This year, there has understandably been much media and pub talk about the cost-of-living, housing affordability, interest rates, energy costs, insurance and so on. Like you, my mind immediately thinks of these challenges as the ‘cost of doing business’ pressures. The repercussions of the cost-of-living increases are that the business expenses are increasing and profit margins for small businesses are squeezed. This inevitably means that the already heavy responsibility of owning and leading a business is added to by the stress and worry of actually staying afloat and of supporting your staff, your own livelihood and your community.
In a nutshell – conditions are still tough, although there are some signs of levelling off, while high business costs continue to put pressure on profit margins. We in Bridge Enterprise Centres can see encouraging signs, with more people thinking about starting a business, and many established businesses showing an interest in innovation and growth initiatives.
Another heartening signal is small business owners investing more into marketing, business development, planning and hiring. As always, despite the challenging conditions, our SME owners are showing an uplift in optimism with their ‘go for it’ attitude.
Throughout this past year we in Bridge Enterprise Centres have been working to improve the business environment for small business and support the best possible opportunities to succeed. We continue to advocate for fairer competition and call for better processes to support SMEs striving to win Government contracts.
As 2024 ends, it is time to think of new possibilities as we turn our eyes to the coming year. Next year you will see us advocating for better regulation that is the ‘right size’ for small businesses, tax measures to encourage business formation and expansion and support for businesses in taking risk to innovate and develop. We will also be vigorously advocating for better digital use and opportunities for businesses to capitalise on AI tools.
That is next year. For now, I wish you a healthy, profitable and fulfilling end of year. Take a breath, recharge your batteries and get back to profitable business for 2025 … and we in BRIDGE, your local centre of enterprise, will be right there with you! Just a call away, to assist you in your business challenges.
Mark Fielding.
Chairperson, Bridge Enterprise Centres.
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