Small Biz Matters: People, Policy, Purpose ~ Episode #252      Broadcast date: 26 Nov 2024Host: Alexi Boyd, Small Business Advocate & Policy AdvisorGuests: Patrick Coghlan, Chief Executive Officer CreditorWatch There’s a lot of talk in the media right now about the state of small business. If you read across the mastheads and articles covering corporate and personal insolvencies, there’s always a mention of the small business community falling victim. Is it because of Covid? Is it because of the current economic conditions? Or is this the new norm? This week on Small Biz Matters, we welcome Patrick Coghlan, the Chief Executive Officer of CreditorWatch to answer these questions. They pull together powerful data that paints a picture of the reality for small businesses right now. Recently, that focus has been on payment times and the knock-on effect to small businesses part of a supply chain when large businesses take too long to pay their suppliers. In some cases where supply chains are limited like in regional areas, and this can be in the collapse of several businesses. So, if small business in Australia is 32% of GDP, what does an increase in business related personal insolvency mean for the economy and why is CreditorWatch’s data is so important to keep an eye on them? Let’s hear from this week’s expert guest. PEOPLE – What is your data telling you about how small businesses are doing at the moment? Which macro economic factors are having the biggest impact on small businesses in your opinion? Are we really at the “edge” or is this a “course correction” following the temporary measures to protect small businesses from insolvency? POLICY - How affective do you think the Payment Times Reporting Register in reducing payment times to smaller business? What else in your opinion can the Government do to accelerate payment times or other measures to support small businesses? PURPOSE - Why is CreditorWatch working with its data and media reports to highlight the plight of small businesses? Why the change and what are you hoping to achieve? Why is it important to have Unsecured lending in the sector? What’s been the impact of COVID side hustles? Patrick Coghlan is the CEO of CreditorWatch. In 2010, he became one of the three founding employees of CreditorWatch and helped to shape the innovative product we see today. Patrick’s knowledge and experience has led him to become an industry thought leader, regularly presenting at conferences and providing commentary and insights for the media. His leadership qualities have enabled him to play a key part in developing CreditorWatch’s values and culture, for which the company has won multiple awards including the AFRs Best Places to Work and a Great Place to Work certification.