Key trends revealed in Australia’s top SMBs
Telstra’s analysis of nearly 700 of Australia’s top SMBs found a few rules to add to the success bible.
Telstra’s assessment of the 2012 Telstra Australian Business Awards entrants indicated that most of the top SMBs have a comprehensive business plan and 90 percent have a five to ten year strategy.
To succeed, the assessment also highlighted that businesses should establish comprehensive business plans with a clear vision and mission statement, financial and budgeting plans, planned products, marketing strategies and a detailed SWOT (strengths, weaknesses, opportunities and threats) and competitor analysis.
According to the NSW Business Chamber’s analysis, most of the 2012 entrants have covered possible risks of their online activities through secure passwords, anti-virus software, unidentified emails and offsite back up of data. Every entrant, 90 percent more than 2011, have maintained and utilised some form of customer database. 89 percent of entrants reviewed supplier performance and benefited from better customer service, reduced costs, increased reliability and better quality products. 76 percent have had all or most of their business processes documented and 21 percent have had some documented. Furthermore, referral marketing was nominated as the best-performing marketing activity in 2012 followed by face-to-face, website and social media, with telemarketing among the lowest performing activities.
Australian businesses looking to enter the 2013 Telstra Australian Business Awards will receive a free 70 page Business Health Check report that evaluates the business’ performance against international standards, current legislation and accepted industry best practice.
Award winners say the report has been beneficial and helpful to their startup, micro, small, medium and regional businesses.
Noel Niddrie, director of Winangali Pty Ltd and the winner of the 2012 Telstra Queensland Business of the Year Award said, “the opportunity to take a fresh look at your business and have it assessed by experts is priceless.”
Entries for the 2013 Telstra awards can now be submitted from 11 February 2013 to 4 April 2013. Information about the awards can be obtained at www.telstrabusinessawards.com or by calling 1800AWARDS.