear in what has been a long period of economic fragility for the sector. “illion’s data showed that trading growth in this sector is now outpacing inflation, which may finally translate into more stable cash flows and fewer construction businesses in financial stress,” said Barrett Hasseldine, illion’s Head of Modelling. illion’s data showed the Construction sector’s annual growth significantly outpaced inflation, rising by more than 10% year on year. Rising trade activity from higher consumption contributed to this growth, suggesting that businesses are beginning to see more positive cash flows again. Improvement in the failure risk of construction businesses may be attributed to better servicing of invoice payments, reducing the risk of insolvencies. “From the data, we are seeing a 6% improvement in the time taken to pay invoices, and this is also coinciding with greater trading activity,” Barrett added. We therefore believe that the Construction sector may now be operating with more stable and sustainable cash flows, which is great news. Hopefully this translates into lower insolvency rates through 2025, contingent on the state of the broader economy. “Although a small percentage of construction businesses are still struggling to meet their financial obligations, the majority are doing better than they were.” Other sectors a mixed bag In other sectors, Mining and Wholesale trade have also continued to go from strength to strength, each now being more than 40% lower risk than the national average. Growth in the Mining sector rose a huge 16% year-on-year, where ‘wholesale trade’ improved a very respectable 12%. “The Mining sector, together with Agriculture, have contributed to business failure risk in regional Australia being lower than metro Australia,” Barrett added. However, illion’s data did show that other sectors are of concern. The Utility sector has deteriorated somewhat, with illion’s analysis showing that its failure risk rose by 1.4% in the September quarter, due in part to a 10% reduction in consumer spending and the payment of trade invoices taking 5% longer. “The lower consumer spending may simply be due to lower energy tariffs, but if consumption were to fall beyond normal seasonal variations, the failure risk of Utility businesses could rise in 2025; especially as overdue invoices are already on the rise in this sector.” Barrett added. “Any indication of further deterioration would therefore need to be closely monitored.” illion’s Commercial Risk Barometer highlighted that sectors such as the Food Services industry also continue to struggle, with the business failure risk remaining 40% higher than the national average. The data showed that although the sector has experienced a 10% rise in consumer spending over the September quarter, this has made little impact, with the sector also seeing a 20% rise in the time taken to pay late invoices. This has gone from 16 days on average in June 2024, to 19 days in Sept 2024. “While it might not sound a lot, it makes a big difference – in addition, the sector has also seen a 1% rise in failure risk over Q3,” said Barrett. “While higher spending is a promising sign of business activity, the challenges that the Food Services sector faces with invoice payments suggests that a proportion of its businesses may find a difficult road ahead.” Overall, illion’s data shows that some industries are seeing a rise in business activity while others are delaying payment of overdue invoices. The risk of Food Services, Transport and Utility companies may be of particular concern in 2025, therefore requiring particularly close monitoring. Mining, Professional Services and Agriculture may continue to offer better opportunities for investment and lending, with Construction also possibly eyeing a recovery. Source: illion Commercial Stress Barometer, October 2024 Regional Australia winning, while metro is dragging Geographically, businesses in metropolitan Sydney, Melbourne, and Adelaide have the highest risk of business failure, currently around 7% higher than the national average. This may be largely because of higher living costs and stressed budgets impacting on household consumption. Conversely, businesses in regional Australia and in metropolitan centres, whose growth is influenced by regional and rural activity, appear to be faring better. “For example, when compared to the national average, businesses in metro QLD and WA have 10% and 13% lower than average failure risk, while regional WA, SA, and QLD have 20%, 15%, and 10% lower than average failure risk,” Barrett added. “Even businesses in regional NSW and VIC are faring better than the national average. “This lower risk is directly related to regional Australia’s relationship with the mining and agricultural sectors – these being 45% and 30% lower risk when compared to the average over all sectors.” More promising times may lie ahead for some business sectors, and Australia might be beginning to turn the economic corner in terms of construction activity, although this is qualified optimism, as business confidence still appears to be erratic and metro services businesses still showing some signs of stress. illion continues to monitor closely. Source: illion Commercial Stress Barometer, October 2024 The post Sectors to Watch in 2025: Business Failure Risk Declines Overall, But Some Sectors Still at Risk appeared first on Small Business Connections.
