SMBs take heed. There’s one take home message from COO of Dent Global, Glen Carlson – be brave. We chat with Carlson, the cofounder of Australia’s ninth fastest growing business advisory firm on why committing to your fullest self-expression is not only central to your identity, it’s the impetus to personal success.
Many a main street is littered with the carcasses of well-intentioned start-ups. A boarded-up shopfront is a poignant symbol of a failed dream, or an effort lost. According to a University of Technology Sydney study on small businesses in Australia in 2005, one in three new SMBs fail in its first year of operation, two out of four by the end of the second year and three out of four by the fifth year.
For those who survive the first tumultuous five years, the Australian Bureau of Statistics shows that the national small business proportion output of SMBs in 2015 accounted for around AUD379 billion worth of industry value added – an increase of AUD37.6 billion on 2014 levels. SMBs also account for 97 percent of all businesses in Australia – classified as those actively trading businesses with fewer than twenty employees.
Recognising SMBs contribution to our economy and the difficulty it takes to move from sole trader to a fully-fledged viable organisation, the 2015 Budget released by former Treasurer Joe Hockey, pivoted the national economy agenda away from cutting deficit to supporting new business. Describing the Government’s budget as a stimulus for start-ups to “get out and have a go”, an AUD 5.5 billion package to help over two million SMBS including a 1.5 percent tax cut and a 100 percent instant asset-write off of assets costing less than AUD20,000 until July 2017 is a clear indicator of how central SMBs are to the wealth and health of our economy.
The 2016 Budget by Treasurer Scott Morrison reaffirmed the Government’s position to reduce the tax rate to 27.5 per cent. The threshold for businesses eligible for this will rise from AUD2 million in annual turnover to AUD10 million. The lower rate will be introduced progressively until it is applied to all businesses by 2023-24. By 2026-27, the rate for all businesses will go down to 25 per cent, the aim being to increase Australia’s competitiveness internationally.
So with plenty of financial assistance, including small Government grants, the struggle can’t all be
Glen Carlson – on Unleashing Value
SMBs take heed. There’s one take home message from COO of Dent Global, Glen Carlson – be brave. We chat with Carlson, the cofounder of Australia’s ninth fastest growing business advisory firm on why committing to your fullest self-expression is not only central to your identity, it’s the impetus to personal success. By...
Paul Fischmann – The Boutique Baron
From his days collecting rent in gritty inner-city backpacker hostels to becoming a major hotel management force in Australia, CEO of 8 Hotels Group Paul Fischmann talks about scaling back to basics and doing what he does best – redefining and refining – the boutique hotel experience. By Joanne Leila Smith There’s a...