For months on end we have heard about inflation and how the economy might suffer. Sadly, we are now starting to see some cracks form for small business owners in Australia and around the world. Join us this week as we dive into some of the indicators and what we might see start to happen:
Rising Rental Costs
The cost of living has skyrocketed in the last 6 months and has not shown any convincing signs of slowing. Host Andrew Baxter points out that over the last 6 months, rental costs have increased by 10% on average. High rent prices are a devastating blow to small business owners, as it is typically one of their largest expenses. Unfortunately, these costs have been rapidly on the rise and could cause serious damage if they continue unchecked. In the last month in the US, a recent survey showed more than 30% of small businesses failed to pay their rent. The inability to pay rent is twofold, firstly it is clear the business itself is under strain, but it complicates things for the owner of the commercial property as they need a tenant but can’t charge so little to keep the tenant where their yield is hurting the property’s value.
Wages
Wage growth has been a growing concern of many over the years, particularly with many finding themselves incapable of breaking into the property market with the imbalance of growth. The Australian government recently announced intentions to look into allowing collective bargaining power for employees to fight for higher wage growth but Host Andrew Baxter notes some problems with this approach. In the case of his own business, Andrew looks to pay in a way that is not only a win for the employee but is fair in the context of the business and the value-add provided by each individual. Having governments dictate what employers must pay is a slippery slope and indicative of someone not familiar with running a business. Right now, there are squeezes on margins so in a time when businesses are trying to cut costs, increasing them can lead to closures and therefore – job losses.
The Employee’s Perspective
Small businesses struggling doesn’t only impact owners, but can also have negative effects on employees. Host Andrew Baxter recently had an interaction with someone who’s boss failed to pay the super component of their wages. This can be an easy oversight for many who don’t necessarily keep track of their superannuation so ensure that as an employee you’re mindful of whether you are being paid what you’re owed by your employer. If you were owed a sizeable amount of money from someone else, you’d likely chase it up so your super should be no different. Going back to being a business owner on this topic, the tax office will regularly look to make sure workers are being paid super while also keeping an eye on GST which is required.
Getting a Raise
The fact of the matter is that everyone would like to be earning more money. When you approach your employer however, Host Andrew Baxter strongly suggests being realistic with your aims. Any member of staff heavily involved in business activities will know when things are slowing down. So if you find yourself in a position wanting more money, you may only have the chance of getting a small raise in times where the business is earning less. In the current environment with businesses earning less and inflation running wild, a raise in line with inflation is likely as good as it is going to get. Make no mistake, if you are a good performer and a valued member of your team at work, your boss likely wants to retain you and may be flexible to try to keep you on.
As interest rates climb and consumer spending drops, we may face some turbulent times. But persevere: when customers start to return in greater numbers, it’s the ideal opportunity for a salary boost!
The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on product type and application.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
The new report on the Cutlery market provides estimations of the size of the global market and share and size of key regional markets during the historical period of 2015 – 2019.
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The key regions comprise the following geographical segments:North America (U.S., Canada)Latin America (Brazil, Mexico, Argentina, Rest of Latin America)Europe (Germany, Italy, France, U.K., Spain, Benelux, Russia, Rest of Europe)East Asia (China, Japan, South Korea)JapanAPEJ (China, India, Indonesia, Thailand, Singapore, Australia & New Zealand, Rest of Asia Pacific)South Asia & Oceania (India, Thailand, Indonesia, Malaysia, Australia & New Zealand, Rest of South Asia & Oceania)Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of Middle East & Africa)The detailed assessments focus on, inter alia, on the regulatory and macroeconomic frameworks, prevailing pricing structure, imminent investment pockets, and emerging application areas.
Taking the analysis further, the study helps readers get a better understanding of the trends characteristics of the emerging markets, including government regulations crucial to growth of such markets.
