On occasion of World Micro, Small and Medium Enterprises (MSME) Day, celebrated on 27 June, Australian Small Business and Family Enterprise Ombudsman Kate Carnell has called for an increase in acknowledgment of the critical role small businesses play in the post-COVID economic recovery.
“On World MSME Day, it’s important to recognise there has never been a tougher time to be in business,” Ms Carnell said.
“So many small businesses that were viable just a few months ago are now facing enormous challenges as they try to recover from both the devastating bushfire season we had here in Australia and then this pandemic.”
Also urging support for the small-business community, the Institute of Public Accountants (IPA) called on Aussies to celebrate the importance of the sector by opening their wallets.
“The IPA is urging people to support their local small businesses by buying their products or services as a reboot to Australia’s economy during this COVID-19 pandemic,” said IPA CEO Andrew Conway.
Mr Conway explained that while the COVID-19 pandemic has affected all of us and the way we live, the toll on businesses affected by the bushfires, followed by the pandemic, has been devastating.
“Please let your local small business know how much they are appreciated for their ongoing contribution to our nation’s economic wellbeing,” Mr Conway said.
The latest statistics from the Australian Bureau of Statistics reveal the extent of the pressure small businesses are under right now, with two-thirds of businesses reporting a decrease in revenue compared to last year.
Looking to right the wrongs and help small businesses survive and thrive in the post-COVID recovery phase, the ASBFEO has produced a comprehensive COVID-19 Recovery Plan recommending a suite of reforms.
“Our recovery plan aims to restart the Australian economy by getting people back to work and building economic confidence — after all, small business is the cornerstone of economic activity, employing more than half of the workforce,” she said.
“The recommendations cover a broad range of areas including taxation, access to justice, industrial relations, government procurement and cutting red tape.
“Ultimately, the plan provides the framework to build essential support for Australian small businesses which is a good way to get the economy firing on all cylinders again.”
Micro, Small, and Medium-Sized Enterprises (MSMEs) Day was established in 2017 to celebrate the contribution of small businesses to local and global economies.