The new mantra for SMEs – “The past has no future”

Thomson Reuters has released an interesting White Paper “Leading Australian SMEs in 2023s Changing Economy”.

In the paper, a number of ominous words were used to describe what the majority of SMEs have faced over the last couple of years – “challenging, difficult, unprecedented, demanding.”

 "However, looking forward, the new mantra for SMEs should be “THE PAST HAS NO FUTURE”.

 “In 2023 and beyond, turning the focus to strategies that can bring growth to revenue and profit is key for SMEs.”

“For many, cash is tight”

 “We must grow to survive” – CEO of a business.

Key takeaways: “All businesses, no matter what sector, need to keep moving, to adjust and adapt to changing market conditions. If such movement doesn’t happen in the right way and time, business can be negatively impacted.”

“Here are some practical ways in which businesses can consolidate operations:”

• "Explore the potential of new markets – test new markets in order to access new customers and revenue streams.”
• “Engage in business planning and strategy development regularly reviewing and updating your business plan and strategy in order to identify new opportunities for growth.”
•  “Think about alternative sources of financing, such as grants, loans or investment, in order to access the capital needs to grow and expand.”
•  “Take advantage of government support programs and initiatives that are available.”
•  "Build a strong network of contacts and mentors in your industry.”

This overview of the current market conditions and outlook for 2023 and beyond has highlighted the need for SMEs to be “turning the focus to strategies that can bring growth to revenue and profit.”

There are various articles and packages within ESS Small Business that can help, such as “Survival in Difficult Times” and the Thomson Reuters white paper. Visit www.esssmallbusiness.com.au to find out more.

If you would like to discuss assistance that is available for the preparation of planning strategies, grant applications, SMEs raising capital, our associated business, Towers Business Development Pty Ltd, offers services in these areas. Click here to visit the website.