Home topics news Managing News Managing Skills shortage ranks among SMBs biggest concerns Liz Trethowan August 18, 2011 A shortage of skilled labour is the biggest challenge facing small and medium businesses, according to a poll of state and territory winners and finalists in the 2011 Telstra Business Awards. More than 100 businesses participated in the poll leading up to the national finals, which will be announced at the 19th Telstra Business Awards taking place in Melbourne on 26 August. The poll found skills shortages are the biggest concern for 18 percent of respondents, followed by increased business costs (16 percent), cash flow (11 percent), increased competition (9 percent), red tape (7 percent) and the high Australian dollar (7 percent). Respondents said lowering company taxes was the most important thing the Federal Government could do to better support small and medium business (43 percent), followed by cutting red tape and compliance costs (12 percent) and giving the Minister for Small Business a Cabinet position (12 percent). In response to emissions reduction measures, one in five businesses said they would use cheaper energy sources and introduce technology such as videoconferencing to reduce travel (23 percent). When asked to predict business conditions for the 2011-2012 financial year, 53 percent of respondents believed conditions will improve, while 19 percent believed they will worsen and 22 percent expected they will stay the same. These predictions are more pessimistic than last year. In 2010, 66 percent of Telstra Business Awards Finalists thought conditions would improve