News in Members News

A growing number of Australians are turning their hobbies into small businesses but these ventures are often not captured by official statistics because their operators don’t have an Australian Business Number (ABN). That’s the key finding from a recent whitepaper released by Australia Post, which seeks to shine a light on “unrecognised small businesses” — a largely concealed, yet influential, sector of the Australian business landscape that is estimated to account for 41% of the country’s small businesses.

ANZ-Roy Morgan Australian Consumer Confidence edged up 0.5% to 114.1 this week, following a 3.9% rise the previous week. The details were mixed: consumers seem less optimistic about their personal finances, though views towards economic conditions have improved.

Audit Your Business to Protect it from Fraud

Each week we are reading or hearing about cyber-crime or another cyber-attack on some business or corporation. Managing your security should be top-of-mind for business owners. The Australian Cyber Security Centre reporting that there were 14,804 cyber security incidents affecting Australian businesses between July 2015 and June 2016.

Outsourcing

Offshore outsourcing is so common these days due to the perception that it is cost effective, but is it really? It’s a practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally. Enterprises have flocked to overseas markets such as India, China and the Philippines due to decreased wages and running costs. Offshore vendors often make claims suggesting they are 80% cheaper per hour. While this may be the case, outsourcing has many hidden risks that can add up to a more costly bill than anticipated.

What We Focus On Is Where We End Up

Unfortunately to say this but fear is part of being human, it’s a necessary function that keeps us safe, challenges our thought process and makes us stronger. It comes in different ways and on different levels, depending on whether it’s a challenge or a process. It’s important to have perspective, to assess the level of fear for the situation you are in. In certain situations, business or personal, we need to make quick choices but it remains important to focus on solutions and not just the obstacles. This is where fear can become greatest. If you change focus and seek a solution, the fear diffuses as you visualise your outcome or resolution to the problem. Focusing on the problem is like viewing from a lens of amplified fear. Focusing on the solution you let go of the fear and the control and see the resolution more clearly.

Young Australians would rather be dentists than entrepreneurs: Does the business world need to do better PR? Young Australians have their sights set on “fantasy” jobs like becoming Youtube stars or elite sportspeople instead of starting their own projects, according to a recent study of school students, prompting entrepreneurs to call for better public relations campaigns from those in the technology and business sectors. Government body the Australian Institute of Family Studies released its study of the career aspirations of 3378 young Australians aged between 14 and 15 this week, having asked this group whether they knew which career they wanted to be in, and what their current dream jobs were. The results indicate young Aussies are keen on professional jobs in the health sector, with ‘Doctor’ or ‘Dentist’ ranking as one of the most common responses, with 5.3% of young people surveyed wanting to enter healthcare professions.