Ahead of the Western Australian state election, new research by Australia’s largest accounting software provider, MYOB, reveals the biggest concern of local small to medium business operators (SMEs) is rising fuel prices, closely followed by competitive activity.
CEO Tim Reed says, “As the election nears, candidates for the state government should be aware that SME operators in Western Australia anticipate they will face the most pressure this year from the cost of fuel. This is closely followed by the need to battle the business competition they come up against.”
“Given this, it’s no surprise that a hot topic for this election is improving public transportation infrastructure and services.
“We also found that around 40% of the WA SMEs we surveyed are intending to increase their investment in customer retention/acquisition strategies this year, which should help combat increasing competition.
“Despite the challenges they face, the economic confidence and overall business outlook of local operators is positive. 32% expect the economy to improve within one year, a figure that’s higher than the rest of the mainland states.
“In further positive news, almost two in every three respondents are seeing steady or rising revenue despite increasing talk of the mining sector slowing.”
Western Australians were also the least likely to report a revenue loss in the past 12 months (32%). 43% saw steady revenue. Both New South Wales and Victoria had the highest proportion who saw a revenue fall (40%), while South Australians were most likely to have steady revenue (45%).
The top five pressure points Western Australian SMEs expect to face this year are:
- Fuel prices (71%)
- Competitive activity (67%)
- Price margins & profitability (65%)
- Attracting new customers (65%)
- Cash flow (61%)
For further statistics, comment or other information please contact:
MYOB Public Relations & Corporate Affairs Manager
02 9089 9068 / M: 0407 450 860 / firstname.lastname@example.org
Established in 1991, MYOB is Australia's largest business management solutions provider. It makes life easier for approx. 1.2 million businesses across Australia and New Zealand, by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and now spends more than AU$30 million annually on research and development. In 2013, MYOB expanded its offerings with the acquisition of accounting solutions provider BankLink. For more information, visit myob.com.au.