Telstra has canvassed 1,000 Australian SME business owners to find out the biggest blunders made by small businesses in 2014.
According to Telstra’s Smarter Business survey, nearly 40 per cent of Australian SMEs cite, ‘not building the necessary partnerships/relationships’ as the single biggest business faux pas made last year, while one in four also admitted to not investing in technology at the right time.
Interestingly, 47 per cent of all SME owners interviewed believed that they had never made a business mistake. Of these, the ‘proudest’ – or perhaps the ‘savviest’ – SMEs were from NSW, where only around half admitted to having made a business mistake they were willing to recall. South Australians were most likely to admit to a misstep, with 62 per cent saying they had made a mistake.
The most common biggest business blunders, in order, are:
- Not building the necessary partnerships and relationships (38 per cent).
- Not investing in technology at the right time (20 per cent).
- Making big decisions based on whatever the competitors are doing (14 per cent).
The survey also found that 68.2 per cent of small business owners believe technology is much more affordable and accessible for small businesses now, then it was when they first started their business. Additionally, almost
40 per cent of Aussie SMEs owners surveyed believe that small businesses need to adopt virtual working to remain viable into the future.
KEYS FOR 2015
The three areas identified by SMEs as part of Telstra’s survey as key focuses for 2015 are:
1. Customer and supplier relations.
3. Job satisfaction.
“As we kick off 2015, it’s an important time for small business owners to stop and reflect on their business learnings,” said Andy Giles-Knopp, Executive Director, Small Business, Telstra. “Our latest Smarter Business research reveals that customer and supplier relationships will be the biggest priority for SMEs in 2015 and technology will be key in driving this, through solutions such as video conferencing, mobile devices and business apps.”
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