Paying on time tricky business (Op-ed)

By Bruce Billson

Originally published in the Herald Sun.

At a time when small and family businesses face headwinds, it’s not too much to ask that their big business customers play their parts by paying their invoices in a more timely way.

Woeful figures just released by the government regulator reveal only three out of 10 big businesses pay their small business customers within 30 days, while almost a quarter take more than 120 days to pay up.

BIG BUSINESSES URGED TO “LIFT THEIR GAME” ON PAYMENT TIMES

Only three out of 10 big businesses pay their small business customers within 30 days while nearly one-quarter take more than 120 days to pay up, according to new payment times data.

“This is a woeful performance and is bitterly disappointing news for small and family businesses to start the year,” said the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson.

WHEN TAKING CARE OF BUSINESS MEANS TAKING CARE OF YOURSELF

The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, has urged small business owners to take time early in the new year to take stock of their mental and financial well-being.

“When you own a small business, it is just as important to spend time working on your business as it is to spend time working in your business,” Mr Billson said.

Shorter domain names available for small business

Australian small businesses can now register a domain name of .au, allowing the .com, .net or .org to be dropped from your internet address (this means shoes.com.au can become shoes.au).

These shorter Australian domain names are currently reserved for businesses who already use the relevant com.au, net.au or org.au addresses until 20 September 2022.

As websites are important to many small businesses, ASBFEO wants to help you understand how this change could impact your business.