A recent QBE survey found that 59 per cent of micro-SME’s haven’t updated their insurance since first purchasing it, despite 42 per cent seeing revenue growth in the past three years. This gap in protection puts many businesses at risk of financial losses they may struggle, or even fail, to recover from.

Has your coverage adapted to your success?

Hiring new employees is a sign of business success, but it also introduces new risks. More staff means greater exposure to workplace injuries, liability claims, and employment-related disputes. And if your coverage hasn’t been updated to reflect a larger workforce, you might not be adequately insured.

Similarly, if you’ve invested in new machinery, tools, and IT infrastructure or moved into larger premises, your business assets may be worth significantly more than when you first took out insurance. If your coverage is based on outdated valuations, you could be underinsured in the event of damage or theft.

While winning contracts can be a game-changer for the bottom line, it can often come with stricter liability requirements. Many clients will require proof of sufficient coverage before signing off on supplier engagements. If your policy doesn’t meet these standards, you could miss out on business opportunities or even find yourself liable for damages beyond your current coverage limits.

Without updated cover, business owners can be caught off guard when a claim arises. This is where an insurance broker can provide value. Brokers are experts at spotting risks – often the kind business owners haven’t even considered. They can review your insurance needs, provide guidance on changes in the market, and make sure your coverage keeps pace with your success.

The financial risk of outdated insurance

The cost of being underinsured can be substantial enough to drive a SME to breaking point. In the survey, more than half of micro-SMEs report they would struggle to recover from financial setbacks over $10,000, while almost a quarter say they wouldn’t be able to absorb any financial loss at all. A single unexpected event such as property damage from a weather incident or a lawsuit, could put a small business in serious jeopardy.

Time for a coverage check
If it’s been years since you reviewed your insurance policy, now is the time to act and to ask yourself:

• Have I hired new employees?
• Have I upgraded or expanded my business premises?
• Have I purchased new equipment, such as laptops or tools?
• Have I diversified my product or service offerings?  
• Am I taking on larger contracts with new requirements?

If the answer is yes to any of these, it’s time to reassess your coverage. A conversation with your broker might be a helpful place to start.

Protect your business with flexible coverage

QBE’s business packages offer flexible solutions to help keep your insurance in step with your growth. By regularly reviewing and updating your policy with your broker, you can avoid unexpected gaps and protect your business from potential risks. Don’t wait until it’s too late. Visit us here.

Disclaimer: QBE Small Business Insurance and QBE Business Package Insurance are issued and underwritten by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545). Any advice provided is general only and has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. Please read the relevant Policy Wording to decide if the product is right for you.

QBE makes no warranty or guarantee about the validity, currency, accuracy, completeness, or adequacy of the content in this article that does not relate to QBE’s insurance products. Readers relying on this content do so at their own risk. It is the responsibility of the reader to evaluate the quality and accuracy of this content. Reference in this article (if any) to any specific product, process, or service, and links from this content to third-party websites (if any), do not constitute or imply an endorsement or recommendation by QBE and shall not be used for advertising or service/product endorsement purposes.

The post Is your business insurance keeping up with your growth? appeared first on Inside Small Business.

Recent research from Rippling shows that two-fifths of Australian SMEs have admitted payroll errors in the past two years, and these new policy changes will add greater complexity. Even for large enterprises, keeping pace can be a laborious and confusing process. But for SMEs, where business owners are often in charge of managing HR and payroll, staying up to date with regulatory changes can prove immensely time-intensive and can distract from the tasks needed to run a business.

It’s therefore no surprise that 53 per cent of SMEs believe IR reforms will add more complexity and stress to the payroll function, further exposing companies to the already significant risk of hefty fines and legal repercussions. In this new regulatory environment, accurate record-keeping and compliance checks have never been more critical.

The challenge for SMEs

Managing these new changes will require modification to how holiday pay is accrued, calculated, and reported. Small businesses would need to track split rates of pay within the same pay period, ensuring that all entitlements are correctly calculated so that employees receive the correct remuneration.

Non-compliance with these new holiday pay rules carries serious consequences.. Under the “Closing Loopholes” bill, the Australian government is intensifying its crackdown on wage theft, imposing substantial penalties for violations.

