Despite the fragility of the current economic climate, SMB owners have reported they would start up a business again, with research finding 70 percent are happy with their entrepreneurial career choice.
According to the Telstra Business Sentiment survey of 1,000 businesses across Australia, seven out of every ten business owners would be happy to start up again.
The research found the most common reasons people launch small business are to gain independence, freedom, flexibility and a sense of pride. Some 53 percent of owners said their business is their passion.
As for their focuses going forward, 79 percent of SMBs said they’ll be looking to take on new customers and maintain excellent service.
“Small and medium size businesses want to get back to the core of what they do best – and that is serve new and existing customers really well, and enable their staff to do so,” Telstra group managing director Will Irving said
The research also found businesses are looking to make a big investment in technology in the new financial year, which they hope will enable them to better manage cashflow, costs and feel more in control of their business.
“The ‘must have’ device for small business is a smartphone for remote working, productivity and mobility – they simply don’t want to be chained to their desks, workbenches or counters anymore,” Irving added.
South Australias SMBs responded highest to their commitment to spending on technology at 60.6 percent. Almost 50 percent of businesses want to find better ways for technology to support their business in the new financial year.
“We are already seeing businesses use smartphones and other devices like tablets to better connect businesses to their customers and allow them to show their products and services to customers up close and in real time,” Irving added.