Editorial: Small Business Day on October 29; support small business

WA Small Business Day is taking place this Saturday to raise awareness about the critical role these businesses play in the State.

The day is about celebrating local businesses and the passionate individuals behind them, including entrepreneurs, butchers, mechanics, artists, accountants, gardeners, interior designers, foodies, personal trainers, and more.

The day works to recognise that small businesses are at the heart of what makes local communities great and thriving.

According to the Small Business Development Corporation, there are more than 225,000 small businesses in WA, which is 97 percent of all WA business. They contribute $50.1 billion to the State’s economy.

Manjimup Shire president Paul Omodei said it was really important to invest in small businesses locally.

“Small businesses are the lifeblood of our community,” he said.

“From the Shire’s perspective, it is important we have a vibrant business sector and we urge the general public to buy local as much as possible,” he said.

“The money you spend in your community stays in the community.”

Mr Omodei said there were several things small businesses could do to ensure they could grow and remain in business.

“It important that they be aware of tax incentives, tax breaks and superannuation changes from either their accountant of financial adviser,” he said.

“It’s also important to advertise a business to ensure they get their share of the market.

“There is a lot of online competition and small businesses need to compete by implementing their own online selling process where possible.”

Southern Belle Boutique owner Michelle Di Salvo said supporting small local businesses benefits everyone in the community.

“Jobs are created and offered to locals in return for local loyalty along with continued support for local charities, sporting clubs and groups sponsorship.”

For more information on Small Business Day, visit smallbusinessmatters.net.au.

Advice for small businesses

RSM Manjimup principal Nathan Walter

• Small businesses are important as they provide opportunities for the growth and development of youth and the provision of skills. Small businesses should be aware and across the rules around complying with youth work requirements.
• Make sure your payroll and HR policies are up to standard, especially in light of the new industrial manslaughter law introduced on March 31.
• Red tape can be quite a burden on small businesses. Ensure you are up to date with any government and Australian Taxation Office changes. Superannuation is currently at 10.5 per cent and the $450 minimum wage a month no longer applies as of July 1.
• Cybersecurity is a big issue at the moment. There is a massive risk with cybersecurity as more businesses pursue digital opportunities. Be aware and put roadblocks in to mitigate your risk. If something does not seem right, ring and check.