Recent findings from the #SBS State of the Nation Roundtable report indicate that a majority of small and medium-sized enterprises (SMEs) feel they are merely getting by rather than flourishing.
Less than a third have sufficient cash reserves to sustain their operations for over six months, and 58 per cent have refrained from investing in their business in the past year due to economic uncertainties. Additionally, over a third of small business owners have reduced their own salaries to keep their ventures running.
Navigating challenges and seizing opportunities
The report underscores the financial pressures on SMEs, who are grappling with issues like escalating expenses, Brexit-related bureaucracy, and limited access to funding. However, it’s not all doom and gloom; nearly 50 per cent of small businesses have already incorporated Artificial Intelligence (AI) into their operations, and 60 per cent are enthusiastic about its potential. The integration of AI offers SMEs a unique chance to compete on an equal footing with larger organisations.
Pathways to prosperity
Despite the report’s somewhat bleak outlook on the future of many SMEs, there are actionable strategies that can help businesses not just survive but thrive. These include:
In the face of ongoing economic challenges, being proactive and employing the above strategies can be instrumental in transforming your business from surviving to thriving.