What’s worrying Australia’s small business owners ahead of the Federal election? Supply chain issues, staff challenges and digital tech rank at the top of the list, according to the latest findings from Xero.
When it comes to casting their vote this weekend, 40 per cent of respondents say policies that support small businesses are their top factor when making their decision. A third of respondents (33.1 per cent) believe a cash rebate or grant to spend on technology would help them make use of more digital tools in their businesses and they’ll be looking for policies that support digital transformation. 78 per cent of business owners have concerns about keeping up with tech and 40 per cent of small business owners surveyed donʼt feel prepared to move to technologies such as eInvoicing.
Further concerns for small businesses surveyed include supply chain disruptions (23.7%), cost of wages (22.6%), and staff shortages (21.3%) Close to a third (32 percent) are still concerned about COVID-19 in 2022, however feel more optimistic – claiming it will be better than previous years
Joseph Lyons, Xero Managing Director, Australia and Asia, said it’s essential small business concerns are taken into account by the parties, this election.
“Small businesses are central to our communities and the success of our economy. As we come to a significant, democratic decision for the nation, These survey results reveal a clear opportunity to help small businesses take advantage of technology to carry them into the future,” says Lyons.
The Xero CEO suggests that digital tools and solutions like eInvoicing can help future proof businesses but more needs to be done to help small businesses thrive.
“By prioritising digitised business processes, we can help simplify regulatory compliance and support more small businesses to experience the advantages technology brings,” added Lyons.
COVID-19 recovery still a priority for Aussie businesses
COVID-19 recovery is still a big priority for small business owners, with a quarter of respondents concerned they will not recover to pre-COVID levels within a year, and one in four concerned about a need for support packages for future COVID-19 challenges.
The impacts of closed borders continue to affect small business owners, with 40 per cent of respondents claiming their business suffered from a tech skills shortage over the last two years, while nearly a quarter (24.7 per cent) of small business owners surveyed have noted they are relying on a new government and policies to hire new people for their business.
“Technology, upskilling and digital support for small businesses have been focuses of the election campaign from both sides.
“As these progress, we hope to see small business owners, and the accounting and bookkeeping community that supports them, championed throughout discussions. We look forward to seeing how the election outcome will better serve the small business community in the long term,” concludes Lyons.
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