Only three out of 10 big businesses pay their small business customers within 30 days while nearly one-quarter take more than 120 days to pay up, according to new payment times data.

“This is a woeful performance and is bitterly disappointing news for small and family businesses to start the year,” said the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson.

Australian Small Business and Family Enterprise Ombudsman Bruce Billson interview with Nick Rheinberger.

ABC Illawarra and ABC South East NSW

Subject: Small business natural disaster preparedness and resilience

Natural disasters can be devastating for small and family businesses yet only one in four small businesses have a current business continuity plan, according to the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson.

The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, has urged small business owners to take time early in the new year to take stock of their mental and financial well-being.

“When you own a small business, it is just as important to spend time working on your business as it is to spend time working in your business,” Mr Billson said.

Small businesses should have better access to ‘debt hibernation’ instead of being made insolvent when they face a crisis beyond their control, so they are better able to pursue a credible restructure, save jobs and rebuild, according to the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson.

It is one of several recommendations made by the Ombudsman to improve Australia’s insolvency laws which are being reviewed for the first time in more than three decades.

The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, has welcomed the Australian Government’s announcement of a review of the Payment Times Reporting Act.

The review, to be chaired by former minister Craig Emerson, will look at ways to improve payment times and terms for small businesses and consider the introduction of mandatory payment times.

Almost one in four big businesses take more than 120 days to pay their small business suppliers, according to new analysis using data from the Payment Times Reporting Regulator.

The information reported by big business also reveals those operating in the manufacturing, retail trade and construction sectors have recorded the worst performance in paying their small business suppliers.

Natural disasters can be devastating for small and family businesses yet only one in four small businesses have a current business continuity plan, according to a report by the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson.

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson says tonight’s Budget handed down by the Australian Government will provide welcome capability building, mental health and financial advice support for small businesses and incentives to grow, transform and become energy efficient.

The Budget includes:

The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, has welcomed the Australian Government’s announcement of $15 million in funding for free mental health and financial counselling support for small businesses in next week’s federal Budget.

“For small and family business owners, their business is not just their livelihood but a fundamental part of their life,” Mr Billson said.