Confidence is growing for SMEs
Recently, the National Australia Bank (NAB) released the “Moments that Matter: Understanding Australian Small to Medium Businesses” Whitepaper which details the growth, challenges and opportunities encountered by Australian business owners today.
The research found that Australian Small to Medium Enterprises (SMEs) are confident of the future, with two thirds of millennial SMEs set to expand their businesses over the next three (3) years. A snap shot of information gathered found:
- 57% of Australia’s GDP is contributed by SMEs.
- 23% of Millennial SMEs are online-only businesses.
- 66% of Millennial SMEs intend to expand their business over the next three years.
- 23% cite ‘competitive pressures’ as a trigger for expansion.
- 32% rated high profits as an important measure of a successful business but this was well behind other things such as financial management (58%), positive word of mouth (56%), productive staff (49%) and happy staff (45%). 11% ranked large turnover as a measure of success.
For a full analysis of the Whitepaper follow this link: http://business.nab.com.au/wp-content/uploads/2017/06/J002580_MTM-Whitepaper-IPSOS-FINAL_C1-2.pdf
Call Balanix Solutions today for your SME health check 07 3264 4783.