Are SMEs doing more with less?

SMEs continue to be challenged on a number of fronts, but many are finding ways to achieve ‘more with less’.

In fact, 1 in 4 tell us they have done significantly more over the past year and across many fronts, including simplifying processes & procedures, time management, prioritisation or consolidation, automation & other technologies, and improved training & continuous learning.

Summary

Despite challenging economic conditions, a significant number of SMEs have been able to achieve more with less, with 1 in 4 (24%) managing to do ‘significantly more’. By state, SA comes out on top, with over 1 in 3 (35%) achieving significantly more, followed by VIC at 3 in 10 (29%). By industry, over 1 in 3 SMEs in the Business Services achieved this feat, followed by 3 in 10 in Manufacturing, Finance & Insurance Services.

When those businesses who managed to do more were asked how they achieved this, the top response (from 1 in 3) was simplifying processes & procedures, more effective time management and better prioritisation or consolidation of the business. Around 1 in 4 had applied automation & other technologies or had improved training & continuous learning, and 1 in 5 through better understanding their customers, tracking & analysing performance and giving employees more autonomy. Around 1 in 10 did so via supply chain improvements or efficient and targeted marketing. Only 1 in 20 achieved gains by maintaining a healthier work-life balance. There were notable differences however by industry. Our findings are based on the responses from around 600 Australian SMEs conducted over the period from August 19-September 5.