In a challenging year for many SMEs, cashflow and profitability have become more pressing concerns. But businesses are becoming increasingly resilient.
Insight
In our latest report, we look at what small business needs to succeed.
7 in 10 Australian businesses are planning to invest to grow in the next 12 months.
COVID-19 and most recently, lockdowns in Australia’s two largest cities, highlights just how challenging and unpredictable the economic and business environment is at present. We commissioned a special survey* of more than 550 Australian businesses to better understand the key issues on their minds and what their plans are for growth.
• Around 7 in 10 Australian firms are planning to invest to grow their business in the next 12 months.
• The top reason preventing firms from growing is general uncertainty due to COVID.
• Almost 3 in 10 firms say greater certainty on COVID restrictions would encourage them to invest followed by 1 in 5 firms who said greater levels of COVID vaccinations would help.
• Almost 1 in 2 are planning to invest in new products or services, just over 4 in 10 in new technology or systems, to hire, retain and train staff or in new equipment.
• Around 3 in 10 are looking to expand into new geographical markets, 1 in 4 in bigger or additional premises and 16% to acquire other businesses.
Get all the insights in NAB Special Small Business Report: Survival to Success
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