Ryan Williams. Source: SmartCompany
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A significant number of small and micro businesses are facing crisis. At the beginning of the year, a survey found 89% of small business owners were concerned for their future, with 40% seeing profits fall in 2023. As we hit the mid-year mark, we can see that, since then, times have become even tougher and are likely to be even tougher going forward. The cost of doing business is rising, with fuel and electricity costs in particular putting immense pressure on margins.
We’re also seeing consumers tighten their belts, affecting spending patterns and creating a bumpy road ahead for SMEs.
ABOUT THE AUTHOR
Ryan Williams is the director of, and the Playford Professor of Business Growth at, the Australian Centre for Business Growth, part of UniSA Business. He has two decades of experience as an international executive, strategist and entrepreneur.
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