For small businesses there is little holiday respite from the operating challenges that are set to flow into the new year. Rising business costs defined 2023, with trends indicating 2024 will be even tougher. According to the Australian Securities and Investments Commission, small businesses dominated the annual insolvency statistics, with eight in 10 entering administration having less than $100,000 in assets. CreditorWatch is now predicting the business failure rate will increase from 4.4 per cent to almost 6 per cent by the end of 2024. With 2024 set to be a crunch year for many small businesses, here are five areas that require our attention.
For further information, click here - https://www.afr.com/policy/economy/five-big-tests-for-small-businesses-in-2024-20240103-p5euv4
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