Small businesses around the nation are once again confident about their future and ready to start driving toward their next phase of growth, according to new research.
The research, carried out by small business lender Prospa, found that 81% of Aussie SMEs expect their businesses to grow over the next 12 months.
This is despite 87% of business owners anticipating challenges within the same timeframe.
“Small business owners have not had an easy ride navigating through the pandemic, supply chain issues, staff shortages, and now increasing operating costs,” says Beau Bertoli, co-founder and chief revenue officer at Prospa.
“Despite ongoing challenges, the majority of small business owners have been working hard to make smart decisions to drive new revenue and become more efficient to propel growth.”
Business owners are also looking to access funding
The research found that 7 out of 10 business owners have either made, or are in the process of making, changes to their business.
This is combined with 71% of business owners expressing that they plan to embark on accessing funds in the short-term, ahead of possible further interest rate rises.
“Small businesses are not only confident, but studies show business owners are planning to apply for funds sooner to spare them from paying extra on their repayments,” adds Mr Bertoli.
Heads-up! The end-of-financial-year is fast approaching
Another key reason why small business owners are looking to access funds over the next few weeks is to take advantage of the federal government’s temporary full expensing scheme this financial year.
The scheme allows businesses keen to invest in their future to immediately write off the full value of any eligible depreciable asset purchased, at any cost.
This can help with your cash flow, as it allows you to reinvest funds back into your business sooner.
Trucks, coffee machines, tools, excavators, and vehicles are just some examples of assets eligible under the scheme.
But here’s the catch: the asset must be installed and ready to use by June 30 in order to be eligible for this financial year.