Bankwest Future of Business: 2016 Economy & Finance Report
22 September 2016
The Future of Business Series: Economy & Finance Report has revealed nearly half of small and medium sized businesses (SMBs) are planning changes to their budget in the next 12 months.
Switching to cheaper suppliers, insourcing certain functions and saving excess cash were identified among the top tips for managing the budget and spending in the current economic environment. Three in five (60.1%) SMBs financed by debt are ahead on their repayments with almost a third (27.6%) making debt repayments a cash flow priority.
Download the third report in our 2016 series to learn more about the tactics that SMBs are embracing to manage budgets and debt repayments, and their sentiments on the future of business.
- This report has been prepared by CoreData on behalf of Bankwest.
- The research was conducted between 12 July 2016 and 19 July 2016 via an online quantitative survey of approximately 50 questions, developed and hosted by CoreData.
- The quantitative research was supplemented by two qualitative in-depth interviews which formed the basis of the case studies.
- The sample is comprised of 500 respondents, including those in C-suite and senior management positions within small and medium sized businesses.
The targeted businesses met the following criteria:
- Annual turnover of up to $250 million.
- From the following industries: Accommodation and food services, Administrative and support services, Agriculture, forestry, fishing and hunting, Arts and recreation services, Construction, Education and training, Electricity, gas and water supply, Finance and insurance, Health care and social assistance, Information media and telecommunications, Manufacturing, Mining, Professional, scientific and technical services, Public administration and safety, Rental, hiring and real estate services, Retail trade, Transport and storage, Wholesale trade.
The information contained in this report is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this report.