Ombudsman backs NT’s October Business Month

THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell is encouraging the community to support the Northern Territory’s 14,000-plus businesses during October Business Month.

“October Business Month is highlight on the business calendar in the Northern Territory, with as many as 9,000 people expected to attend more than 150 events,” Ms Carnell said.

“Tradies are a particular focus of this year’s event, with Tradie Talks a new addition to the program, aimed at the Territory’s micro and small business sector, which accounts for about 95 percent of businesses.

“There’s also a series of workshops teaching practical business skills including management and finance. Take the time to be inspired and expand your network with other entrepreneurs and business professionals. I encourage everyone to get involved," Ms Carnell said.

The Ombudsman said it was a great time to be doing business in the Northern Territory, with the government’s commitment in July to faster payment terms for invoices under $1 million.

“The government reduced invoice payment times from 30 days to 20 days and introduced new reporting requirements to ensure these timelines are met,” Ms Carnell said.

“The effort to pay small businesses on time is welcome, especially given the latest SME Growth Index revealed the extent of cash flow problems experienced by small businesses is getting worse.

“The data revealed just one in 10 SMEs had not experienced cash flow problems, meaning 90 percent have," she said.

“In addition to taking part in October Business Month, I would encourage Northern Territory small businesses to take a look at our free online Business Funding Guide which offers comprehensive information on the range of funding options available on the market, while also assisting small businesses to get ‘finance fit’ to give them the best chance at securing the funding they need.”

www.asbfeo.gov.au

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