How SMEs Can Better Support One Another

How SMEs Can Better Support One Another

From 70-hour work weeks to self-funded growth endeavours, there’s never been a more important time to champion fellow small to medium-sized businesses.

When it comes to businesses of the future, it’s clear SMEs are helping drive the Australian economy while simultaneously solidifying our reputation as a country of entrepreneurs and innovators. But success on this scale doesn’t just happen overnight, or without sacrifice.

Although most successful SME owners focus their attention on growth (while still maintaining an evenly distributed workload), they’re also required to hone their skills as well as their ongoing ability to adapt to near-constant change. This is particularly true as the world continues to embrace a variety of industry and business disruptors like Uber, OLA and Airbnb.

SMEs make up more than half of our gross national income and employ close to 7 million Australians – many of which are agile, digital-focused millennials. To keep making waves, grow niche markets and shape the future, SMEs need to be able to adapt easily to new trends and industry movements. But constantly future-proofing can be difficult, especially when financial challenges and time constraints post a regular threat to the viability of businesses. For many SMEs, accessible finance can be a troubling roadblock when trying to build and grow in an evolving market. Self-funding, financial support from family or friends and even the use of internal funds is commonly used when SMEs find themselves unable to secure a bank loan with the same effortlessness and ease as a larger corporation.

In times of change and challenge, the growth of many SMEs doesn’t just rest on how well they adapt, it also depends on who they lean on for support as their needs start to vary. Having spent the last ten years growing our own business, SB Recruitment understands how important it can be to support small to medium-sized businesses during these times. Whether it’s through our billings services, which helps assist SMEs who require regular recruitment support at a fraction of the cost, or The HR Lab, which allows us to combine HR and talent acquisition departments for SMEs who aren’t yet able to have them internally – we do our best to support fellow business-owners. This not only enables us to help our industry counterparts, it allows all of us to continue contributing to Australia’s reputation as a leader in the competitive global marketplace.

On a wider scale, a number of key initiatives are desperately needed to ensure SMEs have the ability to launch their businesses and succeed as time goes by. These include everything from improvements in credit infrastructure to advisory and policy support, as well as knowledge-sharing between businesses.  By supporting fellow SMEs in this way, businesses invest in each other’s abilities, which can lead to a range of tangible outcomes including improved scalability, future business prospects and business continuity (this applies particularly to larger businesses, who may have the money but not the agility to execute their ideas).

To ensure Australia’s SMEs can continue growing their businesses and hit those feel-good milestones (like hiring staff or investing in tech) we need to keep doing what we can to support them in their journey toward success. All it takes is the right advice, a handful of strategic insights and a willingness to help those at the helm of Australia’s economic future.

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