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Bright future ahead for Australian SMEs: survey

Bright future ahead for Australian SMEs: survey

According to a new industry survey from national accounting firm RSM Australia, the future is looking bright for the majority of Australian SMEs; especially those that choose to invest in technology.

Titled thinkBIG, the annual survey benchmarks a number of different operational factors including business growth, business planning, exit planning, superannuation and the impact and uptake of technology. The findings drew upon survey responses from 350 business owners and found that 69 percent of SMEs expect to experience business growth over the next 12 months – a figure that’s one percentage point above 2015’s results.

The research also found that 49 percent of SME owners reported actual growth over the last 12 months, in addition to 46 percent of respondents stating that a strong sales pipeline was the leading factor in the optimistic outlook.

Investment in technology proved to be a major factor looking forward for SMEs. The report found that SMEs are fast catching up to enterprises when it comes to investing in new and emerging technology and warned that those businesses that chose not to adopt digital technologies risked being left behind.

Areas with significant increases in adoption included:

  • Websites and e-marketing tools investment: up by 16% on 2015 figures
  • Social media strategy implementation: up 19% on 2015 figures
  • Cloud-based system investment: up 25% on 2015 figures

Other interesting statistics in terms of digital investment include:

  • 51% of respondents use finance and business intelligence apps/tools to improve productivity of business
  • 44% use marketing apps/tools
  • 33% use customer service apps/tools
  • 25% of companies have implemented a customer relationship management or enterprise resource planning system
  • 25% implemented an expense management system

Given the rapid increase in digital technologies, digital security is considered to be a business priority for SMEs. The report found that 47% say that they review their information security policies annually; 57% are confident in their systems’ ability to withstand cyber attacks; 43% have a dedicated resource to manage cyber security risk; and 37% intend to increase cyber security resources in the next 12 months.

As well as being a leader in iPad-based Point of Sale technology, Revel Systems takes Cyber Security very seriously. Our highly-secure platform is compliant with Payment Card Industry Data Security Standards (OCI DSS) so all credit card information is safely transmitted to payment processors. Our team of dedicated Wi-Fi managers also set up each network and provide remote troubleshooting to ensure that your POS runs on a secure, fully encrypted network.

To find out more about our award-winning iPad-based Point of Sale, give us a yell on 1300 805 730 or apac.info@revelsystems.com.