Errors in payroll not only pose financial risks, such as penalties and sanctions but also jeopardise reputation and culture. Inaccurate holiday pay calculations can erode employee trust, leading to higher turnover rates. Furthermore, businesses may face costly retroactive corrections and legal challenges from employees, straining finances and reputation further.

Ensuring SMEs don’t fall short

Organisations must ensure their operations are robust enough to handle these changes swiftly and efficiently to ensure compliance. 48 per cent of Australian small businesses still rely on manually inputting employee data, opening the door to human error. Automating payroll processes can significantly reduce this risk and alleviate the burden of staying current with new regulations. Furthermore, centralising employee data in one system further reduces the need for redundant entries across multiple platforms.

Ongoing training and education are also essential; SMEs must remain well-informed about all regulatory changes and understand their implications for payroll operations. Conducting regular audits of payroll processes helps identify discrepancies early, mitigating compliance issues.

Navigating economic challenges and technological solutions

In the face of a tough economic climate, SMEs are often among the first to feel the pinch and seek ways to enhance efficiency and productivity. However, the increasing complexity of employment laws makes this a challenging task. The stakes are high; mistakes in payroll can lead to severe financial, reputational and cultural damage.

Integrating traditional HR, IT, and finance tools – such as payroll systems and device management – into a single cohesive system can streamline operations and unlock valuable insights that are otherwise difficult to access when employee data is scattered across various applications. This integration not only saves time but also cuts costs by reducing the need for multiple subscriptions and the overhead associated with maintaining several systems. Ultimately, this leads to a more efficient work environment, enhancing productivity and job satisfaction for everyone involved.

The post How SMEs can navigate employee holiday reforms and other IR reforms appeared first on Inside Small Business.

With HR tasks often taken on by the time-poor business owner, or spearheaded by a lone director, keeping costs low gets the priority more times than not, purely out of necessity.

It’s easy to see HR as a cost to be dealt with as the business grows in size, however, small businesses can use their agility to their advantage, with a strategic approach and cost-effective measures able to elevate this area beyond simply hiring, firing and paying.

Start-ups are able to open the door to countless opportunities that a more focused HR function can detect through, all the while improving defences against an HR misstep that could crumble your start-up before it’s even left the ground.

With this in mind, here are three ways you can empower your HR Director and bring cost-saving efficiencies to your business without breaking the bank:

Give HR a voice at the top table

Beyond the piles of admin, contract crafting and compliance checks, HR shapes the culture of your company, something cast aside by too many start-ups too focused on business operations. This has been a focus at The Access Group to ensure that our business is operating not only to its maximum efficiency, but with its people in mind.

Attracting top talent and keeping them engaged in a place they feel motivated to do their best is the responsibility of HR, and a failure to consider this is a great way to ensure a revolving door of staff turnover. With increased staff demands for flexibility, cross-industry talent shortages and business costs continuing to climb, keeping HR in mind during decision making processes makes for a streamlined operation where people feel valued and sets a foundation for growth.

Embrace technology

Introducing another tool into a workflow that’s already stretched thin is an understandable hesitation from small-business owners. Particularly when being executed by a team member where the HR function is not in their job title, technology can be a great equaliser in giving you the tools and resources to let you punch above your weight.

Finding a cost-effective HR solution that’s right for you will pay dividends in money and time, giving countless hours back to your team to work on what you do best. Identifying ineffective cost centres through your payroll, ensuring contracts are compliant with constantly changing IR laws and spotting timely talent opportunities are must-haves for small businesses looking to stay afloat.

Invest in their development

No matter the size of your HR team, growing their skills and professional development should have a roadmap the same as any other employee on your books. Are there any qualifications they’d be boosted by having? Any key workshops they can attend in order to upskill? Don’t pigeon hole those responsible for the people of your business to an afterthought and a sedentary position in the company.

So many of these opportunities don’t require massive capital investment or a dedicated team, rather, start-ups and small businesses can unlock a host of advantages through a shift in focus on their HR Director, whether that’s their primary role or not. The life of a small business is filled with too many challenges and uphill battles to sell yourself short on the area that keeps people walking through your doors everyday and houses valuable growth insights. Empower the people in your business and they will pay for themselves.

