2.84 Navigating the New Financial Year: Key Trends for Small to Medium-Sized Businesses

As the end of the financial year approaches in Australia, Karen Kirton breaks down the current research and forecasts for small to medium-sized businesses, with a strong focus on how these trends impact people, culture, and business strategy. She identifies seven major trends that business leaders should be aware of to successfully navigate the year ahead.In today’s episode, you will learn:1. Balancing optimism with recession readiness While many businesses are optimistic about economic recovery, there’s still concern about a potential recession. Karen explains how retaining great people and avoiding knee-jerk redundancies can help businesses stay resilient through economic uncertainty.2. Cybersecurity is a people problem, not just a tech one Cyber risks remain a top concern, and most breaches are caused by human error. Regular employee training and creating a culture of cybersecurity awareness are essential.3. AI isn’t just for big businesses With every tool and platform adding AI capabilities, SMEs must embrace it to stay efficient and competitive. Waiting too long could leave businesses behind, just like the early days of social media.4. Compliance isn’t optional With constant regulatory changes—especially in employment law—businesses need to stay up to date to avoid major legal and financial risks. Karen urges leaders to lean on their accountants and HR advisors for support.5. Cost control through innovation Cutting costs doesn’t just mean slashing expenses—it’s about process improvement, automation, and encouraging teams to find smarter ways to deliver value.6. Investing in growth, even in tough times Many businesses are planning to invest in staff training and marketing, even with economic pressure. Staying competitive means continuing to grow, not standing still.7. People are still your greatest asset Retention and development of employees is key. Businesses that struggled during COVID now recognise the importance of having the right people in place to grow sustainably and navigate uncertainty.Karen wraps up by encouraging business owners to reflect on these trends and share their own experiences. Staying intentional about people and culture is key to weathering economic pressures—and thriving on the other side.Make sure to subscribe to stay updated with new releases every second Monday!Visit Amplify HR for more insights and resources. Send us Fan MailDownload our free guide, “Getting Stuff Done Through Your People,” giving you the tools to build a culture where people take ownership, goals get achieved, and results follow.https://www.amplifyhr.com.au/downloadable/getting-stuff-done-through-your-people/