As a new financial year approaches, Australia’s small to medium sized businesses appear happy with their career choice, according to new research from yours truly, which shows seven in ten of them would likely do it all again.
The survey by Smarter Business Ideas and Telstra of 1,000 small and medium businesses across Australia found the most common reasons for setting up a small business are gaining independence, freedom and flexibility, and importantly, a sense of pride.
With 72 per cent of business owners saying they would be happy to start up a business again, the survey also revealed 53 per cent of owners say their business is their passion.
According to Will Irving, Group Managing Director of Telstra Business, the positive sentiment of these businesses is heartening.
“A healthy small and medium business sector is critical for Australia because it employs around five million Australians,” he said.
The research also indicated a majority of businesses are looking to make technology their biggest spend in the new financial year.
“Feedback from our Telstra Business Centres across Australia shows the ‘must have’ device for small business is a smartphone for remote working, productivity and mobility – they simply don’t want to be chained to their desks, workbenches or counters anymore,” Mr Irving said.
According to the research the key areas of focus for the new financial year for small and medium businesses are:
33 per cent will spend more on their business than last year and 55 per cent will spend the same;
53 per cent of those businesses spending more will invest in technology up from 45 per cent in 2011;
37 per cent of those businesses spending more will invest in plant and equipment down from 57 per cent in 2011;
79 per cent will focus on new customers;
63 per cent want to manage cash flow;
58 per cent are interested in managing their costs better;
41 per cent say they would like to feel more in control of their business;
Nearly 50 per cent of SMEs want to find better ways for technology to support this. We'll be finding out in coming weeks how they intend to do that.
“Small and medium size businesses want to get back to the core of what they do best - and that is serve new and existing customers really well, and enable their staff to do so,” Mr Irving said.
Stay tuned for more results from the Smarter Business Monitor soon.