Serving up a strategy for small business

Media release | 21 June 2017

Deputy Premier and Minister for Small Business, John Barilaro, today announced the NSW Small Business Strategy, including  a $30 million investment  in the Skills for Business Fund.

Mr Barilaro said the NSW Small Business Strategy is part of the NSW Government’s commitment to making NSW the easiest place in Australia to start, run and grow a small business.

“Digital awareness, financial literacy, taxation and access to capital are the most commonly raised issues when I travel around the State and meet with small businesses,” Mr Barilaro said.

“The NSW Small Business Strategy will guide the NSW Government’s focus on these issues and help  small businesses  to manage the challenges  they face.”

The NSW Small Business Strategy follows the $330 million tax cut delivered to small businesses in the 2017-18 Budget.

“The new $30 million Skills for Business program will help small business owners to access subsidised vocational education and training in areas of digital literacy, financial literacy and business  management  skills,” Mr Barilaro said.

“Our statewide network of small business skills advisors will  continue provide face-to-face and group support. The advisors will also review a business’s growth opportunities and link these to skills training.

MYOB Chief Executive Officer Tim Reed said it has never been more important for small business  owners  to have the digital skills to operate effectively.

“Rapid technological change has become the new normal  and if people are to be able to pursue their passion and make a living from it then they need to be able to do so in a digital environment,”  Mr Reed said.

“MYOB is supportive of this and other initiatives that will provide SMEs with the skill set and knowledge that will enable them  to function.”

Under  the NSW Small Business Strategy the NSW Government will:

  • Explore opportunities for further taxation relief to encourage small businesses to create jobs
  • Invest  in new  skills for business
  • Simplify the procurement process to improve opportunities for small businesses to win government contracts
  • Address late and extended payment  terms and improve  options for small businesses to access finance  to enable growth  and job creation
  • Make it easier to start a business in NSW by cutting red tape and connecting businesses  with the  right information at the  right time
  • Build digital connectivity and capability in regional NSW and help businesses to take advantage  of technological change.

“Small business owners are critical in our economy and we need to support and encourage them  to take the risks, have  the courage and grow their business,” Mr Barilaro said.

NSW has more than 710,000 small businesses that drive our economy, representing  almost 98 per cent  of all NSW businesses.

These firms employ about 1.56 million people, almost half the state’s workforce, and generate $47 billion in annual  wages and salaries.

Download the media release