Helping businesses on their digital journey with $100,000 grant

  • "Sensible" APRA changes would boost capacity of home borrowers

    The regulator has put its proposals out to consultation

  • Brokers reflect on the Federal Election results

    MPA speaks to two brokers who are feeling a sense of certainty after the results

  • SPECIAL REPORTS

    • 2018 Commercial Lenders Roundtable
    • Top 10 Brokerages 2018
    • 2018 Brokers on Aggregators

    Being digitally engaged could make small businesses 50% more likely to grow their revenue and eight times more likely to create jobs, and yet only half of Australian businesses have a web presence with even less than that using software for accounting and invoicing.

    With new government funding just announced however, that could soon change.

    The Commercial and Asset Finance Broker Association has secured a $100,000 grant over two years to provide a digital advice program under the Small Business Digital Champions project. CAFBA was one of 15 associations selected.

    The purpose of the advisory program is to inform, educate and assist association members to meet the changing needs of their customers.

    CAFBA plan to do this through training sessions, email and social media communications, professional development days, group workshops, webinars and video conferences, and one-on-one sessions.

    While the group is still building a curriculum of topics to assist CAFBA members on their digital journey which include:

    • Understanding technology and the digital economy
    • Digital and technology trends
    • Technology adoption
    • Website and online content development
    • Social media, digital marketing and sales
    • Security and data privacy
    • Digital playbooks and best practice guides
    • Working with digital vendors and suppliers
    • Coaching and support for the digital economy

    David Gandolfo, CAFBA president and Council of Small Business Organisations of Australia deputy chair said the project will help small businesses to be more effective, competitive and ultimately, more profitable.

    “Small businesses create the majority of our jobs and they drive the prosperity for future generations. In 2018, small businesses contributed $393 billion to the Australian economy and that figure is growing,” he said.

    Gandolfo added that grappling with new technology brings challenges for some businesses, particularly for those small businesses which are already time poor and stressed.

    “Data from the Australian Bureau of Statistics shows that only 50% of Australian businesses have a web presence, with even less using software for accounting and invoicing,” he said.

    “But research demonstrates that when small businesses are digitally engaged, they are 50% more likely to be growing revenue, eight times more likely to be creating jobs, seven times more likely to be exporting, and 14 times more likely to be innovating new products or services.

    “Digital technology is a powerful driving force, revolutionising business, lowering costs and extending reach. It can also help businesses deliver products and services faster, respond to changing consumer demands, and welcome new customers locally and internationally who want to buy online.”

    Related stories:

    • Over half of SMEs consider the election a blow to their business
    • Securing the future of small business
    • SMEs turn to brokers, look for lending alternatives as borrowing gets tougher

    Original Article