Research found that while most SMBs cite their product or service as their key differentiator, when you scratch beneath the surface it emerges that in fact it is the how you go to market - rather than with what - that makes the real difference. Ultimately it is this that keeps you alive in a competitive dog-eat-dog world.
The research makes no bones about the harsh reality of planet SMB. There are 2.1 million SMBs in Australia and roughly 300,000 new SMBs get started every year. Guess how many crash...yep, roughly 300,000. The odds of survival are slim. SMB owners are passionate about what they bring to market, and they have to be. Not only the research contained in this report we launched with Deloitte Access Economics earlier this month - but also the insight and the case study examples - identify very clearly that a combination of enabling technology, and the people that technology enables, are the real keys to success in this space.
Here are some other salient findings from the research:
In total 500 Australian Small to Medium Sized business surveyed by Deloitte Access Economics
11 per cent of business don’t have or don’t know if they have a business plan.
For achieving future growth, the greatest proportion of SMBs have a dual focus on recruiting the right talent and increasing productivity (38 per cent and 36 per cent respectively)
The first of these, talent retention, is a huge challenge given that 11 per cent of employees change their employer every year
The overall narrative of the report is that the key to both increasing productivity and retaining the best talent is in collaborative, cloud-based and mobile technologies.
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