SME business owners are expected to focus on several common business boosting activities in the pursuit of success in 2013, according to newly released figures from MYOB.
SME business owners are expected to focus on several common business boosting activities in the pursuit of success in 2013, according to newly released figures from MYOB.
In a recent survey that canvassed the opinions of 200 Aussie SMEs in December 2012 to gain an insight into their business plans for this year, MYOB found that
activities with the most focus being applied to them by today’s SMEs include improving systems and processes, creating customer growth strategies, tweaking pricing and starting a succession plan. Acording to MYOB’s research, the top 10 nominated plans were:
1 | Improve my systems and processes | 51% |
2 | Increase the time I spend working on my business rather than in it | 35% |
3 | Increase my customer acquisition activities | 32% |
4 | Increase my product/service range | 25% |
5 | Increase my customer retention activities | 25% |
6 | Increase my prices | 21% |
7 | Start a succession plan | 20% |
8 | Increase the geographical areas I service | 18% |
9 | Increase my number of staff | 18% |
10 | Increase my online marketing spend | 17% |
Interestingly, the six per cent planning to sell their business in 2013 was almost completely offset by the five per cent planning to start another.
“Hopefully this year we’ll see a move away from the record-breaking small business insolvencies experienced in 2012,” says MYOB CEO Tim Reed. “It’s encouraging to find SME operators prioritising activities that focus on increasing their productivity, their service offering and the stickiness of their clients.
“There are several strategies to help transform your business so it’s in top shape for the year ahead. These include revisiting your business plan with a trusted business advisor, investing in new and improved equipment and exploring ways to re-energise your team.”
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