New research shows small businesses (SMBs) are confident about their future and ready to drive their next phase of growth.
The research, carried out by small business lender Prospa, found that 81% of Aussie SMBs expect their businesses to grow in the next 12 months. This is despite 87% of businesses owners anticipating challenges within the same timeframe.
Beau Bertoli, Co-Founder and Chief Revenue Officer at Prospa said: “Aussie small business owners have not had an easy ride navigating through the pandemic, supply chain issues, staff shortages, and now increasing operating costs. Despite ongoing challenges, the majority of small business owners have been working hard to make smart decisions to drive new revenue and become more efficient to propel growth.”
The research found that 7 out of 10 business owners have either made, or are in the process of making, changes to their business. A large majority stated that they’ve already made changes to their pricing models to manage inflation and have plans to increase prices further in the next 12 months. This is combined with 71% of business owners expressing that they plan to embark on accessing funds in the short-term before possible further increases to interest rates.
Beau Bertoli added: “This is a great opportunity for brokers and advisers to expand into commercial lending. Small businesses are not only confident, but studies show business owners are planning to apply for funds sooner to spare them from paying extra on their repayments. As a result, we encourage our partners to start conversations with small business clients and support them with accessing capital fast to keep their business moving.”
Prospa has launched a ‘no repayment for up to eight weeks’* offer to support new and existing Australian small business customers prepare for the End of Financial Year, which will be available until 30 June 2022.
To learn more about Prospa’s business funding products and solutions please visit www.prospa.com
For further details on the research findings, please download a copy of the summary.
For further information contact:
Notes to editor
- The study was conducted from 19 – 26 April 2022
- The sample size consisted of 511 small businesses with less than 50 employees
- The study was carried out by YouGov
Prospa Group Limited (ASX: PGL) is a financial technology company and a leading provider of cash flow products and services that help small businesses to grow and prosper. Headquartered in Sydney, the Company operates across Australia and New Zealand and employs more than 230 people.
Prospa builds cash flow products and services that allow small businesses to grow and run their businesses and help them pay for goods and services through a single app.
Prospa’s unique, purpose-built credit decision engine quickly assesses small business credit applications using proprietary technology and analytics to deliver fast and informed credit decisions and approvals, with high levels of risk controls in place.
The Company has been recognised as the MFAA National Fintech Lender of the Year four years in a row. Prospa was also recertified as one of Australia’s Great Places to Work in 2021.