Despite widespread criticism aimed at large corporations, new research has shown that the gender pay gap is also a significant issue for small businesses, which make up 97 per cent of all businesses in Australia. A recent study by business technology provider Reckon highlights the ongoing disparities in earnings between male and female small-business owners. The research reveals that 70 per cent of female small-business owners pay themselves a salary, compared to 77.9 per cent of their male counterparts. This discrepancy is just the beginning of a larger issue, as the study found that male small-business owners earn, on average, almost double the salary of their female counterparts. While the average salary for male small-business owners is reported to be $89,759, women in the same sector typically pay themselves just $48,729. The gap remains even when adjusting for the number of hours worked. When measured by full-time equivalent salary, men earn a median of $80,408, while women’s earnings fall significantly behind at $67,473. This finding highlights the fact that gender pay inequality is not confined to larger enterprises, but is also pervasive in small businesses, which are often seen as more agile and flexible compared to their corporate counterparts. Given that small businesses make up the backbone of Australia’s economy, employing millions across various industries, addressing this issue becomes even more urgent. Industry experts suggest that this disparity may stem from several factors, including unconscious biases, the undervaluation of women’s work, and a lack of transparency in wage structures within small businesses. While many small-business owners are likely unaware of the extent of the pay gap within their own organisations, these figures point to a significant gap that is hard to ignore. The study calls on small-business owners to reflect on their pay practices and take steps toward gender equality. Reckon’s CEO, Sam Allert, emphasised the importance of addressing these gaps, not only to promote fairness but to enhance business productivity. “Gender diversity in the workplace has been shown to lead to better decision-making, greater innovation, and ultimately higher profits,” he said. As the research suggests, tackling gender pay inequality in small businesses isn’t just about social justice — it’s also about improving business performance. By providing equal pay for equal work, small-business owners can foster a more inclusive and productive environment, which will benefit their bottom line as well as their reputation in an increasingly socially conscious market. For many in the SME sector, it’s time to take action. Reducing the gender pay gap within small businesses will not only lead to fairer outcomes for employees but also position Australian businesses as leaders in workplace equality. The post Male Small-Business Owners Earn Almost Double Their Female Counterparts, Study Finds appeared first on Small Business Connections.
Australia’s employment paradox is clear: wages are rising, but productivity is falling. Employment Hero’s latest SmartMatch Employment Report reveals Sydney and Melbourne’s uneven wage trends, spelling broader economic challenges for SMEs. Key findings include: Wages continue to rise: Sydney’s 6.6% wage growth vs. Melbourne’s 3.6%, though, hours worked have declined in both cities. Productivity drops sharply: Average hours worked fell by 6.0% YoY, with casual employees seeing a staggering 25.4% drop, suggesting businesses are preparing for a diluted holiday season. Flexibility in focus: Casual employment rose by 10.7% YoY, but hours worked per casual employee plummeted, indicating businesses are reducing individual workloads. Industry divergence: Construction & Trade Services led wage growth at 10.3% YoY, while Science & Technology showed resilience with 5.9% YoY growth in wages and a modest 0.6% decline in hours worked. Ben Thompson, CEO and Chief Economist at Employment Hero, explains: “Our workforce is at a critical tipping point. Rising wages signal strength in our labor market, but the sharp decline in productivity is a red flag for Australia’s economic resilience.” “This isn’t just about numbers – it’s a wake-up call for SMEs to rethink how they balance costs, flexibility, and efficiency. With Sydney and Melbourne reflecting very different realities, businesses must embrace innovative strategies to remain competitive. The holiday season will be pivotal, not just for revenue, but as a test for Australia’s workforce stability heading into 2025.” See attached a PDF of the October report. Let me know if you’re interested in any of this data or would lik The post Sydney Vs. Melbourne Wages & Productivity Slumps: Key Insights for Australian SMEs appeared first on Small Business Connections.
