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Aussie small businesses confident about the future despite challenges

New research shows small businesses are confident about their future and ready to drive their next phase of growth.

Aussie small businesses confident about the future despite challenges
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The research, carried out by small-business lender Prospa, found that 81 per cent of Australian small businesses expect their businesses to grow in the next two months. This is despite 87 per cent of business owners anticipating challenges within the same time frame.

Beau Bertoli, co-founder and chief revenue officer at Prospa said Australian 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,” he said.

The research found that seven 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 per cent of business owners expressing that they plan to embark on accessing funds in the short term before possible further increases to interest rates.

“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,” Mr Bertoli said.

“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.”

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