A recent Xero study has found that many small businesses in Australia are facing a host of challenges as we lead up to the federal election. Some of the most concerning included digital adoption and tech struggles, supply chain pressures and shortages in staff.
79% of those who responded to the survey noted that technology adoption was an issue. Either they were concerned about their ability to integrate beneficial technology in their business or simply didn’t believe it to be of use to them.
In addition to this, a further 40% said that they were unprepared to use certain technology, such as using e-invoicing.
Small businesses have adapted to the disruptions of the pandemic, however must now find ways to help them thrive.
Internal processes can be simplified through technology uptake and this makes it easier for any business to quickly and easily do what needs to be done so that they can focus on connecting with clients and growing their business.
Looking deeper into the study, a third of those who responded believed that a cash rebate or a grant solely for use on necessary technological upgrades and adoption would be of great help to their business and help them make more use of the digital tools that are available.
Small business is at the heart of Australia’s economy and central to our communities. It’s critical that we take the needs of these businesses into account and do what we can to ensure their survival into the future.
We can be confident knowing that the digitization of processes will continue to occur as the years go on. Therefore, technology adoption is one element that we can work on together, knowing it will have great benefit to a business in the future.
With the COVID-19 recovery still a big priority to small business owners, supply chain shortages, wages and staff shortages remain huge factors of concern.
The knock on effect of the talent drought and the inability for small businesses to obtain the tech skills that they have needed to remain on point with digital adoption has now come to light.