New research has revealed the top priorities for Australian businesses tackling 2013, with plans to push up pricing surprisingly high on the list.
The study, conducted by business management solutions provider MYOB, surveyed close to 200 small to medium sized business clients in December 2012 to gain an insight into their business plans for this year.
The report revealed that small to medium enterprise (SME) operators are prioritising planning time in the new year to focus on several key business boosting activities in an effort to push ahead in 2013.
Overall, the research found that activities with the most focus being applied to them by today’s SMEs include improving systems and processes, creating customer growth strategies, tweaking pricing and starting a succession plan.
The top 10 plans were:
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Improve my systems and processes (51 per cent)
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Increase the time I spend working on my business rather than in it (35 per cent)
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Increase my customer acquisition activities (32 per cent)
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Increase my product/service range (25 per cent)
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Increase my customer retention activities (25 per cent)
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Increase my prices (21 per cent)
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Start a succession plan (20 per cent)
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Increase the geographical areas I service (18 per cent)
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Increase my number of staff (18 per cent)
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Increase my online marketing spend (17 per cent)
Interestingly, the six per cent planning to sell their business in 2013 was also almost offset by the five per cent planning to start another.
Commenting on the findings, MYOB CEO Tim Reed said the responses point to a possible change in the local business landscape, as operators look to take action and steer away from the pitfalls of 2012.
“Hopefully this year we’ll see a move away from the record-breaking small business insolvencies experienced in 2012. It’s encouraging to find SME operators prioritising activities that focus on increasing their productivity, their service offering and the stickiness of their clients,” Reed said.
“There are several strategies to help transform your business so it’s in top shape for the year ahead. These include revisiting your business plan with a trusted business advisor, investing in new and improved equipment and exploring ways to re-energise your team.”