The H2 2021 Growth Index findings by non-bank lender ScotPac have been released. It has found that 80% of Australian business owners are most concerned about compliance, cash flow and having enough time in the day to complete tasks.
It has been a strenuous few years for Australian business owners and although the worst it seems is behind us, looming challenges ahead surrounding supply chain issues and inflation are only adding to everyone’s concerns.
The team at Accounting Tax Solutions remain ever present for our clients, ensuring that we can provide financial advice that is timely, accurate and in line with the current trends and needs that not only your sector is facing, but the entire Australian workforce and indeed, beyond.
Having investigated this report and learning what the top 3 stressors are for the surveyed business owners, we look to learn and apply measures to support and alleviate you through these hardships.
Stressor #1: Compliance.
The top concern reported, perhaps due to the need to navigate through government grants, stimulus measures and other initiatives with the criteria constantly changing or overlapping, was compliance.
Meeting government compliance was named by 85% of surveyed SME business owners as a concern for them, compared to a measly 10% in 2018.
This surge has urged us to ensure that we clearly express our knowledge and confidence surrounding these matters so that you can confidently continue with your business knowing that you are safely where you can be in regards to receiving the correct grants and paying what tax you need to be.
Stressor #2: Time.
84% of respondents agreed that not having enough time to complete tasks was of great concern to them, meaning that this took out the #2 spot for the top stressors to SMEs for 2021.
A constant and ongoing concern for many business owners, managing your time effectively is a skill that is always in need of a little fine tuning. The fact that many of us have needed to move to a home setting for work has meant that time management has become more difficult, with burnout as a result a serious concern for employers and employees alike.
Stressor #3: Cashflow.
Rounding out the top three and coming in at 81.5% is the concern for cashflow, something that has been greatly exacerbated by the pandemic.
By having trust in your accountant and making changes to your workplace where you can to improve working conditions and productivity, you can find new and smarter ways to alleviate these common pain points and grow your business effectively in 2022. Call Accounting Tax Solutions today on 07 5559 1200