The $90 billion JobKeeper scheme has now officially wrapped up, leaving thousands of Aussie businesses and workers feeling nervous about the future.
While the impact of the pandemic has challenged the Australian economy and has forced too many small businesses to close, one reassuring development has been the emergence of new and innovative homegrown small businesses. Seeing just how many people kickstarted a new business and took the scary but exciting leap to work for themselves has been a comforting prospect over the last 12 months.
Research from ASIC revealed a 14 per cent increase in new business registrations during the pandemic, skyrocketing to from 24,017 registered in the year to July, up from 21,047 the previous year.
And as JobKeeper payments come to an end, with up to 150,000 Aussies potentially out of work, the growing trend of microbusiness owners getting their products or services off the ground is set to continue. Aussies make very creative, determined entrepreneurs so we can expect to see some amazing businesses borne from our adversity.
If there’s one thing that’s become clear throughout the pandemic, it’s that Australia is brimming with resilient business leaders who have spent the past year innovating and pivoting, with many targeting new audiences and implementing contemporary marketing approaches to amplify their business strategy.
Knowing how to kickstart a small business in a period of great uncertainty can be a daunting task, though. While the adoption of technology and digital tools may be lower down some priority lists, these investments can make the world of difference right now. From driving efficiencies with fewer resources, targeting new digital audiences and getting your product or service in the right hands, it’s never been more important to future-proof your small business.
Around the globe, we’re seeing many local governments adapting their economic strategies in a bid to support small businesses in this next stage of fiscal recovery. We can take inspiration from one of our closest neighbours, Singapore.
With the government encouraging adoption of digital solutions among small and medium enterprises, Singapore is anticipated to boost its economic recovery. Announced last month in its Budget, the Singapore government set aside S$1 billion to pump into digital transformation schemes, including the adoption of digital solutions and new technology, with the exclusive focus on small businesses.
With more than 2.3 million small businesses nationwide, Aussie microbusinesses need the same backing as we’re seeing in Singapore.
As we prepare for future economic security, taking a leaf out of our neighbour’s book and actively championing a digital-first future could be a vital step in supporting our rising microbusinesses at this critical moment, which for many is make or break.