What Challenges Are Facing SMEs Today?

The Fast Moving Pace of Technology
Integrating technology into the day to day running of your small business can have a big impact on productivity. The efficiencies that come with integrating technology can help create a more profitable business, and ensure that you are able to keep up with the changing expectations of your customer base. In a recent survey of SMEs, 46% said they are eager to embrace new technology in the next 12 months. Whilst it can be a big expense, finding solutions that work seamlessly with your existing processes will only enhance your business!

Having Sufficient Funding
Getting your small business up and running can be an expensive undertaking, and sourcing enough capital to make it happen can be challenging. For small business owners overcoming this hurdle is a big achievement, however the investment does not stop here. To support your small business during periods of growth or through tough times, it is important to find a healthy balance of internal and external funding to ensure you can take advantage of opportunities, whilst still retaining a ‘rainy day’ fund.

Finding & Retaining The Right Staff
Recruiting can be difficult for small business owners, as they want to ensure that their business is in the best hands. In addition to this, what the young workforce value in their employer is changing, so it is vital that SMEs look at what potential employees are seeking and adapt. More now than ever, company culture and the workplace environment are make or break factors in the recruitment process, with statistics showing young workers would rather take a lower paying job at a company they felt aligned with their values. In order to build your business with the best staff and keep them, you should focus on providing a flexible workplace that recognises employees accomplishments.

The Need For Change
We can’t deny that Australia’s small business landscape is changing. With consumers ever-evolving needs shaping the market, we have seen a big shift towards consumer convenience being central to business operations. For many SMEs this has meant making a big change, whether it be expanding their offering, working with third party providers or making fundamental changes to their processes. Implementing change can be a tough job, however having a positive attitude towards change is vital for long-term success and sustainability.