As qualified Queensland accountants, we’re here to provide insights on the Queensland economy and offer practical advice to help your small business thrive in these challenging times.
The Queensland economy has shown resilience in recent years, but small businesses are facing significant headwinds. The Queensland Small Business Strategy 2024-2027 outlines the government’s vision for a thriving, resilient small business sector that supports local jobs and contributes to a strong economy across Queensland.
Currently, small businesses are grappling with rising costs across various fronts, including energy, products, wages, and rent. The proposed 31% increase in energy price caps is particularly concerning, as it could significantly impact profit margins.
To help your small business navigate these challenges and capitalize on opportunities, consider the following strategies:
1. Lower your operating costs
The Queensland government is offering several initiatives to help reduce business expenses:
- Electricity rebates of $650 for eligible small businesses
- The Queensland Business Energy and Savings Transition program to help reduce energy costs
- The ecoBiz program, delivered in partnership with Business Chamber Queensland, to help small businesses save on energy, water, and waste
Take advantage of these programs to lower your overhead and improve your bottom line.
2. Invest in skills development
The government is providing free TAFE access for small businesses. Use this opportunity to upskill yourself and your employees, which can lead to increased productivity and innovation.
3. Explore procurement opportunities
The Queensland government is increasing procurement opportunities for small businesses, particularly through the Queensland Big Build program and in preparation for the Brisbane 2032 Olympic and Paralympic Games. Research these opportunities and position your business to take advantage of them.
4. Apply for grants
The Queensland government has refreshed its small business grants program. Stay informed about available grants and apply for those relevant to your business. These can provide crucial funding for growth, innovation, or adaptation.
5. Build resilience and capability
Take steps to prepare your business for potential challenges:
- Address workforce challenges through available grant funding support
- Participate in the Business Chamber Queensland Workforce Evolve program
- Utilize the new Cyber Security Support program to protect your business from digital threats
- Access one-on-one support focused on mental health and financial security
6. Leverage networking and innovation opportunities
Participate in the annual Queensland Small Business Month to build connections, foster innovation, and stay informed about industry trends.
7. Diversify your business
Consider how you can tap into new markets or offer new services. The government is providing increased support to Queensland Indigenous businesses and social enterprises, which could present partnership or diversification opportunities.
8. Utilize available support services
Take advantage of the permanent Queensland Small Business Commissioner for information, advice, and advocacy. Also, consider using the Small Business Financial Counsellors program for financial guidance.
9. Stay informed and plan ahead
Use resources like the Queensland Business Launchpad to understand your regulatory obligations. Stay updated on economic trends and government initiatives by subscribing to the Business Queensland Connect newsletter and following Business Queensland on social media.
10. Invest in energy efficiency
Given the rising energy costs, consider investing in energy-efficient equipment or renewable energy solutions like solar panels. While there’s an upfront cost, it can lead to significant savings in the long run.
11. Review your pricing strategy
In light of rising costs, carefully review your pricing strategy. Ensure you’re not underpricing your products or services, but also remain competitive in the market.
12. Focus on customer retention
In challenging economic times, retaining existing customers is often more cost-effective than acquiring new ones. Invest in customer service and loyalty programs to maintain a stable customer base.
Remember, while the economic landscape presents challenges, it also offers opportunities for innovation and growth. By staying informed, utilizing available resources, and adapting your strategies, your small business can not only survive but thrive in Queensland’s evolving economy.
Stay resilient, be proactive, and don’t hesitate to seek support when needed. The Queensland government and various business organizations are committed to supporting small businesses like yours. Together, we can contribute to a strong and vibrant Queensland economy.
Citations:
- [1] https://desbt.qld.gov.au/small-business/strategic-documents/small-business-strategy/about
- [2] https://cabinet.qld.gov.au/documents/2021/May/SmlBusStrategy/Attachments/Strategy.PDF
- [3] https://qsbc.qld.gov.au/beyond-covid/
- [4] https://www.publications.qld.gov.au/ckan-publications-attachments-prod/resources/6a32a76e-7f61-410a-8677-3556b946b803/19140_small-business-strategy-discussion-paper-v30-web-final.pdf
- [5] https://desbt.qld.gov.au/small-business/strategic-documents/small-business-strategy
