According to new research many local SMBs are facing challenging business conditions, almost half are expecting to grow in the coming 1-2 years and recognise the impact that intelligent business software can have on operations.
Microsoft has recently launched Microsoft Dynamics 365 Business Central in Australia and New Zealand. A cloud-based solution designed specifically for SMBs to help them manage finances, operations, sales and customer service .
According to the survey of 300 Australian small and medium business, conducted by YouGov Galaxy, 74 per cent believe that increasing the customer base is the best way to grow the business, with 60 per cent also saying maintaining and growing existing customers is a priority.
Dynamic Business had a chat to Michael O’Keefe, Business Applications Group Lead for Microsoft Australia about the new research and the impacts on small business.
What are the top 3 things SMBs can take from this research?
SMBs are looking to grow. The research tells us that almost half are expecting to grow in the coming 1-2 years and recognise the impact that intelligent business software could potentially have on their business. When choosing the right software for their business, it’s important to consider a variety of factors including the business needs, integration, cost and more.
With all this in mind, fewer than half of Australia’s SMBs are making use of business application software. SMBs that exploit the efficiency and insight dividend that comes from well-designed business solutions which help them respond to shifting customer needs and expectations, will be best placed for success. The research also revealed SMBs believe that increasing the customer base is the best way to grow the business, with more than half saying maintaining and growing existing customers is a priority.
Lastly, the research told us that more than half of all the respondents to the survey (54 per cent) recognise that better use of technology, integration and efficiency will play a significant role in growing their business over the next year or two. It’s encouraging to see these numbers are increasing with forward thinking SMBs now making a move.
What is the most interesting statistic that was found from the survey (and why)?
It was an eye opener to see that fewer than half of Australia’s SMB are making use of business application software. As you can imagine, this signalled a huge opportunity gap. As SMBs continue to grow, the ability to manage workloads and automate business processes will be key to success. Good business software can make these businesses more efficient and responsive to customer needs.