The biggest barrier to small business growth

To understand the explosive dominance of mobile and why Australian small businesses are adopting a digital mindset you only need to understand one thing: small businesses are very aware that their most valuable resource is time. The potential for digital technology to reduce the administrative barriers to small business growth and increase productivity is key to its rapid advancement into almost every aspect of running a small business.

The mobile phone is a classic case in point. I’m one of the 18 million Aussies who use and love it. I use it to check text messages, scan social media channels and to help run a rapidly growing business. Australia is a tech-savvy nation with one of the highest adoption rates of mobile use and penetration, with Deloitte research showing that 84 per cent of Australian’s own a smartphone*.

In fact, according to our recent global research, 74 per cent are using at least one mobile or web-based app to run their business, while 81 per cent run their business in the cloud**.

Ten years ago I could not have imagined a world where I could run a business from the palm of my hand, but that is where we are today. Here’s just some of the ways mobile technology is powering prosperity by streamlining routine tasks, reducing the burden of administration and boosting small business growth:

Ecosystem of apps to improve cashflow

Small business owners expect apps to improve their business and contribute to building their financial success. Our survey showed that when it comes to choosing apps, small business owners say finance apps are the most valuable for businesses, with the most used finance apps being banking and payments apps***.

This is no surprise as smart business owners are using integrated payments solutions. For example, QuickBooks Online customers connected to the PayPal App report are paid twice as fast online than those getting paid offline.

Cashflow is the life blood of small business, so we know that getting paid on time is a serious and genuine benefit. When you factor in the reduced administration it becomes a booster to productivity and small business growth to boot. Reducing the time dedicated to generating and sending invoices, checking for payments and chasing up debtors is about freeing up a business owner’s time. In other words, reducing administration frees up the capacity for businesses to grow.

Getting – and staying – on top of things

When it comes to business administration tasks, there is a world of difference between simply aspiring to get on top of things and staying on top of them. Australian small business operators have opted for mobile and embraced disruptive technologies because they make staying on top of things achievable, even in their downtime.

We are passionate about helping Aussie small businesses learn and adopt technology that will help them prosper. By adopting mobile technology, you’ll be able to spend more time on your business rather than administration of your finances.

*http://landing.deloitte.com.au/rs/761-IBL-328/images/tmt-mobile-consumer-2016-final-report-101116.pdf
**http://investors.intuit.com/Press-Releases/Press-Release-Details/2016/Global-Intuit-Study-Small-Businesses-Using-Apps-in-Record-Numbers/default.aspx
***http://investors.intuit.com/Press-Releases/Press-Release-Details/2016/Global-Intuit-Study-Small-Businesses-Using-Apps-in-Record-Numbers/default.aspx

Nicolette Maury, Vice President and Country Manager, Intuit Australia

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