Source: Commonwealth Bank of Australia (CBA)
With around 90 per cent of small to medium enterprises (SMEs) having experienced an increase in costs in the past year, keeping up with utilities, supplier and marketing costs is proving ever more challenging.
Key findings:
- New research commissioned by CommBank shows 89 per cent of small to medium enterprises (SMEs) have experienced an increase in business costs in the past 12 months.
- Utility bills, including phone, internet and electricity bills, are by far the greatest contributor to the increased costs (66 per cent), while nearly half (47 per cent) have seen supplier costs soar.
- These increases are followed by marketing (29 per cent), staff (26 per cent), and accounting software costs (25 per cent).
- On average, business costs have increased by 10 per cent, however 40 per cent of SMEs who have experienced a rise report increases of more than 10 per cent.
Justine Dalrymple, owner of Front Room Hair in Sydney’s lower North Shore suburb of Crows Nest, prides herself on not only the high standard of service her salon offers to local customers, but the community she’s been able to build around her business.
“What I love the most about being a small business owner is the opportunity to bring the community together. We are so blessed that we get to make fri