Melbourne fintech Zeller today releases the first Zeller Small Business Resilience Report– see the full report here. The report, collated from the responses from over 600 Australian small businesses, reveals insights into how business owners are impacted by and are responding to, challenging economic conditions.
Key data from the report include:
- Biggest factors impacting small businesses today: 42% of small business owners cite their biggest concern as the increasing cost of supplies and materials, whilst 32% reported reduced consumer spending as their biggest concern.
- Supply costs are increasing: 80% of small business owners estimated an increase in supply costs of more than 10% in the past year, while 1 in 5 reported increases between 20 and 50%.
- Inflation impacts: 67% of small business owners raised concerns over inflation and rising interest rates negatively impacting consumer spending.
- Staff shortages are reducing: Following COVID-related challenges in hiring employees, 64% of businesses say it is easier to recruit new staff today than it was twelve months ago.
- Cost cutting is a top priority: 85% of small business owners are actively looking for ways to cut costs — with many opting for tactics such as renegotiating supplier contracts or surcharging EFTPOS fees. Over 1 in 2 transactions processed with Zeller EFTPOS Terminal in May 2023 included a surcharge, up +104% compared to the same month last year.
Also read: Key findings to business’ declining productivity growth