The post Empowering your HR director: the small-business guide to helping the people person appeared first on Inside Small Business.

What’s the buzz about virtual offices?

Virtual offices provide businesses with a premium address, professional meeting spaces and essential office services, but without any long-term leases or commitments. This new way of working has been embraced by startups, freelancers, and even established companies looking to reduce costs and increase flexibility.

Reduce costs and boost efficiency

A positive working environment is key to success, but traditional offices can drain your budget with long-term leases and utility bills. For new businesses, these costs can be overwhelming. Virtual offices offer a modern, fully-equipped workspace at a fraction of the cost, helping you save big while still enjoying top-notch facilities.

Perfect for freelancers and small-business owners

Working from home is convenient, but it’s not always the best setting for meeting clients or suppliers. Virtual offices provide professional meeting spaces, saving you from the awkwardness of inviting clients into your personal space. Plus, having a premium business address boosts your business image and keeps your home address private.

Build a strong local presence

Even if your business already has an office, virtual offices can enhance your image and attract more customers. If you operate in multiple cities, having a local address in each city can significantly boost your presence and draw in local customers. It’s also a smart way to improve your Google My Business listing and boost your website’s SEO.

Elevate your business image with Business1300

Business1300 provides a range of virtual office locations across Australia including Melbourne, Sydney, Brisbane and Adelaide. Choose one or more business addresses starting from only $16 per week. Call us on 1300 00 1300 or CLICK HERE to find the right office for your business.

The post Premium office spaces but without the long-term commitment – here’s why your business needs a virtual office appeared first on Inside Small Business.

For us as employers it’s a chance to assess how we can foster a more equitable and
accommodating workplace that benefits not just our employees, but also our consumers.
We need to take the time to examine whether our digital platforms are truly inclusive,
allowing everyone, irrespective of their abilities, to fully engage with our products and
services.

With extensive experience working alongside SMEs to ensure accessibility within building
environments, I’ve gathered practical insights on how businesses can create more inclusive
workplaces:

1. Invest in digital accessibility: Ensure that all your digital platforms, such as websites, applications and online tools, are accessible to people with disabilities. This includes adhering to web accessibility guidelines such as WCAG (Web Content Accessibility Guidelines), which make content usable for everyone.

2. Implement flexible work policies: Flexibility is key in a hybrid and remote setting. Tailor work policies to meet the diverse needs of your workforce, including varied working hours and the option to work from locations that suit their needs and abilities.

3. Provide accessibility training: Regular training sessions for your team on accessibility practices and disability awareness can cultivate an empathetic and inclusive culture. This training should cover both physical and digital accessibility standards.

4. Foster communication and collaboration: Use tools and platforms that are accessible to all employees. Ensure that communication channels support assistive technologies and that collaborative platforms are compatible with various devices and support services like closed captioning and screen readers.

5. Offer ergonomic support: Ergonomics is vital for creating a safe home office. Consider providing support for ergonomic assessments and equipment, which can prevent injury and increase comfort for all employees, especially those with physical disabilities.

6. Conduct accessibility assessments: Regularly assess your physical and digital workspaces to identify and rectify accessibility barriers. This could involve periodic surveys and consultations with accessibility experts to ensure compliance with the Disability Discrimination Act.

7. Establish accessibility policies: Clearly outline your commitment to accessibility in your company policies. These should detail your approach to creating an accessible workplace and the support available to staff, reinforcing your commitment to inclusion.

8. Continuously improve accessibility initiatives: Accessibility is an ongoing commitment. Keep abreast of new technologies, guidelines and practices that could enhance workplace accessibility. Encourage feedback from employees and customers to continuously refine your efforts.

Beyond compliance: the lasting benefits of workplace accessibility

For many SMEs their accessibility initiatives are driven by fear of noncompliance to related legislation such as the Disability Discrimination Act and Australian Human Rights Commission. Companies are aware that neglecting accessibility can result in legal repercussions such as fines, penalties and other legal actions, which can damage their reputation and financial stability and result in reduced employee morale and customer dissatisfaction.

