While many SMB owners believe the economic outlook is bright, they’re missing out on a range of resources that can help their businesses grow.
A new study from Grants Connector surveyed business owners about growth potential and found that 90 per cent don’t have an in-depth awareness of all the grants available to help them.
Mike Boorn Plener, the author of the study, said that he was surprised to see that the figure is so high.
“Business owners are seeing that traditional options for getting finance are dwindling, and often don’t know that there are over 600 government funding options available, and furthermore they don’t know how to start the process,” Plener said.
Only 29 per cent of respondents said they have the necessary contacts to apply for a grant, or have started talking to the relevant government departments to assess their eligibility.
While the majority of business owners are confident they can grow by developing ideas for new products and services, only a third were able to put a value on their intellectual property.
The study found that 65 per cent of businesses have hidden values that aren’t being noted down on balance sheets, creating a bubble of under-valuation that creates challenges when applying for grants or attempting to raise capital in other ways.
Visit the Australian government’s grants and assistance resource to find out more.