Infographic: The challenges facing small businesses
What small businesses are concerned about right now, and what some are doing to address these worries.
A poll on business outlook found economic and supply chain concerns to be the number one challenge for 39% of small and medium-sized organisations, a notable increase from 33% in June and 31% in March.*
Cash flow and product or service demand ranked second, cited by 23% of small businesses as their main concern, down from 26% in June and 33% in March.
Entrepreneurial and staffing issues also persisted as primary challenges, with rates similar to previous months at 13% and 11% respectively.
The prevalence of these concerns varied by company size and industry sector. About half of businesses generating more than $2.5 million reported economic and supply chain challenges as their main worry, whereas staffing issues were more acute for those with revenues between $500,000 and $2.5 million.
Hospitality was the sector most likely to be impacted by economic and supply chain concerns, followed by retail, wholesale trade and warehousing, professional services, and manufacturing. Businesses in the construction industry felt the least impacted.
Here, small business owners share their tips for addressing supply chain concerns and boosting cash flow.
This information is provided as a guide only. Consult your financial advisor about your specific circumstances.
*RFI Australia SME Banking Council, September 2023
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