The Big Issues Most Affecting Small Businesses

I’m always on the lookout for articles about issues affecting small businesses this year. Here are a few snippets:

Australia’s two million-plus small businesses employ close to half of the nation’s workforce and are often described as the ‘backbone of the economy’. But the problems they face and the issues that matter most to them are often not glamorous enough to get attention from the media or consumers, writes marketing expert,?Katrina McCarter .

Amid the facts and figures and the revelations of top challenges (burnout, understanding the best way to grow a business, finding customers) the Big Small Business Survey took a deep dive into the five make-or-break themes small biz owners faced in 2022.??

Staffing

With labour shortages and Australia’s immigration laws, around a third of business owners struggled to?find and hire quality staff in 2022 . That meant 55.92 per cent of entrepreneurs shouldered much of the workload themselves. They also asked staff to work longer hours, increased prices and reduced operating hours.

The solution:

Expanding the pool of job seekers is the obvious one but small business owners in Australia need more support in the form of grants, tax breaks and funding for new technology (which can minimise the need for staff).

Pricing

“With inflation rising and profit margins shrinking, finding the sweet spot for pricing is more of an issue than ever,” says report author Andrew Griffiths. He says the?age-old question of what to charge ?has come into focus because of rising costs that have forced some businesses to make drastic changes.

The solution:

More education, from accountants or advisors, so they can set prices with confidence.

Want to know the others? Head on over to the full article?here ?for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at [email protected]; or call me on 0467 749 378.

Thanks,

Robert