Key results from SME direction survey – 10 key insights from 1000 SME’s, common trends for 2014 - Succession Plus

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Key results from SME direction survey – 10 key insights from 1000 SME’s, common trends for 2014

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Key results from SME direction survey – 10 key insights from 1000 SME’s, common trends for 2014

By , February 9, 2014
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In the recently released survey results a few disturbing trends emerged:

Biggest growth challenges – cash flow ( 21.5 % ), growing sales ( 40.6 % ), people ( 12.8 % ) and access to capital 9.6 % ) .

Self-managed super funds – SME’s are confident they work – 29.9 % of respondents had an SMSF ( a higher take up rate for SME’s than the general population ) – 87.2 % of those who did manage their own super were pleased with the stability. A clear majority ( 69.4 % ) of SMSF owners also received professional advice.

Almost 70 % of business reported no impact from the drop in the Australian dollar. Just over 20 % reported a negative impact and 12.2 % said the lower dollar made a positive impact.

The biggest worry for SME owners was cash flow ( 57 % ) , the second most concerning the Australian economy ( 34.3 % ) , while rising costs ranked third with 31.5 %

Going forward, the majority ( 51.4 % ) of businesses said the advice they want most relates to sales and marketing.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.