The federal budget has attracted a wide range of responses from various sectors and industries, yet one thing everyone seems to agree on is the benefits the budget is expected to bring to small to medium enterprises (SME) in Australia.
Overall, the news is good for small business, with reduced compliance costs and increased incentives. In particular, SME owners may be encouraged to hear the government has committed to reducing regulatory compliance costs on businesses by $1 billion each year.
Part of this important reduction has already been seen through the budgetary announcement that company tax will be reduced by 1.5 per cent on July 1 this year. Additionally, measures are being put in place to help remove unnecessary and burdensome red and green tape.
These positive budget announcements should help small business owners discover a marginally increased cashflow in the new financial year. With this extra money in the budget, many SMEs may want to consider reinvesting in expansion and growth.
One important factor in expanding a SME in Australia is taking on new staff. The creation of jobs in Queensland is a vital factor in boosting the economy and leading to more positive budget announcements in the future.
If you own a small business and are considering using your extra funds to expand into new markets, employing a larger workforce may be your first and most important consideration.
However, the recruitment process can be a costly and complicated endeavour. Finding the most suitable individual, who holds the right skills, is often a difficult task. Getting this decision wrong can significantly impact on your business’s ability to increase productivity and profits.
Fortunately, there is an alternative path that reduces much of this risk. By offering apprenticeships to young Queenslanders, you can benefit from employing an individual who will receive training in the specific skills and qualifications your business requires.
Additionally, with the right combination of apprentice support and mentoring, you can effectively train and encourage an apprentice to complete their qualification and potentially remain with your company for many years.
If you need more information about apprenticeships for SMEs in your industry, get in touch with the BUSY At Work team today.
By Leanne de Toerkenczy, Public Relations Coordinator