While this is one way to get motivated, leaders of SMEs shouldn’t allow their accessibility initiatives to be governed by compliance alone. Accessibility should always be an operational and organisational priority. It’s not just about avoiding penalties, it’s about building a supportive and inclusive environment where all employees feel valued and supported. This commitment to accessibility enhances organisational productivity and opens up markets by catering to a more diverse consumer base. It positions businesses to operate more equitably and inclusively, fostering a culture that naturally attracts talent and loyalty.

The post Empowering change: how SMEs can build inclusive workspaces appeared first on Inside Small Business.

It has nothing to do with how big their budgets are, how many hours they work or how good the business idea is. It comes down to the energy of the structure that houses the business. This could be a single room in your home, perhaps your garage, or the little storefront on the high street. It really doesn’t matter.

The energy of the property is what holds the key to success. So, how can we harness this for our greater good?

In the first instance, ask a lot of questions. If the property is a shopfront. You will receive a lot of information by asking the following questions.

• What was here prior?
• Why did they shut down?
• Have they moved elsewhere?
• How long were they here for?

If they outgrew the location and moved on in a prosperous way, it would be a great location for you to potentially open.

If, however, the business shut down due to loss of money, bad partnerships, or ill health, then the likelihood is that this would not be a great place for you to sign a lease on. Similarly, questions when you are buying or renting a property can be asked around the history.

But what if you find you are in a space that does not feel prosperous, and you are locked into a lease or contract? Well, we can adjust to turn the energy from negative to positive.

For swift change, a bespoke consultation would be of benefit, however, there are a few things you can instantly do, to shift the energy in your office space to start bringing in those customers.

1. Ensuring your workspace reflects the vision of your business. If you are making do sitting at the dining table on an uncomfortable dining chair, you may well find that you are constantly hustling and getting nowhere. Instead, create in your home a designated workspace/office that you know when you step into that area – it means it’s time to work.
2. Upgrade. That desk and spinny chair from Kmart might be ok for your kids to do their homework on, but not a grown adult wanting business success. Start as you mean to continue. Value your effort & assets in business and success will follow. While you are at it, make sure you are sitting in your power position with your back to the wall and you can see what is coming toward you through the office door.
3. Décor. You do not need all the accessories from OfficeWorks to make you a success. In fact, this is adding clutter to your office space and serving you no purpose than to just “look good”
4. Imagery. Pay close attention to the imagery in your office space. That photo you took of Cradle Mountain with Lake St Clair in it when you went on your hiking holiday is lovely, but put that in your office and you will see the bottom line drop quicker than you can say stagnant. Instead, add in images of success, teamwork and your achievements.
5. Declutter. Those papers you move from one side of your desk to another. Stop it. Deal with them. Shred what you don’t need, scan what you need to keep. A clear desk is a clear mind and energetically will reduce any anxiety that you feel day to day that you aren’t even aware of.

Just these small changes can have a dramatic effect on your revenue. Try them and see what happens

The post You don’t need a corner office to be a success in business appeared first on Inside Small Business.

The research found that 70 per cent of Australians have a desire to own their own business if all other factors were equal. This interest spans across age groups, with younger demographics showing the highest entrepreneurial enthusiasm, with 84 per cent of 16-24s having entrepreneurial ambitions. And 21 per cent) already own their own business, while another 21 per cent have seriously considered starting one.

Among Australia’s aspiring entrepreneurs, the top reasons cited for starting their own business are the opportunity to earn more money (58 per cent), a desire to be their own boss (50 per cent), and work flexibility (40 per cent).

In addition, 13 per cent of those seriously considering owning a business are driven by concerns about perceived job obsolescence due to technological advancements. Exemplifying this issue is the fact that 16 per cent of business owners in Australia started their venture after being made redundant from their previous job.

Despite the prevalent drive towards entrepreneurship, many are being held back by high barriers to entry, with 50 per cent citing financial obstacles as a key issue, 35 per cent citing lack of confidence, 34 per cent citing lack of knowledge, and 24 per cent citing concerns about their skillset.

