A coalition of leading industry bodies, headed by the Council of Small Business Organisations Australia (COSBOA), is urging Australia’s small businesses to lean more heavily on trusted advisers as economic pressures and regulatory changes converge.
In a joint statement, the alliance – comprising COSBOA, Affiliation for Business Resilience and Turnaround (ABRT), Commercial and Asset Finance Brokers Association of Australia (CAFBA) Certified Practicing Accountants Australia (CPA), Institute of Certified Bookkeepers (ICB), and Mortgage and Finance Association of Australia (MFAA) – warned that operators are navigating an increasingly complex environment shaped by rising input costs, fuel volatility, elevated interest rates and looming policy reforms.
With more than 2.6 million small businesses nationwide, the sector is being challenged on multiple fronts simultaneously, making informed decision-making more critical than ever.
COSBOA CEO Skye Cappuccio said the key issue is not just the scale of pressures, but their interconnected nature.
“Small businesses are not just dealing with one issue at a time, they are managing multiple pressures simultaneously,” she said.
The alliance is encouraging business owners and sole traders to proactively engage accountants, bookkeepers, and finance or mortgage brokers to better manage finances, access funding and plan ahead. Early engagement, it said, can help maintain cashflow, identify financing options and avoid reactive decisions made under pressure.
Among the immediate challenges are preparing for Payday Super changes, navigating payment surcharging reforms, and managing rising fuel and supply costs. Advisers can assist by analysing margins, modelling pricing strategies and ensuring compliance with new regulations.
Real-world examples highlight the benefits. One trades business identified a 10 per cent margin erosion due to rising costs and introduced a fuel adjustment clause, while a hospitality operator restructured cashflow planning to accommodate more frequent super payments.
Industry leaders also cautioned against relying on unverified advice online. ABRT Chair Eddie Griffith stressed that genuine advisers provide balanced, professional guidance rather than pushing single-product solutions.
CPA Australia CEO Chris Freeland added that engaging a professional adviser is no longer just about compliance, but about safeguarding business viability.
“Engaging a professional adviser… is about protecting your business and having a trusted partner when it matters most,” he said.
The alliance said it will continue to provide guidance as conditions evolve, emphasising that early, informed action will be critical to building resilience in the months ahead.