Australia’s unemployment rate has remained stable at 4.1% for the third consecutive month, according to the latest data released today from the Australian Bureau of Statistics, while the economy added just under 16,000 new jobs last month. Recruitment specialists Robert Walters Australia suggest these new trends emerging in hiring patterns and candidate applications could be early signs of a potential shift in the job market. Also, for the first time in over two years, applications per job ad fell by 0.9% month-on-month, indicating a shift in the labour market dynamics. Kry Findings: Australia’s unemployment rate remains stable at 4.1% for the third consecutive month For the first time in over two years, applications per job ad fell by 0.9% month-on-month 76% of companies are actively planning to hire in the next 6-12 months 50% of businesses already in the process of hiring Shay Peters, CEO of Robert Walters Australia said, “A stable unemployment rate indicates that the number of people joining the workforce is roughly in line with the number of available jobs. Although it doesn’t mean there are no shifts in individual employment, it reflects overall stability in the job market, suggesting that the number of job seekers and job opportunities are well-matched—offering a glimmer of hope for those searching for work.” Recent research by Robert Walters supports this emerging trend. A survey of over 2,000 white collar businesses across the country revealed that 76% of companies are actively planning to hire in the next 6-12 months. With 50% of these businesses already in the process of hiring, underlining the ongoing demand for talent despite the broader macroeconomic conditions. The study also uncovered a shift in the balance between job seekers and available roles. While 58% of employees in Australia are actively looking for new opportunities, the number of companies seeking to hire now slightly surpasses the pool of candidates considering a move. This marks a shift toward a more candidate-driven market, reversing the trend of recent years when the number of job seekers outpaced job openings. Peters said, “For a long time now, the job market has been extremely candidate-heavy, with a significant amount of highly qualified and experienced individuals competing for fewer roles. But these new figures could be early signs that the job market is slowly shifting.” He further explained, “While hiring managers may have previously been the ones dictating terms, we could see candidates increasingly take the reins. This could include more demands for things like higher salaries and flexibility. This power shift could make way for a significant change in workplace expectations and desires.” This evolving landscape presents both opportunities and challenges for employers and job seekers alike as they navigate the changing labour market, nonetheless job seekers across the country are hopeful for this change. The post The Great Australian Hiring War: Who Will Win? appeared first on Small Business Connections.
The Australian job market, once buoyant, is now showing signs of cooling. Recent data from the Australian Bureau of Statistics (ABS) and Employment Hero reveals a mixed picture. Ben Thompson, Chief Economist at Employment Hero, commented, “The latest ABS labour force data shows the unemployment rate has remained at 4.1%, reflecting job market instability. In parallel, Employment Hero data shows employment growth slowed to 4.8% year-on-year in October 2024, down from 8.3% in October 2023. This combination of a stable unemployment rate and a slower employment growth rate suggests a softening demand for hiring, as businesses appear more cautious about expansion in response to economic pressures.” A notable trend is the decline in hours worked, particularly in casual roles and sectors like retail. “We’ve observed a 6.0% year-on-year drop in hours worked, especially in casual roles (-25.4%) and sectors like retail (-10.4%). This drop may be linked to rising wage pressures and early preparation for Black Friday and year-end sales, where we anticipate a boost in hours worked. South Australia experienced the most significant decrease, with hours worked down by 9.6%, primarily due to fewer casual hours,” explained Thompson. Small and medium-sized enterprises (SMEs) are facing significant challenges. “For SMEs, they are navigating a complex environment balancing operational needs with the rising cost of doing business. Many small businesses are struggling to grow sustainably, highlighting the pressure of an evolving labour market and the impact it has on job stability,” Thompson added. As the Australian economy continues to adjust to these shifting conditions, businesses must adapt their workforce strategies to ensure both employee satisfaction and long-term business success. The post A Mixed Bag or a Slowdown? The Latest Job Market Trends appeared first on Small Business Connections.
