December update from the Commissioner

This will be the last newsletter from the Commission for 2023. Our next newsletter will be in February 2024. 

The year has been a challenging one for many NSW small businesses, but when we consider that we’ve seen one of the steepest interest rate hiking cycles on record and the highest inflation levels in 30 years, the continuing resilience of businesses has been remarkable. 

Despite the challenges, many young people are still making the big decision to start their own business. New statistics from the Commonwealth Bank show nearly two thirds of small businesses are started by Millennials and Generation Z.  

There are many free tools and tips available to help small businesses get started: from business planning tools to help with preparing a balance sheet, as well as information on the steps to getting your business registered. 

We’ve put together some simple advice on starting your own business, including links to various resources that will guide the budding entrepreneur who may be considering starting their very own small business in 2024. Please share it with someone who’s keen to turn their great business idea into reality. 

Good risk management plays an extremely important role in the success of any business. That’s why we have put together our guides to surviving business disruption and disaster. Two new risk management tools we think you should know about are a tool to manage a cyber incident such as data theft and the Federal Government’s Personal Property Security Register. The PPSR helps buyers of goods check whether there is a loan or other secured interest against the goods they are buying, and helps creditors protect their interest in an asset. 

Finally, I hope you and your family have a great Christmas and New Year. The Commission’s contact centre will close from 25-27 December, and on New Year’s Day, but staff will be available at other times over the Christmas period to answer your questions and provide information. 

Chris Lamont