‘Tis the season to be optimistic for Australian business owners, with one in six wanting to start another business.
The insight comes from the latest MYOB SME Snapshot, which also found that just 10 percent of businesses were either ‘quite pessimistic’ or ‘very pessimistic’ about their prospects in the coming year.
Overall, 64 percent of small and medium-sized enterprise (SME) owners were optimistic about the future, with female SME owners slightly more optimistic than their male counterparts.
- 25 percent of SMEs operate more than one active business
- One in six want to start a new business or another new business
- 26 percent won’t take a Christmas break or will only take public holidays off this year
An optimistic small business community is generally read as a sign of the health of the broader economy.
“It’s clear that business growth equates to a stronger financial standing in the mind of most SMEs,” said MYOB Chief Executive, Tim Reed, “something that is outweighing the perceived risk factor in starting a new business.
“Small and medium business owners are telling us that growth isn’t something to be scared of, suggesting that the current business climate is a positive one.”
The fact that 25 percent of SME owners continue to operate more than one business is a sign that Australia’s getting entrepreneurial.
In a sign of increasing confidence, one in six SME owners are seeking to add another business to their portfolio.
“It’s encouraging to see so many small and medium business owners looking for ways to expand their offering,” said Reed.
“When the SME community grows, our economy is bolstered, our communities become better facilitated and innovation prospers.”
Those who wanted to start a business said creating new revenue streams and greater financial security were the chief reasons for starting a new business.
However putting in the hard yards to create that revenue stream and security runs the risk of adding to an already full plate for SME owners.
One in four respondents to the survey said that they were not planning to take any time off during the festive and new year period, except for public holidays.
Taking care of your best asset
In planning for the future and building multiple businesses, business owners can forget to take care of their best asset: themselves.
Many business owners get so caught up in the business they forget to check in with themselves.
MYOB’s previous SME Snapshot found that many business owners were prioritising their staff superannuation payments over their own – and the same principle applies here.
SME owners may feel like they can take the weight of the business (more than one) on their shoulders, but this pursuit can lead to an unhealthy work/life balance.
Through a business lens, what’s the cost of any business owner missing a day of work?
Need help energising yourself and your business for the year ahead? For answers to all your questions, call Mitchell Partners’ team in Surrey Hills on 03 9895 9333.