Zebra Technologies Corporation (NASDAQ: ZBRA), a leading digital solution provider enabling businesses to intelligently connect data, assets, and people, today announced the findings of its 17th Annual Global Shopper Study. The data shows shoppers are not the only ones who are worried about the impact of theft and crime on the in-store experience. The majority of retail associates (84% globally, 72% in APAC) are concerned about the lack of technology deployed to spot safety threats or criminal activity. With most retailers (78% globally, 80% in APAC) under high pressure to minimise theft and loss, they are now investing in technology tools that can help frontline workers and those watching operations from behind the scenes. Artificial intelligence (AI) technologies are currently viewed as the most helpful with loss prevention, closely followed by cameras, sensors, and RFID. While only 3-in-10 retailers (38% globally and in APAC) currently use AI-based prescriptive analytics for loss prevention, more than half surveyed (50% globally, 52% in APAC) plan to use it in the next 1-3 years for this purpose. Over three in 10 retailers say they also plan to use self-checkout cameras and sensors (45% globally, 52% in APAC), computer vision (46% globally and in APAC), and RFID tags and readers (42% globally, 38% in APAC) within the next three years, specifically for loss prevention. This should come as a relief to shoppers, as 78% say it is annoying when products are locked up or secured within cases. Adding to that frustration is that it is hard to find an associate while shopping in stores these days, according to 70% of consumers. This resonates with 79% and 70% of APAC shoppers respectively. Increasingly over the past two years, the reason why one in five shoppers (21% globally, 22% in APAC) left a store without getting what they needed was due to a lack of available retail associates to help. Other Issues Contributing to Associate Frustration, Decline in Shopper Satisfaction Although consumers are still generally satisfied with their shopping experience and global consumer spending is holding steady, fewer shoppers overall are satisfied with their shopping experiences this year. In 2023, 85% were satisfied with both the in-store and online experiences – this stood at 81% and 80% respectively for APAC shoppers. This year, only 81% are satisfied with the in-store experience and 79% with online shopping. Satisfaction similarly decreased for APAC shoppers, to 78% for in-store experience and 75% for online shopping. Generally, most shoppers expect retailers to offer easy click-and-collect and returns options, yet retailers (79% globally, 85% in APAC) and associates (85% globally and in APAC) admit challenges with both . Most retailers also say it is a struggle to confirm current inventory and pricing. Plus, with more shoppers returning to stores, lingering labour shortages and increasing loss incidents are having a greater impact on service levels. For example: 78% of global shoppers (81% in APAC) say self-checkout options improve their shopping experience, yet 68% of global shoppers (67% in APAC) identify that self-checkout (SCO) lanes are lacking, with some reporting they have left a store without making a purchase because there were no SCO (shelf-checkout kiosks) or contactless payment options. 71% of global shoppers (70% in APAC) are concerned about the lack of help associates can offer, while 82% of global associates (76% in APAC) say it is even difficult for them to find help or ask for timely support when needed. Nearly 90% of retail associates believe they can provide a better customer experience when they have mobile technology tools to help simplify real-time communication and prioritise tasks as well as check prices and inventory. Most retailers agree technology enables associates to do their jobs better, and as a result, 75% of global retailers (79% in APAC) say they plan to increase their technology investments in 2025. “Many retailers are laying the groundwork to build a modern store experience,” said Nathahn Walter, ANZ Regional Sales Manager, Zebra Technologies. “By investing in mobile and intelligent technologies to provide greater visibility, help inform operational decisions and enable great mobility for associates, this ladders up to elevate the customer experience for retail’s long-term longevity.” Along with enhancing customer experience, the study shows retailers’ top priorities include improving mobile workforce efficiency and productivity along with inventory management. More than one-third of them (39% globally, 41% in APAC) believe that GenAI will have an extremely significant impact on inventory management and demand forecasting. They will also be automating product locating and item-level RFID (46% globally and in APAC), video monitoring (45% globally and 36% in APAC), and stock-out alerts (45% globally, 49% in APAC) to give associates and shoppers real-time inventory visibility, which is a leading profitability driver. “By implementing advanced technologies like the Zebra kiosk system, RS2100 Bluetooth wearable scanner, WT5400 wearable computer, DS55 fixed mount scanner, MP72 series multi-plane scanner/scale, and ZT411 with ZeroLiner Linerless Printing Solution, it will help retailers navigate today’s business challenges,” said Nathahn Walter, ANZ Regional Sales Manager, Zebra Technologies. “The solutions are designed to address various issues like managing stockouts, while empowering associates to provide a seamless customer experience to meet the evolving expectations of modern shoppers.” How Retailers Can Recover from the Year-Over-Year Decline in Shopper Satisfaction Retailers can exceed shopper expectations, drive profitability and empower engaged associates if they: Get to know their customers. Three-quarters (75% globally, 77% in APAC) of shoppers are more willing to try and buy items when retailers know their personal preferences and associates make recommendations. Make it easier to find, pay for, and return items and find item–related information. Shoppers want associates to be available, and they are driven to retailers who can help them more easily find or return items. Keep shelves stocked. While fewer shoppers are complaining about out-of-stocks, this remains the top reason why over half (57% globally, 49% in APAC) of shoppers leave a store without items they want, and more associates (86% globally and in APAC) are now struggling with real-time out-of-stock tracking. Protect shoppers without over-indexing on loss prevention. Most shoppers (71% globally, 65% in APAC) are concerned about the stores at which they shop are experiencing high levels of theft and
