The economic confidence and overall business outlook of small to medium business operators in Australia is finally on the rise, according to figures from the latest MYOB Business Monitor.
The MYOB Business Monitor, an independently commissioned national survey, researches business performance, attitudes and plans. The newly released March 2013 Monitor found that 26 per cent of SMEs expected the domestic economy to improve within 12 months, up from 19 per cent in July 2012.
Of the 1,005 business owners and managers surveyed, 30 per cent were anticipating a revenue rise and 42 per cent expected revenue to be stable, while 19 per cent expected a fall.
“I’m pleased to see small and medium businesses are feeling more assured of an upturn,” MYOB CEO Tim Reed says. “I’m even happier to see 72 per cent of SMEs expect increased or stable revenue this year. Considering only 58 per cent saw that occur last year, it indicates hope is springing back for Australia’s business coalface.
“However, 19 per cent expect revenue to fall. Our advice to them is to seek assistance from a business mentor, coach or advisor, such as an accountant. Draw on their expert knowledge accumulated through years of experience working with other businesses. There’s a lot to be gained from the lessons learned by other businesses and their tactics to combat pressures.”
This latest round of MYOB research also found that the top pressure points for SME business owners, in order, are increases in fuel costs; attracting new customers; price margins and/or profitability; cash flow and competitive activity. A notable exit from the top pressure points was interest rates, which dropped to sixth place.
And according to MYOB’s data, the areas of business most likely to see an increased investment of time and/or money this year are customer retention strategies; customer acquisition strategies; the number or variety of products or services offered by the business; prices and margins on the products/services sold; and sales of products/services online.
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