Communication between small business stakeholders is critical to success, according to the outcome of a recent event hosted by NAB in Melbourne. The event raised discussion between stakeholders about the key issues of small businesses and how they can be solved.
Cindy Batchelor, executive general manager of small and emerging business at NAB, says that taking a collective approach towards small business issues is important.
“That means industry bodies, government, financial institutions, and business advisers coming together and discussing those issues that are top of mind for small businesses,” Batchelor said.
The National Press Club event raised the key concerns currently affecting small businesses, including difficulty in accessing credit, subdued trading conditions, uncertainty in global markets and the availability and accessibility of education.
“All of these factors can make life as a small business operator more difficult,” Batchelor said. “However despite the challenges, we are optimistic and remain committed to supporting the potential and opportunity that lies within our small business sector.”
Stakeholders identified that for small businesses to evolve they must be able to adapt to changing business conditions and consumer behaviours.
Batchelor said that small businesses need more than just a financial provider to succeed. “They need a business partner—taking the time to understand your business, your industry and your personal and business aspirations.”