THE small business sector enjoyed some notable achievements in 2017, but challenges loom on several policy fronts, according to Australian Small Business and Family Enterprise Ombudsman Kate Carnell.
Ms Carnell said her inquiries this year into small business loans and payment times had yielded significant benefits for small businesses.
“A highlight was the Federal Government announcing it will introduce 15-business-day payment terms for small business suppliers,” she said.
“There has also been improved payment performance from many big businesses following my inquiry and the adoption of a voluntary code.
“Cash flow is king for small business – delayed payments can cripple operations, increase costs