SME Association of Australia Chairman Craig West has met with Federal Minister for Small Business Bruce Billson at Parliament House to discuss the findings of a soon to be released small business sector survey.
West presented the survey, which was a high level priority for the new SMEA Board and conducted by McNair Ingenuity Research and Stable Research, to Billson in Canberra with personal insight late last week.
The extensive survey was conducted online to ascertain the SMEs business outlook for the future, areas that could improve efficiencies and productivity and to identify primary concerns, issues and ideas to be relayed to government. Although optimistic about the future and revenue performance, SMEs considered the main issues making business difficult to be general economic conditions (71 per cent), compliance & bureaucratic issues (62 per cent), and cash flow (53 per cent).
Minister Billson said the SMEA small business survey provided useful insight into the current and future needs of the engine room of the Australian economy.
“The research shows a need for a renaissance in enterprise if we are to grow our economy and to provide more jobs into the future,” Billson said.
The survey also identified globalisation (18 per cent) as the key emerging trend that will impact on the Australian marketplace in the next five years. This was followed by offshore manufacturing (17 per cent), competitiveness of business through technology (14 per cent), and growth in online & e-commerce (13 per cent).
While in Canberra, the SMEA Chairman also presented to Billson a detailed overview of the SMEA’s future aspirations to expand its services and facilities that will assist SMEs improve their operational efficiency and capitalise on commercial opportunities in local and overseas marketplaces.
West confirmed that he will continue to meet regularly with the Minister and work together in partnership to advance the SME sector as it is the primary driver of Australia’s economic growth and prosperity.
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