Artificial Intelligence (AI) has revolutionised the way we work. For new business owners, it’s a powerful tool that can streamline operations, boost productivity, and save valuable time and money. Here’s a guide on how to effectively leverage AI to your advantage: What Tasks Can AI Handle? Content Creation: Blog Posts: Generate ideas, write drafts, or create entire articles. Social Media: Craft engaging posts, captions, and hashtags. Email Marketing: Write persuasive subject lines and body copy. Customer Service: Chatbots: Provide instant customer support, answer FAQs, and troubleshoot issues. Sentiment Analysis: Gauge customer feedback and identify areas for improvement. Marketing and Sales: Market Research: Analyse market trends, competitor insights, and customer preferences. Sales Copy: Write compelling product descriptions and sales pitches. Administrative Tasks: Scheduling: Manage appointments and meetings efficiently. Data Entry: Automate data input and organisation. Email Management: Sort and prioritise emails, draft responses. What Tasks Should You, as a Business Owner, Handle? While AI can automate many tasks, certain areas still require human touch and strategic thinking: Strategic Planning: Setting long-term goals, vision, and mission. Decision Making: Making critical business decisions based on intuition and experience. Building Relationships: Networking, client interactions, and team management. Creative Thinking: Developing innovative ideas, brainstorming, and problem-solving. Quality Control: Ensuring the accuracy and quality of AI-generated content. How to Effectively Use AI: Identify Suitable Tasks: Assess your business needs and identify tasks that can be automated or enhanced with AI. Choose the Right Tools: Research and select AI tools that align with your specific requirements and budget. Provide Clear Instructions: Give AI tools specific prompts and guidelines to ensure accurate and relevant outputs. Review and Edit: Always review and edit AI-generated content to maintain quality and brand voice. Continuous Learning: Stay updated with the latest AI advancements and learn how to adapt to emerging technologies. By effectively leveraging AI, new business owners can streamline operations, increase efficiency, and focus on strategic initiatives. Remember, AI is a tool to assist, not replace, human ingenuity and creativity. Popular AI Tools for Small Businesses: Jasper.ai: A versatile AI writing assistant for various content types. Copy.ai: A powerful tool for generating marketing copy, ad copy, and more. Grammarly: A grammar and style checker that can also suggest improvements. Canva: A design tool that uses AI to create stunning visuals. ChatGPT: A versatile language model for various tasks, from writing to coding. By understanding the capabilities and limitations of AI, you can harness its power to drive your business forward. The post Leveraging AI: A Practical Guide for New Business Owners appeared first on Small Business Connections.
2024 has presented Australian businesses with a unique set of challenges: rising living costs, interest rate hikes, and the complexities of returning to the office. Despite these headwinds, organisations built on trust, fairness, and purpose have shown remarkable resilience. Overall Workplace Satisfaction While overall workplace satisfaction has slightly dipped from 80% in 2023 to 78% in 2024, certified Great Place to Work® organisations continue to outperform their peers. These certified workplaces have maintained higher levels of employee engagement and innovation, highlighting the enduring power of strong workplace cultures. Company Performance by Size Large Companies: Have maintained a steady 62% satisfaction rate, demonstrating resilience in a fluctuating market. Medium Companies: Have experienced a decline, with the best-performing medium-sized companies dropping from 73% to 66%. A notable performance gap is emerging between top-performing and average medium-sized businesses. Small Companies: Show the strongest positive trajectory, with top-performing small companies increasing from 81% to 83%. Micro Companies: Remain the highest-performing category, although they have experienced a slight decline from 95% to 91%. Smaller organisations appear to be outperforming larger ones, suggesting that agility and closer employee connections may be key advantages in today’s workplace. Workforce Demographics Generational Composition: Millennials and Gen Z make up 67% of the workforce. Despite generational differences, trust in leadership is a universal priority. Part-Time Employment: Has increased by 1% over the past 12 months, with a significant proportion of part-time workers in leadership roles, particularly women. Gender Leadership Gap: Female representation in executive roles has decreased by 1%, highlighting the ongoing challenge of gender disparity in leadership positions. Employee Engagement Drivers Remote Work: Has positively impacted work excitement, colleague effort, and work-life balance. Purpose and Pride: Employees who feel a sense of purpose and pride in their work are significantly more likely to recommend their workplace, stay long-term, and rate their organisation as a Great Place to Work. Flexible work arrangements and a strong sense of purpose are emerging as powerful drivers of employee engagement and retention. By understanding these trends, Australian businesses can adapt to the evolving workplace landscape, foster strong workplace cultures, and attract and retain top talent. The post Key Trends Shaping Australian Workplaces in 2024 appeared first on Small Business Connections.