Most business owners did not need a report commissioned to tell us about business sentiment and pressures on SMEs this year. 

Things we already knew: 

1. It has been increasingly harder than previous years to fill jobs with suitable, quality staff 
2. Nearly half of all businesses have experienced increases in operating expenses
3. Many have faced supply chain disruptions
4. Cash flow has been affected by inflation and interest rate rises
5. It has been harder to collect customer payments
6. Sales have declined 

The hardest roles to recruit have been in education and training, retail trade, administrative and support services. The most common factors were lack of job applicants and applicants not having the relevant experience and qualifications. This has made it extremely hard for businesses to maintain and grow. 

Businesses in WA and NSW are reportedly feeling the pinch more than our other states. 

Over half of businesses have revealed they are delaying planned business investments, however most are confident they will revisit when the economic climate improves. We are also observing some businesses investing in new technologies and hiring more staff. Some are self funding from retained earnings or previous years’ profits, while others are seeking funding to get them through the next few months.  

With the festive season on our doorstep, there will be many businesses that need a cashflow injection to keep their doors open while they wait for their incoming cash.