Communication key to family business success
KPMG Enterprise released its latest family business survey, which indicates a healthy balance between the family's well-being and the business's financial performance is crucial to long-term success.
In its 9th report, KPMG Enterprise also revealed future leaders cite a poor communication style as the number one source of family conflict in business.
Strong governance is also critical to growth and it was found that successful family businesses are more likely to have a board or family council in place.
The report also explored how prepared families were in business succession, and found that 54 per cent didn’t have a unifying strategy for how the family will continue on.
Small business scams on the rise
The latest report from the ACCC says scams targeting Australian businesses are on the rise, and it’s the very small end of town that's most vulnerable.
Across 2017, scammers managed to cheat businesses across the country out of $4.7 million, a 23 per cent increase from the previous year.
Last year the ACCC received over 5,000 scam complaints. More than half came from of those came from small businesses with fewer than 20 employees.
The most common are false billing scams, but it's employment and investment scams that accounted for most losses, at close to $1.7 million.
Australia's richest young entrepreneurs
The BRW Young Rich List has been released, and the growing financial technology and startup sectors feature heavily. The 37-year-old founders of Atlassian Scott Farquar and Mike Cannon-Brookes came at first place. The duo is estimated to be worth a combined $6 billion.
Small Business Secrets alumni Melanie Perkins of Canva, and founder of Showpo Jane Lu, both made it to the top 20 list.
22-year-old founders of HiSmile Alex Tomic and Nik Mirkovic also joined the list.