Prosperity and increased revenues are a long way off for many small businesses, according to new results from the MYOB Business Monitor.
The report found that 52% of small business owners believe economic recovery is more than 12 months away and revenues have flat lined, as the report’s figures are identical to last November’s results.
In addition, there have been more decreases in revenue (34%) than increases (26%) and 35% of business owners expect their revenue to remain the same in a years’ time.
“There are a large number of businesses that are finding it tough in the trading conditions at the moment,” MYOB CEO Tim Reed told Smarter Business Ideas. “I think it’s the triple whammy issues around the increased cost of fuel, the overall economic environment, as consumers are spending less and interest rate hikes. These combined have made it quite challenging for small businesses.”
The MYOB Business Monitor also revealed that sustainability is a priority for small business owners and 38% have plans to turn their organisations into a more environmentally-friendly operation. Depending on the industry in which they are in, this may mean taking small steps such as moving towards electronic document management systems or re-considering the packaging of their products, suggested Reed.
“Business owners understand they’re part of a broader community and society and they do believe that as a community, we need to act and be more sustainable in the way in which we go around our operations and lives,” he said. “They believe that small business plays a part in that, so we’ve seen an openness and desire amongst business owners for them to develop more sustainable businesses.”