Thursday 27 June marks the annual United Nations International Micro, Small and Medium-sized Enterprises (MSME) Day, and leading business management platform MYOB is among those recognising the substantial contributions of MSMEs and sole proprietors to the global economy.
The day is a timely acknowledgement of all of Australia’s 2.5 million small and medium sized enterprises (SMEs), with MYOB particularly shining a light on micro businesses with 1-4 employees, which make up 27% of the nation’s business community.1
MYOB CEO Paul Robson says micro businesses are a little understood subset of Australian SMEs, with specific needs to consider as their operations grow.
“Making the jump from sole trader to micro business is significant. When you hire that first employee, it’s a huge milestone and a moment that shows the business is taking flight. It’s an extension of trust bringing someone else on board to help realise your business ambitions.”
“What these businesses don’t always fully appreciate is that this milestone opens a gateway to new compliance requirements and business complexity not previously faced.
“Help is available but micro business owners may not be aware of the assistance on offer.”
The latest MYOB Bi-Annual Business Monitor survey of 1,047 SMEs found more than half (52%) of micro businesses did not take advantage of 2023-24 Federal Budget incentives.
“The economic environment is posing challenges across the board, particularly to smaller businesses less able to withstand shocks. Micro businesses should ensure they’re taking advantage of government support, such as the energy efficiency incentive or the instant asset write off which has just been legislated for assets first used or installed ready for use between 1 July 2023 and 30 June 2024.”
Bruce Billson, The Australian Small Business and Family Enterprise Ombudsman, says International MSME Day is an opportunity for government and consumers alike to acknowledge and celebrate the nation’s small business community.
“Almost 98 per cent of businesses in Australia are small businesses – some 2.5 million who generate almost $600 billion of economic activity accounting for 33 per cent of our nation’s GDP and provide jobs for 5.36 million people,” Mr Billson said.
“MSME Day is a terrific opportunity to thank small and family businesses for their contribution to our economy and our country and to support them by being a kindly customer – patient and understanding, with good and generous intent.”
“These are great people in plain sight, working every day to delight customers and energise enterprise and we salute them.”
With small and medium sized enterprises a vibrant part of every community, this International MSME Day is a reminder for consumers to support their local businesses.
More resources to help MSMEs run their business can be found at: myob.com/au/blog/
#SmallBizAU #CelebrateSmallBiz #WeLoveSmallBiz #WorldMSMEDay #TYSmallBiz
1 ASBFEO, May 2024
ENDS
For further comment or other information please contact:
Jacob Schnackenberg, Communications Specialist
E: jacob.schnackenberg@myob.com
About MYOB
MYOB is a leading business management platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.