The latest MYOB Business Monitor report reveals the sentiment of small business owners in the country ahead of the federal election. Not surprisingly, most small businesses want more digital support, and two-thirds want to cut compliance costs and reduce red tape.
Seven out of 10 small business owners expect a change of government in the upcoming election, with nearly half (48 percent) saying they will vote for a government with a policy in place to ensure the security of their business. This means that more funding will be directed to improving the digital capabilities of small businesses and improving staff skills.
Business uncertainty continues
MYOB Chief Experience Officer Helen Lee said that despite several turbulent years, small business remains at the heart of the economy.
“The importance of small businesses, which contribute about 35 per cent to Australia’s GDP, has never been so important. With rising inflation, a protracted global supply chain crisis, disruptions due to COVID-19 and a difficult geopolitical environment, this period of uncertainty seems to continue.
“The small and medium business sector in Australia is a powerful voting group with more than two million registered members. Their hope for a stable and bright economic future should be important for both current and future leaders, ”Leo said.
Why digital support is important in this election
Forty-three percent of small business owners surveyed say digital tools have helped their businesses be more productive, but one in three (31 percent) is still not online. 23 percent say digitizing elements of their business remains too expensive, and 29 percent believe some sort of tax deduction will help them get started digitally.
Among small businesses that already use digital tools, key examples of business integration include tax and payments with BAS (51 percent), saving (38 percent), cash flow, invoicing and online payment platforms (40 percent), and performance, projects and inventory management (29 percent).
“We know that when digital adoption is gaining momentum, the consequences are immediate and significant. This is both at the individual business level and at the macro level, and the MYOB modeling shows a potential return to the economy of $ 10.5 billion as a result, ”Lee said.
Calls to reduce the cost of enforcing business law
Bureaucracy and compliance costs continue to hamper the growth of small businesses, and business owners cite compliance costs in doing business as the most important business issue they face.
“SMEs want to see lower compliance costs in doing business and a strong economy for work, especially given the effects of the COVID-19 pandemic. In particular, post-election SMEs would like a simplified GST / BAS reporting process and the share of public procurement contracts allocated to small businesses, ”Leo said.
A change of government is expected
Although 71 percent of small business owners think there will be a change of government in the upcoming federal election, they are ambivalent about what the outcome might be and how it will affect their business.
34% believe that the changes will not have any impact on business, 28% believe that they will be positive (up to 44% of Generation Y), while 25% believe that it will have a negative impact.
“We know that the contribution of small and medium-sized enterprises to the economy is widely felt and we hope that the leaders of Australia will present a fruitful and inspiring program to support them,” said Lee.
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