New Guide To Help Entrepreneurs Use Online Platforms

New Guide To Help Entrepreneurs Use Online Platforms

The NSW Small Business Commissioner has released a new digital platform guide for small businesses. The paper gives useful ideas for small businesses to properly traverse digital platforms while reducing certain frequent risks and problems.

Popular social media platforms and online marketplaces are two examples of digital platforms that can help small businesses grow and attract new clients at a low cost.

“Digital platforms and online marketplaces have helped many small businesses grow by providing access to new customers and offering built-in tools to help them take their business to the next level,” said NSW Small Business Commissioner Chris Lamont. “Despite the opportunities, there are some practical steps small businesses should take to ensure their experiences are positive, and our new guide has been designed to help”.

While digital platforms provide convenience and a broad client reach, the report identifies some frequent hazards. Issues raised with the Commission include sudden account suspensions, which result in income losses, payment delays, and a lack of awareness of key terms and conditions. To assist firms in navigating these difficulties, the guide provides a preparedness checklist and case studies that highlight some of the dangers.

“A growing number of small businesses have contacted the Commission to report challenges when doing business on digital platforms,” added Chris Lamont. “Through our ongoing advocacy, we are resolving the majority of matters raised with us”.

According to recent Commission survey statistics, about one in every four enterprises rely on digital platforms, with more than half stating that a loss of access would have severe or catastrophic consequences for their operations. Businesses that use digital platforms or online marketplaces are most concerned about losing account access (74% of respondents), misunderstanding contract terms and conditions (68%), payment delays (60%), and poor or no communication with platforms (58%).