With regards to the financial challenges, the research found that 73 per cent would be prepared to invest their own money but 43 per cent expressed a lack of money to start. In particular, 20 per cent cited high interest rates on business loans as a key challenge

When asked which factors would make them more interested in starting a business, 58 per cent answered that government programs to support potential business owners could sway them, while 43 per cent said that a decrease in the cost of living would encourage entrepreneurship.

While the majority of Australians want to be their own boss, their ability to fund the business could be limiting.

“Australians are enthusiastic entrepreneurs, particularly younger Aussies,” Shaun Broughton, Managing Director for APAC at Shopify, commented. “Addressing financial obstacles is essential to unlock a vibrant entrepreneurial ecosystem and unearth the potential of aspiring entrepreneurs across the country. By enhancing access to funding, reducing financial risks, and encouraging people to start a business, we can help reduce barriers to entry for Australian entrepreneurs to drive stronger economic growth, innovation and employment for all.”

The research also found that despite the initial failure some business owners experienced in their entrepreneurial ventures, it has not held them back from building new businesses. In fact, 38 per cent of entrepreneurs previously started a business that was unsuccessful, while 46 per cent had at least one previous business before achieving success A further 32 per cent had two to three unsuccessful businesses first

Support networks and prior experience in their chosen field were seen as strong enablers for entrepreneurship. The research noted that 40 per cent of Australian business owners said that encouragement from people they knew was particularly helpful when they started out. Other enablers include support from family and friends (cited by 41 per cent of aspiring entrepreneurs), prior work experience (cited by 38 per cent), and personal and community networks (cited by 24 per cent).

The post Funding issues hindering many Aussies’ dreams of becoming entrepreneurs appeared first on Inside Small Business.

Here are some of the common missteps in employment contracts to avoid.

Failure to comply with the National Employment Standards (NES)

The NES outlines the minimum entitlements for Australian employees. Contracts cannot undercut these rights, which include maximum working hours, minimum wage, leave entitlements, flexible work arrangements, superannuation contributions, and notice periods.

Solution: Ensure employment contracts meet or exceed the minimum provisions stipulated in the NES. Refer to the Fair Work Ombudsman website for details on the NES.

Unclear or inadequate restraint of trade causes

Restraint of trade clauses restrict an employee’s ability to work for competitors after termination.   However,  Australian courts are stringent with these clauses. Unreasonable restrictions will likely be deemed unenforceable.

Solution: Consult an employment lawyer to draft restraint of trade clauses that are reasonable in terms of duration, geographic area, and the nature of the protected interests.

Weak confidentiality provisions

Contracts must protect an employer’s confidential information. Australian law recognises the importance of trade secrets. Omitting adequate confidentiality clauses can create a legal vacuum.

Solution: Explicitly define confidential information and outline strict employee obligations. Include specific consequences for breaches.

Inconsistent or contradictory terms with awards or agreements

Industry-specific modern awards or enterprise agreements may apply to your workplace. Contracts cannot contradict or undermine the entitlements outlined in these instruments.

Solution: Carefully review any applicable modern awards or enterprise agreements. Ensure contract terms are consistent or provide greater benefits than those mentioned within those instruments.

Lack of proper termination clauses

Well-defined termination clauses are crucial. They must outline grounds for termination (e.g., serious misconduct, redundancy) and adhere to notice period requirements set by the NES or any applicable awards.

Solution: Develop clear termination clauses in line with Australian law. Ensure they provide fair processes for both employer and employee.

Ambiguity regarding intellectual property (IP)

Australian law recognises employers’ potential rights over employee-created IP.  Lack of clarity around IP ownership within a contract can lead to disputes.

Solution: Include clauses explicitly assigning ownership of IP generated during employment to the employer. Consider how copyright law affects your specific industry.

Vague or overly broad language

Avoid vague phrases like “as required” or “best effort”. These create ambiguity that can trigger misunderstandings and disputes down the line.

Solution: Use precise definitions for key terms (e.g., performance standards, work hours). This increases clarity and reduces the risk of misinterpretation.

Ignoring individual needs

Avoid using the same contract for all employees. Specific roles and responsibilities may require additional clauses or modifications.

Solution: Create tailored contracts or templates for different employee categories to address specific expectations and obligations.

Failing to provide clear explanations

Walk new employees through the key aspects of their contract.

