SME’s – A Profile of Australia’s Engine Room
I have recently taken on the role of Chairman of the SME Association of Australia and have done lots of reading into what makes our SME’s tick ( and what slows them down ) . They are often referred to as the engine room of the economy - more than 99 % of Australian businesses are SME’s ( over 2.1mil ) . They account for 1/2 of Australia’s GDP and employ over 68 % of the workforce ( 7.33 mil people ) .
SME’s have a high social conscience, look up to those who are innovating and running successful businesses and have strong family values.
It’s about time governments stopped talking about helping small business and actually did something – for example, only 15 % of small businesses receive any form of government assistance, compared to 30 % of medium businesses and 57 % of large businesses.
- Australia has had 5 small business Ministers in 3 years ( but the position has just been returned to cabinet under Scott Morrison )
- SME owners regularly put money into their businesses before their own super funds.
- Big users of the internet but hands off with technology - they need resources that are simple to understand and easy to implement.
- 60% of SME’s outsource some of their work – 84% marketing services, 80% accounting services, 76% IT requirements.
Imagine if we could help every business grow by just 5% - that would mean another 365,000 jobs, a whole group of families who can afford a better standard of living and a whole generation of children who grow up in an environment of successful entrepreneurship.
Strategic Advisor | Investor | Former CIO/CISO & CTO | Technology Leadership | AI & Cybersecurity Innovator
6 年This is spot on Mark.? Our small business uses innovative and unique technology to improve the efficiency of criminal and regulatory investigations.? The efficiency doesn't end with the investigator, as the system generates the briefs of evidence used by the prosecutor to take matters to court if required, so the efficiencies flow right through to the courts as well.? We have no competition in this space.? A recent review of our system by one of Australia's largest policing agencies indicated that the system was bringing a 40% gain to the agencies investigations, a saving that would equate to an extra 360 officers on the street for that particular agency.? We are a small business with big ideas and we don't seem to fit into state or federal based funding programs.? We went through the process for an Accelerating Commercialisation grant only to be told that IT is not considered a growth sector.? We applied with Advance QLD only to be told that we are too far advanced for funding.? So we have now looked to the US and have started discussions with various US based companies who are eager to push our software through their existing clients.? Onwards and upwards, albeit perhaps in overseas markets!
CEO Crime Stoppers Western Australia
6 年Liliana a great article. I support the engine room assertion and in a similar vein would say that Crime Stoppers is the engine room of criminal information collection.
Sales Director Lawpath
6 年I couldn’t agree more. Business confidence has hit a two-year low, at a time when they should be enjoying prosperity and security. It’s time our most valuable sector received greater support.
I help Mortgage & Finance Brokers build your ultimate level of success & create your legacy|MFAA/FBAA Coach & Mentor|CPA| Writer | Influencer
6 年Interesting article. Not everyone in business should be!! Practical Training and Education. There's lots of why's and resources but not enough of the how's. Mentors are a great way to help business owners sift through resources and how best to utilise them in their business journeys. Imagine if the government vetted all business owners and allocated mentors to those who don't meet all the criteria to be a fit and proper person to be in business. Now there's a concept!!
Writer & Editor at Australian Institute of Company Directors
6 年Good to see help for SMEs here. See also our great Acuity magazine sport profile on why Mark Bouris has served the Sydney Roosters as a board member for 15 years. https://www.dhirubhai.net/feed/update/urn:li:activity:6445865708051136512