SMEs confident of growth

Written on the 14 July 2009

A RECENT St George survey has revealed small to medium enterprises (SMEs) are expecting 6.8 per cent growth this financial year, but with realistic expectations the recovery will be slow.

St George corporate and business bank general manager Greg Kenny, says the survey shows resilience and determination by SMEs to remain competitive for when the eventual upturn comes.

“The top strategies being adopted by SMEs include focusing on core customers, focusing on the fundamentals of their business, cost cutting, business development and increasing their product or service offering,” says Kenny.

Out of 1000 owners and managers surveyed across Australia, 44 per cent plan to increase their market share and 25 per cent plan to hire more staff, but only 7 per cent already have.

But two in three believe 09/10 will be worse than 08/09 and just 16 per cent expect profit to rebound at the end of 2009, but there is a degree of optimism.

“On average, SMEs are targeting growth of 6.8 per cent for the financial year ahead. Given historical average growth for SMEs is around 10 per cent, this provides a good indication they are still determined to achieve growth despite the economic downturn,” says Kenny.

“Another finding of this research is that whilst most SMEs are taking a very candid assessment of the future risks and challenges facing their businesses, only 1 per cent believe there is a high chance their business could fail.”


Latest News

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

Related News

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter