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Mid-tier firm DFK has provided insight into the current challenges and beliefs of small business owners across Australia.
DFK firms across Australia and New Zealand have distributed an opinion survey for clients and associates, covering a broad range of business issues, and compiled the answers in the Wavelength 2015 report.
According to the report, DFK has identified a ‘tug-of-war’ between working in and on the business, with 43 per cent of respondents identifying an increase in cash flow as a significant challenge, whereas a further 41 per cent of businesses claimed that entering new markets and expanding the business was a major challenge.
With expansion on the horizon for many small businesses, DFK issued an ominous warning to those companies looking for growth in the short term.
“As the economic conditions tighten globally and interest rates continue to be at record lows, the short to medium outlook for growth is low. It will be very important to keep a close eye on the economy and banks’ behaviour in the short term,” the report noted.
With business technology undergoing a drastic evolution in recent years, the report also sought to gauge the changing opinion of small business towards technology that is at their disposal.
Almost half of business owners surveyed revealed that cloud technology was a skill that they wanted to personally develop, with a further 47 per cent of respondents noting their desire to expand their knowledge of sales, marketing and branding techniques.
Stephen Bushell, chairman of DFK Australia and New Zealand, reiterated the importance of keeping up to date with technological advancements.
“The only constant is change and business owners need to be open and nimble to respond to rapidly advancing technologies and new opportunities.”
“Your business should be significantly refreshed every two to three years whether that be your value proposition, new product lines, updating your marketing plan or reviewing the technologies you rely upon,” Mr Bushell concluded.