SMBs would do it all again but improve work life balance
A survey of some of Australia’s best small and medium businesses has found a third would improve their work life balance or their initial marketing plan if they started again.
The poll of 126 state and territory winners and finalists of the 2013 Telstra Australian Business Awards also found 21 per cent would seek greater financial backing or spend more time on their business plan before their launch.
Determination was rated as the most important characteristic for business success followed by vision, integrity, leadership and resilience.
The businesses participated in the poll ahead of the national finals of the 21st Telstra Australian Business Awards in Sydney on 22 August.
The snapshot of insights from Australia’s best small and medium businesses in the Awards also found:
- Half the business owners started their companies aged 26 to 35 with the youngest 19 and the oldest to take the plunge aged 57.
- For 29 per cent, the driver to starting their own business was a desire to break away from existing employers and use their skills for themselves while another 19 per cent turned a hobby or passion into a business venture;
- Seven out of ten business owners or managers have engaged a business mentor;
- Forty per cent felt business conditions would be better in the 2014 financial year than in 2013 while 32 per cent per cent said they’d stay the same and 16 per cent believed they would be worse;
- They were more upbeat about their own business growth with 43 per cent very confident and another 50 per cent confident about their business growth in the coming six months;
- Asked about their biggest current challenge, 26 per cent nominated higher costs and their impact on margins, a quarter chose managing cash flow and 13 per cent said a shortage of skilled labor;
- Nine out of ten said their productivity increased with new technology – 74 per cent are using tablets 69 per cent cloud computing and seven out of 10 businesses allow their staff to access their business server remotely;
- Ninety-two per cent of the businesses say they have a social media presence.
Telstra Business Executive Director Managed Customer Sales and Service, David Coventry, said the 2013 Awards finalists were a diverse group of businesses whose passion had driven them to deserved success.
“The poll of finalists in the 21st year of the Awards shows that successful businesses are embracing all forms of technology and using it to give their staff flexibility to work outside the office and on the road. Almost a third are using videoconferencing and nearly half use collaboration software.
“The results also show the importance that successful small and medium businesses place on connecting with their customers via social media.”
The national finalists will compete in categories for Start-Up Businesses (operating for one to three years), Micro Businesses (up to five employees), Small Businesses (up to 20 employees), Medium Businesses (up to 200 employees), Regional Businesses and the title of Telstra Australian Business of the Year. They are:
Start-Up Award |
Micro-Business Award |
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Bli Bli House |
QLD |
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Canberra Furnished Accommodation |
ACT |
Health.com.au |
VIC |
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ENIQUEST |
QLD |
NPB Security Australia |
WA |
|
Great Ocean Road Surf Tours |
VIC |
Off-Grid Energy Australia |
SA |
|
italklibrary |
NT |
Shop Handmade Canberra |
ACT |
|
Jump Tours |
TAS |
Tasmanian Air Adventures |
TAS |
|
StepBeyond Business Advisors |
WA |
WiTH Collective |
NSW |
|
Synotronics Pty Ltd |
SA |
|
|
|
Wicked Berries Pty Ltd |
NSW |
Small Business Award |
|
Medium Business Award |
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braaap |
VIC |
|
ADAMS Group |
WA |
Bruny Island Cheese Co. |
TAS |
|
Becker Helicopter Services Pty Ltd |
QLD |
BRS |
SA |
|
Cairns Industries Pty Ltd |
NT |
Burleigh Brewing Company |
QLD |
|
Collins SBA Complete Wealth Specialist |
TAS |
Marketing Mechanics |
NSW |
|
Connective |
VIC |
MUWAY CONSTRUCTIONS |
WA |
|
Fifth Quadrant |
NSW |
Residential Reports |
ACT |
|
Rudds Consulting Engineers |
ACT |
Top End Pest Control |
NT |
|
Suntrix Pty Ltd |
SA |
Telstra Regional Award |
|
Telstra Australian Business of the Year |
|
|
Boundary Bend Olives Pty Ltd |
VIC |
|
ADAMS Group |
WA |
Bruny Island Cheese Co. |
TAS |
|
Braaap |
VIC |
Cairns Industries Pty Ltd |
NT |
|
Bruny Island Cheese Co. |
TAS |
General Trade Industries |
QLD |
|
Burleigh Brewing Company |
QLD |
iKOU |
NSW |
|
Fifth Quadrant |
NSW |
MUWAY CONSTRUCTIONS |
WA |
|
Rudds Consulting Engineers |
ACT |
Richard Gunner’s Fine Meats |
SA |
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Suntrix Pty Ltd |
SA |
|
|
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Top End Pest Control |
NT |
Winners of the 2013 Awards will share in more than $500,000 in cash and business products, which is split among state, territory and national winners. For more information about the Awards winners, or to nominate for the 2014 Telstra Australian Business Awards, visit the Telstra Business Awards Website.
Note for Editors: the poll of TBA finalists was conducted between 28 June and 10 July.