NAB has released its SME business insights report for the first quarter of this year, revealing the main concerns being faced by small business owners.
Concerns regarding cashflow rose from 34 per cent to 43 per cent from the same period last year, with profitability concerns rising from 30 per cent to 38 per cent, making these the biggest issues faced by small business owners.
Forty-eight per cent of those in the retail industry cited cashflow as their biggest concern through the report.
The report found worries around inflation eased from 33 per cent to 30 per cent, concerns around staff turnover had decreased from 35 per cent to 29 per cent, and worries regarding red tape was down from 35 per cent to 27 per cent.
The survey also found that 50 per cent of small business owners were cutting costs and seeking better terms with suppliers to address these concerns.
Nearly 37 per cent of small business owners were planning to increase marketing efforts and 29 per cent were reviewing their cashflow and working capital processes.
Twenty-eight per cent of business owners were changing their pricing strategy and investing in training employees, with 28 per cent improving customer communications and management.
This article was first published on sibling website Inside Small Business.
