10 Lessons For Small Business From 2022
It has been a year of ups and downs for small business, as the country emerged from the worst of the global pandemic into a period of economic uncertainty.
Yet amid a myriad of challenges small businesses kept powering on, demonstrating their resilience, talent and passion despite the challenging trading conditions.
As 2022 comes to a close, here’s a look at our top ten learnings for small businesses:
1. Passion drives entrepreneurs
Research in May this year revealed just how important passion is to entrepreneurs.It found that one in four Aussies would rather own and run their own business than work for someone else, with more than three-quarters saying they were prepared to make a financial sacrifice to do so.
2. Protect your digital identity and domain names
This year ushered in a new era in Australian internet domain names with the launch of the new hyper-local, short “.au” domain extension. Aussie businesses were encouraged to snap up the shorter domain name before competitors or scammers to help ensure they preserve their brand identity online.
3. Take cyber security seriously
Self-reported losses from cyber crime in Australia stand at more than $33 billion each year, and this year it was clear that even multinational companies struggle to keep criminals out. Making sure your small business is protected from the most common cyber threats is easier than you may think, and the Australian Government’s Cyber Security Centre has a step-by-step guide for small business.
4. You may be able to claim your website as a tax deduction
Start saving your receipts for next year because you might be able to claim a variety of website expenses as deductions next year. The kinds of deductions you can claim include website creation and maintenance, off-the-shelf software and computers and office equipment.
5. The importance of eCommerce
The pandemic turbo-charged online spending in Australia and highlighted the importance of eCommerce for small businesses. Australia Post’s 2020 report on online shopping found 9.2 million Aussie households shopped online in 2021 and spent $62.3 billion.
6. Why you should trust your instincts
There are no qualifications for becoming a small business owner, but one of the most important skills that emerged this year was the ability to trust your instincts. Research with 1,000 entrepreneurs found three quarters believed that trusting their instincts has positively impacted their business, and 84 per cent said they make a business decision each week based on their instinctive insights.
7. The importance of an annual website review
Your website can be one of your most important marketing and sales tools so it’s important to schedule time each year to make sure it’s finely tuned. Start with checking the basics like contact information and social channel links and then consider a deeper dive to see if the style and substance is still relevant to your audience and your brand.
8. The power of shopping local
As the pandemic forced Aussies to stay and play at home and left many suppliers struggling with supply chain issues, shoppers started to show more loyalty to their local marketplace. National Australia Bank research in June found the pandemic increased Australians’ desire to shop locally, with 34 per cent of consumers saying they were now more mindful of supporting local businesses in their area.
9. The right technology can help elevate your brand
Whether it’s building a website, offering your own online store, engaging on social media or investing in solutions to help manage projects, accounting or digital marketing, using the right technology tools can be a great boost for your small business. Technology like a website and online store can help build authenticity for your brand, social media channels can be a great marketing, branding and sales tool.
10. The way we pay is changing
This year there has been a rapid rise in Australians swapping cards for digital wallets and methods like Apple Pay and Google Pay, underlining the importance for businesses of keeping up with new payment technology. The Reserve Bank of Australia said the share of debit and credit card transactions made via a mobile wallet was 25 per cent in the March 2022 quarter, more than double the previous year.
From our team to your small business team, we wish you a safe and happy holiday season, and all the best with following your passions and going for it into 2023.
