How Australians Feel about the Future of Business: Part Four
Here, in the fourth and final part of our four part series we examine upcoming challenges and opportunities.
This is the fourth and final blog post in our four part series covering Bankwest Future of Business 2017 Outlook Report. The report was released in released in January 2017. In the first part, we revealed the sentiments of Australian businesses. In the second part of our blog series, we looked at confidence over the next three months, comparing and contrasting small and medium businesses. In the third part of our series, we studied expectations for the next 12 months. Here, in the fourth and final part of our four part series we examine upcoming challenges and opportunities.
What are the top opportunities for Australian businesses in the next year?
The report identified three top opportunities for small and medium businesses. For small businesses, these are:
- Finding new customers
- Increasing the satisfaction of customers
- Innovating products and services
For medium businesses, these are:
- Increasing customer satisfaction
- Improving efficiency
- Improving processes in the workplace
What are the biggest obstacles facing Australian businesses during the next year?
The report revealed three top obstacles for both small businesses and medium businesses. For small businesses, these are:
- Australia’s uncertain economic situation
- Keeping on top of the management of cash flow
- Ensuring that growth continues
For medium businesses, these are:
- Keeping on top of the management of cash flow (this challenge is shared with small businesses)
- Cutting back on operating costs without sacrificing quality
- Becoming accustomed to adapting to the evolving needs of customers
How do Australian businesses feel about their ability to repay debts?
Fortunately, Australian businesses are quite confident in the area of debt repayment capacity.
20.9% of small and medium businesses expect to get ahead often during the next three months. In addition, 34% of small and medium businesses believe they will get ahead occasionally during the next three months.
Overall, medium businesses are more confident than small businesses when it comes to debt repayment capacity. 59.9% of medium businesses expect to be ahead in three months, as opposed to 48% of small businesses.
If you found this post helpful, be sure to check out the first three blogs today. Head to the Bankwest site to download the full Bankwest Future of Business 2017 Outlook Report.
About iFactory
iFactory is one of Brisbane’s oldest and still independent digital agencies. Established in 2004, the company provides Digital solutions for business, from web development and web design, to application development. We would love to help you improve your business and help you find new customers. Contact us today.
