An economic growth below trend has not discouraged Australia’s SMEs who seem positive about the economy and have mentioned plans to hire more workers.
According to the latest bi-annual Business Monitor survey of SMEs by MYOB, at least 23% of Australian SME’s, mostly in NSW, intend to give employees a pay rise in the next 12 months, despite concerns on how will they attract more customers.
Uncertainty is not affecting everyone, with 12% of the 1000 SMEs surveyed looking to expand their full-time based workforce and a 17% intending to hire more part-time or casual employees in 2015.
MYOB CEO, Tim Reed, believes the results are quiet encouraging despite the challenging circumstances Australian businesses have been facing in recent months. The data also shows Generation Y are the most optimistic lot with 41% of business owners from this group anticipating a positive change in the next 12 months and 37% expecting increased revenues in 2015.
The top 5 SMEs concerns in addition to attracting new customers are:
- Competitors’ activity – 34%
- Meeting Tax obligations – 31%
- Cash Flow – 30%
- Price Margins Profitability – 28%
- Customer Retention – 25%