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Australia and New Zealand missing out on digital economy boom

A recent MYOB Business Monitor Trans-Tasman Special Report revealed both Australian and New Zealand small businesses are "missing out on significant economic potential" because of their minimal online presence and hesitance to cloud-based software packages.

Australia and New Zealand missing out on digital economy boom
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The report, released today, revealed that while business operators with a developed online presence were more likely to see a revenue rise, only 12% of Small-to-Medium Enterprises (SMEs) have a business website and 50% do not have an online presence at all.

A previous MYOB Business Monitor report saw revenue growth from 38% of small businesses with a website, with a whopping 63% of small businesses who had a website and a social media site seeing revenue increases.

Australian Retailers Association Policy Director Heath Michael, said that while SME owners realise the benefits of an online presence, they simply do not have the resources to get online.

“Regional retailers want to reach the global market through the NBN but they lack the knowledge on how to do that,” Michael said.

[caption id="attachment_5370" align="alignnone" width="932"]MYOB-report A snapshot from MYOB's Business Monitor Trans-Tasman Special Report[/caption]

MYOB CEO Tim Reed recommends SMEs take full advantage of the opportunities of a trans-Tasman trade boom by working on their online strategy.

"One of the most efficient and cost-effective ways to crack any market- international or closer to home- is to make the most of the internet and the opportunities it affords for increasing both customer inquiry and revenue," he says.

"Technology, and in particular online technology, is an irreversible force that is continuing to pervade the business communities of both countries. As SMEs embrace the potentially transformative benefits of the cloud and other technologies, we see an increase in productivity that delivers real benefits for both economies."

In a step to help small businesses expand their online presence, the Institute of Public Accountants (IPA) has just released their comprehensive Social Media Toolkit. The Toolkit aims to educate small business owners on the world of social media.

The IPA is planning more online resources for SMEs in 2014.


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