More than 1/2 report increased or stable revenue
1/3 dissatisfied with work life balance
Top pain points have more impact on importers
A new MYOB study of small to medium business operators who import or export goods and services suggests they enjoy better business than their peers. This is despite reporting higher dissatisfaction with work-life balance and feeling more pressure from SMEs’ most common business pain points.
More than half of the exporters and importers surveyed saw either increased or steady revenue in the 12 months to August, at 57% each. The best news was revenue growth, reported by 24% of exporters and 20% of importers versus 18% of SMEs overall. Those reporting revenue loss was similar across each group, at 40%, 41% and 39%.
Further, exporters and importers were more confident of short-term economic improvement. 33% and 31% respectively believed Australia’s economy will improve within 12 months, compared to 23% of SMEs. One reason may be that 50% and 39% respectively had more work/sales than usual in their short-term pipeline (versus 28%).
Despite this, revenue expectations were not as positive among exporters and importers. 30% of the former and 31% of the latter were expecting a revenue fall in the 12 months to August 2014 versus 22% of SMEs overall. Around one quarter were expecting annual revenue to rise (25%, 23% and 25%).
MYOB General Manager - Enterprise Division, Andrew Birch, says, “Australia's two-way trade in goods and services was worth more than $616 billion in 2012. Our research indicates that likely has risen since, but forward projections show a lack of confidence. With today’s digital economy intensifying the need for business owners to be more competitive in their offering, it’s important exporters and importers leverage opportunities to differentiate and broaden their scope.
“Strengthening their market position and competitive advantage can be achieved through moves such as boosting expertise in a niche market, providing extra value to secure for margin increases, and lifting productivity through refreshed systems and processes. Even simple business management software and hardware upgrades can result in improved efficiencies, team engagement and cash flow, to create a platform for executing growth strategies.”
Dissatisfaction with work-life balance higher among exporters/importers
Interestingly, exporters and importers were more dissatisfied with their work-life balance (32% each versus 23% of SMEs). However, they were more likely to be ‘very satisfied’ (17% and 16% versus 12%). In terms of overall work-life balance satisfaction they weren’t far behind - 47% of exporters, 48% of importers and 50% of SMEs.
Most common pain points have more impact on importers
The MYOB Business Monitor found importers felt more pressure from fuel prices, cash flow and price margins and/or profitability – the top pressure points for the SME sector – than exporters and SMEs overall. Interestingly, exporters felt less pressure from prices margins and/or profitability compared to importers and SMEs overall.
Customer retention strategies a top priority for exporters/importers
In terms of intended investment of time and/or money across various business elements over the following 12 months, the areas most likely to see an increase were:
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While customer retention strategies also topped the list for the SME sector overall, subsequent priorities differed somewhat. The top five for SMEs overall were:
- Customer retention strategies – 35%
- Customer acquisition strategies – 30%
- The number or variety of products or services offered by the business – 24%
- Prices and margins on the products or services sold – 23%
- Amount paid to employees – 20%
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For further comment or to arrange an interview please contact:
MYOB Public Relations & Corporate Affairs Manager
P: 02 9089 9068 / M: 0407 450 860 /
Haystac Public Affairs Account Director
P: 02 8094 7779 / M: 0409 919 508 /
About the MYOB Business Monitor
Established in 2004, the MYOB Business Monitor is a national survey of small and medium business owners and managers, commissioned to independent market research firm Colmar Brunton. The most recent study ran in July and August 2013, surveying 1,022 operators from sole traders to mid-sized companies, representing the major industry sectors. The Monitor researches business performance and attitudes around areas such as profitability, cash flow, pipeline work, technology usage and government. Note: the weighting of MYOB client and non-client respondents is reflective of overall market proportions. This media release details the survey findings for the 300 importers and exporters in the respondent pool.
About MYOB Australia
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.