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What 7 SMBs are investing in now and why

From innovative marketing strategies (hello, podcasts) to custom digital solutions, from new recruits to brand revamps, seven SMB owners share where their investment dollars are going.

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

Fantastic Framing Founder Avi Efrat

“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

 Yellowpanda founder Amanda Williams

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

Kayla Caruso

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

Kan Huang

“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

Zoran Sarabaca

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.

 

New services

Elley Hudson

“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.

 

Rebranding

Clare Neilson

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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The information in this post is provided for general information only and does not take into account your personal situation. Nothing contained in this post constitutes advice or an endorsement or recommendation of any kind by Prospa. Any links to third party websites are strictly for informational purposes only. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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