Small businesses form the backbone of the Australian economy. There are currently over 2.3 million (SMEs) with a turnover of up to $10 million operating in this country (PDF, 1.42 MB). When SMEs are performing well, so does the national economy.
However, SMEs are particularly vulnerable to risks that can impact negatively on their day-to-day business operations – and even threaten their viability if not addressed. Businesses currently operate in a high-inflation environment, meaning financial pressures are more critical than in recent years. They’re also now expected to meet greater standards of care for their staff. .
- implementing health and wellbeing initiatives for employees
- providing support and recovery in the case of workplace accidents or illnesses
- being proactive and supportive in helping employees return to work.
Consequently, SMEs need to:
- ensure the appropriate level of insurance cover is in place, particularly when business circumstances change
- understand issues associated with being underinsured or uninsured
- carry out regular risk assessments and prioritise staff mental wellbeing.