Are you afraid of international competitors?

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According to new research revealed by MYOB, many small to medium Australian business owners are at odds over the idea of big international businesses such as Amazon entering the Australian market.

Here are 10 key findings from the research:

1. International competitors

Over a quarter (27%) of SMEs were concerned about the prospect of encroaching overseas competition.

2. The feel of overseas competitors

26% of SMEs were feeling positive about the arrival of these competitors

3. How many feel conflicted?

More than half (57%) of SMEs believe additional overseas businesses in the local market will force them to innovate

4. The result of international competition?

43% of SMEs believe the key impact of additional overseas businesses will be the loss of customers or revenue

5. Metropolitan versus Regional

42% of SMEs believe State and Federal Governments give more emphasis to metropolitan SMEs over regionally-based businesses

6. ‘Resilient SME community’

Tim Reed, CEO of MYOB, says “Our SME community is extremely resilient – the proof being their strength in the face of constant changes to our market. While there is some hesitation around new players to the market, business owners will need to assess the impact once they have arrived, and as they have always done – adapt to this change in order to remain commercially competitive.”

7. “Unsure business owners”

“Australia has been tipped for the launch of a number os overseas retail outlets this year and our business owners are telling us they’re not sure how the advent of these newcomers will play out in the market,” Mr. Reed says.

8. Who are the “quiet achievers”?

59% agree that regional SMEs were “quiet achievers”.

9. National interest

Many small business owners feel as though they are competing for the national interest of the county.

10. Success of small business

“SMEs are the heartbeat of their local communities. For the continued success of Australia’s vibrant SME sector, it is important policy decisions are designed that benefit the many, rather than a few,” Mr. Reed explains.

What do you think of the arrival of international competitors? Let us know how it will impact on your small business by commenting below or sending us a message here

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