Survey Reveals the Biggest Concerns for Australian and New Zealand Small Businesses
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The survey revealed inflation and the cost of living crisis are major concerns facing businesses in both countries, with a staggering 76% in Australia and 75% in New Zealand reporting their business has been negatively impacted by rising costs, and 63% across both countries expressing fears about the economy. Customer spending was also down by 60 percent in both countries.
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Fraud and cybersecurity issues were also top of mind for business leaders, who ranked it as one of their primary concerns for business for 2024, with 72% in Australia and 68% in NZ reporting fears regarding cybersecurity.
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Surprisingly, the adoption and use of artificial intelligence tools (like ChatGPT) was staggeringly low, with most businesses claiming they do not currently use AI or plan to in the future.
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In New Zealand, late payments were a major concern, with one in two businesses being affected by delayed pay. Aussie SMBs weren’t far behind, with one in three people claiming it is a significant issue.
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The use of online payments was high, with 79% of SMBs in New Zealand and 76% in Australia now taking online payments. However, bank transfers came out on top as the preferred payment method in both countries.
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In Australia, only 1 in 2 said they were looking to hire this year, whilst NZ businesses put a hold on staff growth with 73% stating they had no plans to hire.