Solution: Allow time for questions and ensure employees understand their rights and obligations before signing.

Not seeking legal advice

Australian employment law is complex and frequently updated. Sole reliance on online contract templates might not suffice.

Solution: Engage an employment lawyer to draft or review your contracts. This ensures they’re compliant, enforceable, and tailored to your business.

By avoiding these common errors, employers can create robust employment contracts that protect their interests while fostering a fair and transparent workplace. A comprehensive contract benefits both parties and lays the foundation for a productive and harmonious working relationship.

The post Common errors in employment contracts that can leave employers vulnerable appeared first on Inside Small Business.

Now in its second iteration, accounting network Kreston Global surveyed 1400 ‘interpreneurs’ – leaders of businesses with revenue up to approximately US$372 million who have successfully expanded their business into international markets – across 14 different countries. The research explores small-to-medium business global mobility trends, and the strategies business leaders are using to navigate the commercial pressures of global entrepreneurship today.

While interpreneurs acknowledge the challenging macroeconomic headwinds facing global expansion, majority of those surveyed believe that the reward outweighs the risk. In fact, 96 per cent agree that global expansion has been of benefit to their business, citing commercial growth across increased sales and revenue (53 per cent) and profitability (46 per cent) as the top benefits.

Evaluating their own international expansion journey, 52 per cent of interpreneurs said their business’ primary motivation was to secure market growth opportunities, followed by a desire to gain a competitive advantage by establishing a foothold in new regions before rivals (36 per cent). The biggest challenges faced were adapting logistics and supply chain issues (41 per cent), finding the right local partners (39 per cent) and managing economic volatility (38 per cent).

Looking ahead, 87 per cent said they expect an increase in the number of businesses expanding overseas in the next 12 months. The most popular destinations respondents said their business would consider expanding into are Western Europe (52 per cent) and North America (48 per cent). When evaluating what makes a country or region most attractive for international expansion, respondents cited favourable economic prospects (43 per cent), favourable trade agreements (41 per cent), and availability of skills and talent (41 per cent).

The post SME leaders forecast increase in global expansion activity in the next 12 months appeared first on Inside Small Business.

The survey, which focused on the sentiments among SME leaders on EOFY, found that the leading source of overwhelm during EOFY was navigating tax compliance (33 per cent). This was closely followed by gathering financial data (32 per cent), the time investment required (30 per cent), staying on top of receipts (28 per cent), and balancing financial deadlines with day-to-day operations (26 per cent).

“Our new research demonstrates that EOFY can be a difficult period for small businesses,” Anthony Drury, Managing Director for ANZ at Xero, commented, “It adds greater pressure on time, resources, and is compounded by the challenges they are facing in the current economic climate, from the rising cost of living to a drop in small-business labour productivity. Our aim for this research is to highlight these common pain points around EOFY preparations, so we can provide practical tips for small businesses to use right now.”

The study reveals that 56 per cent of small-business owners confessed to making a mishap in their past EOFY preparations, with the most common of these mishaps being the misplacement of important documents or receipts (32 per cent), forgetting to claim a significant deduction (31 per cent), entering of incorrect figures that lead to tax errors (14 per cent) and accidental deletion of crucial financial records (11 per cent).

When asked what the biggest EOFY misconceptions were, respondents selected ‘itʼs just a one-day event’ (47 per cent), ‘itʼs easy to prepare for’ (43 per cent) and ‘itʼs only about taxes and paperwork’ (42 per cent).

“We always encourage small-business owners to connect with their accountant or bookkeeper throughout the year to make EOFY preparations easier,” Drury said. “EOFY highlights how important those relationships are as advisors can help to alleviate pressures, from managing records and financial statements to understanding tax compliance.”

“Complementing your accountant or bookkeeper’s advice with digital tools is an excellent way to automate repetitive tasks such as receipt capture, invoicing and bank reconciliation, and help manage the risk of errors,” Drury added. “Xero’s research shows how powerful digital adoption can be in terms of boosting productivity outcomes, as it allows small-business owners to spend less time labouring on manual tasks and more time focusing on running their business.”

The post EOFY causing stress and mishaps among small businesses appeared first on Inside Small Business.