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ACT Government’s Small Business Strategy 2023-2026 Recognizes the Importance of Small Businesses to the Economy

The ACT Government released its Small Business Strategy 2023-2026 today to acknowledge the significant contribution made by small businesses to the ACT economy. The strategy aims to support small businesses in starting, operating, innovating, and growing.

Growing Number of Businesses in the ACT

With a rapidly growing number, the ACT now hosts over 34,000 businesses, of which nearly 97 percent employ fewer than 20 people.

Partnerships with Business and Industry Leaders

Minister for Business and Better Regulation, Tara Cheyne, emphasized that the strategy was developed in collaboration with small businesses and industry leaders to ensure their perspectives were incorporated. The ACT Government values small businesses as vital partners in achieving the city’s economic goals outlined in Canberra Switched On.

The Critical Role of Small Businesses

Small businesses play a crucial role in driving economic diversification, providing stable employment opportunities, and contributing to the overall safety, identity, and sense of belonging in local neighborhoods.

Government’s Five Priority Areas

The Small Business Strategy sets forth five key priority areas that the government intends to focus on:

1. Improving the business experience when dealing with government
2. Supporting business to start, operate, grow, and innovate
3. Showcasing and promoting local small businesses
4. Futureproofing small businesses
5. Adopting a unified approach to business across different departments

The Strategy’s Action Plan

More than 50 actions have been identified within the strategy to support businesses in these priority areas. These actions include:

• Piloting a Small Business Expo to showcase local small businesses
• Allocating social enterprise grants to support more start-ups
• Exploring micro-credentials for small business owners in areas such as business administration and digital skills
• Providing personalized support to navigate licensing and approvals through the Access Canberra Business Assist team
• Conducting a business sentiment survey in partnership with the Canberra Business Chamber
• Establishing a government-to-business secondment program
• Supporting Aboriginal and Torres Strait Islander businesses through the Badji program and addressing barriers to business ownership for LGBTIQ+, people with disability, and individuals from diverse cultural backgrounds
• Continuing support for women in business by sponsoring the Canberra Women in Business Awards

These actions and others aim to meet the needs of small businesses and foster an environment in Canberra that encourages and celebrates creativity, entrepreneurship, tenacity, and innovation.

AI legalese decoder: Simplifying legal Language for Small Businesses

Small businesses often face the challenge of dealing with complex legal terminology, which can be overwhelming and time-consuming. The AI legalese decoder, as part of the Small Business Strategy, aims to alleviate this burden by simplifying legal documents and contracts.

The Decoder utilizes artificial intelligence to analyze legal texts and provide user-friendly explanations and translations in plain language. This tool will empower small business owners to better understand and navigate legal requirements, enabling them to make informed decisions and safeguard their rights and interests.

Business Hub Website: A One-Stop Portal for Small Business Information

The Business Hub website will serve as a centralized platform for small businesses seeking government information and resources to start, run, or expand their ventures. The website will provide easy access to relevant information, support services, and online tools, ensuring that small businesses have the necessary guidance and assistance at their fingertips.

[Public Release] This material from the originating organization/author(s) may be of the point-in-time nature, edited for clarity, style, and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s). View the complete ACT Small Business Strategy 2023-2026.

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