What 7 SMBs are investing in now and why
It’s no secret that times have been tough for some SMB owners. And with recent lockdowns across the country, the challenges keep on coming.
However, it’s not all doom and gloom among Aussie SMBs. According to YouGov research commissioned by Prospa*, almost 77% of SMB owners/managers agree that Australia is a great place to be an SMB owner and would recommend starting a small business to others. Almost all – 96% – say they enjoy being a small business owner in Australia, putting flexibility, being their own boss and pursuing their passion as three of the top reasons they like running their own show.
Furthermore, 46% believe that their business is more resilient and sustainable than before COVID-19 and 52% said they had plans to invest in their business in the next 6-12 months.
Of those planning to spend in the coming months, 42% are most likely to invest in new products and services, 29% in marketing and new sales channels, 25% in renovations or upgrades, and 24% in digital software solutions.
Here, seven small business owners share the investments they’re making to grow their businesses and increase resilience over the next year.
A new website
“It’s the only way for us to survive in the current climate. We’ve had the best month of online sales ever.” – Fantastic Framing Founder Avi Efrat
Staff and technology
With a larger office space, two full-time staff members and digital productivity solutions, Yellowpanda founder Amanda Williams is moving from sole trader to company.
Custom digital platforms
Music Lessons Academy pioneered its own teaching training software. Now it’s developing online solutions to teach group classes and produce digital concerts. For Founder Kayla Caruso, this investment is all about adaptation.
Leadership + leads
“We need more strategists – this allows me to get off the tools and focus on driving more leads to the business.” – Kan Huang, Director and Head of Strategy, Social Wave. Kan’s also about to launch a podcast!
Marketing and acquisition
Marketing tactics including educational webinars and LinkedIn advertising are on the cards for business broking firm Xcllusive Business Sales. Founder Zoran Sarabaca also plans to scale through acquisition.
“We are transforming from a property management agency into a full-blown real estate service.” – Elley Hudson, Founder, Excellence Property. Also on the cards: Facebook ads training, a new office and more staff.
With a new logo and labelling, Clare Neilson’s botanical candle brand Clare Makes is set to present a fresh, modern look and distinctly Australian feel to match its gorgeous scents.
*YouGov Research Report commissioned by Prospa was conducted online between 19-27 April 2021 on a sample of 260 Australian Small Business Owners/Managers of 1 to 50 employees.
Use our cash flow forecast template to help you decide whether you want to invest in the next stage of your business’s growth.
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