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New research has pinpointed the three main challenges front of mind for SME clients.
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SMEs’ top 3 stressors revealed
19 January 2022
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Non-bank lender ScotPac has released the findings of its H2 2021 SME Growth Index that found eight in every 10 Australian business owners are most worried by compliance, cash flow and finding enough time in the day to complete tasks.
“The top concern, perhaps due to navigating government grants, stimulus measures and other initiatives during the pandemic, has been meeting government compliance. This was named by 85 per cent of SME owners,” explained ScotPac senior executive Craig Michie.
“In 2018 only 10 per cent of SMEs cited government compliance requirements as a pressing concern so this issue has really surged for small business owners.
“The second biggest concern identified this round was SME owners having enough time to complete tasks, a worrying factor for 84 per cent of businesses.
“Rounding out the top three issues was cashflow concern, nominated by 81.5 per cent of SMEs.”
Mr Michie said the results have been “drastically exacerbated” by the pandemic, with the twice-yearly ScotPac research “recording a fourfold increase in staff issues since 2018”.
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This, he said, should encourage trusted advisers such as accountants and bookkeepers, to be alert and help SMEs navigate the headwinds where they can.
“Whether it is restructuring the business, looking into mergers/acquisitions or finding new and smarter ways to fund the enterprise, there are many ways for SME owners and their advisors to alleviate the common pain points so many are enduring,” Mr Michie said.
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