What are Australian SMEs top 10 resolutions for 2012?
by Keris Lahiff
2011 may have been a topsy-turvy year for many small business owners but according to a new survey, the future looks bright with many goals set. The number one resolution? To strengthen customer relationships and build upon business development.
In its most recent Business Monitor report, MYOB has found that 49 per cent of small to medium business owners are aiming to improve client and revenue growth this year, while 32 per cent are aiming to maintain current levels.
“Customers will understandably remain the core focus for Australian SMEs in maintaining and strengthening their business health in 2012, with our research finding more than one-third of businesses are set to increase activity around attracting customers’ attention and building their loyalty,” says MYOB CEO Tim Reed.
He also notes there was a clear trend towards businesses placing an increasing emphasis on diversification.
“It makes sense for today’s business owners, many of whom face increasingly financially conservative consumers, to foster a ‘stickier’ customer by providing more products or services to whet their appetite,” he says. “For many it will be the key to their survival in a two-speed economy.”
The top 10 elements to increase activity in 2012 include:
- Focus on customer retention strategies – 39 per cent of respondents
- Focus on customer acquisition strategies – 34 per cent
- Business activity in new markets – 33 per cent
- Number or variety of products or services offered by the business – 29 per cent
- Amount paid to staff – 24 per cent
- Sale of products/services online – 24 per cent
- Sale of products/services offline – 23 per cent
- Number of sales promotions conducted over the year – 22 per cent
- Number of part-time or casual staff in the business – 21 per cent
- Dollar value of spending on marketing and advertising the business online – 21 per cent
Reed says it makes sense for SMEs to broaden their business into new markets, particularly on a global scale where possible.
“This is something the internet and cloud computing easily faciliate if business owners have the rights tools and resources at their disposal. We’re seeing more and more operators benefit from getting their business online with a website.
“Our research shows those with a website generated six per cent more revenue in the previous 12 months than those without. The key is getting online, being found, communicating well to your online audience and in doing so getting solid access to the digital economy.”
Published on: Friday, January 20, 2012blog comments powered by Disqus