99.8% of Australian businesses are classified as either small, fewer than 20 employees, or less than $10 million revenue, or medium, 20–199 employees, over $10 million revenue, enterprises.
These businesses play an important role to Australia’s economy, employment, and sense of community, and are crucial to Australia’s recovery, yet the challenges faced by these businesses are often overlooked.
According to the research, the three finance-related challenges that SMEs feel they need to overcome in 2022 are:
- servicing excessive debt levels
- diversifying their funding base/finding new sources of funding
- avoiding insolvency
With borders open for many states, there is more optimism entering the SME community as this was seen as the most necessary factor to the recovery of many businesses post-2020/21.
Finance for small and medium sized businesses isn’t very easy to come across, especially when many SMEs are set to face financial challenges, as the global economy recovers.
Learn how we support SME’s and GROW your business.
Call for a free financial check up. Book HERE.