Almost half (48 per cent) of small-business owners in Australia are anticipating revenue growth in their business in 2018, however only 16 per cent are looking to make new hires.
Servcorp – provider of private offices, virtual offices and co-working spaces – commissioned a study to compare anticipated business revenue growth between businesses which have been trading for four years or less and businesses which have been trading for ten years or more.
The results showed that 61 per cent of neoteric businesses anticipated growth in 2018, compared with only 38 per cent of more established businesses.
Liane Gorman, General Manager ANZ Servcorp, said, “The New Year period is particularly busy for small-business owners looking to grow and cement revenue growth in 2018. It is positive to witness this motivation and with so many preferring not to make hires, they are seeking more efficient or seasonal solutions to support higher yields.
“Servcorp’s small-business clients have indicated they are looking to bootstrap in a bid to drive revenue and keep costs at a minimum. They are minimising costs by outsourcing administration and IT tasks, rather than hiring staff.”
Ms Gorman said that outsourcing workplace solutions help small-business owners grow efficiently, relieving them of major costs associated with staffing – new hires, training and onboarding, salaries, and annual leave.
“Staff are an important factor in growth,” Ms Gorman said, “however, in small business the investment can be exorbitant, especially when cashflow is crucial.”
The Study reveals that two thirds of small-business owners (67 per cent) were expected to have worked during the holiday break and 25 per cent of these, continued to work hours during the break. Millennials (76 per cent) were expected to be the least likely to switch off from work over the holiday period.
“With many small-business owners continuing to work during the break, we ensured we could provide the extra support they require in order to maintain consistent work efforts. This added support allowed owners to conclude business operations for 2017 and hit the ground running in 2018, well positioned to meet financial targets in the New Year” said Ms Gorman.