Whether it’s negotiating with a supplier, trying to hire a new team member, or staying cash flow positive in the lead up to Christmas, you need a wardrobe full of hats, and must be many things to many people.
Often, you’re so busy servicing clients, chasing invoices, paying people or managing stock, it can be hard to take a step back and think about how you could be doing things faster, or better.
To understand some of the key challenges that keep businesses awake at night, we surveyed over 1,000 small to medium businesses in Australia and researched various business reports to paint a clearer picture of Australia’s business landscape to help support growing businesses in Greater Western Sydney.
Let’s take a look at some common challenges facing small to medium sized businesses.
43% of employees say they have to copy/paste or re-key information*
Time spent re-keying information impacts the overall productivity of your business, your staff and results in late nights in the office.
With roughly 47% of business owners spending 29+ hours a month° managing finance and operational administration, more time is spent doing paperwork and less time is being spent working on the business itself.
Businesses lose 20-30% of revenue d^
Loss of inefficiencies impact the way your business runs and the profit expected year on year. And as a business grows or becomes more complex, these inefficiencies grow with them. IDC released a report* that highlights some of these inefficiencies:
• A lack of integrated systems that take triple the time to complete the most basic tasks
• Missing crucial insights around cash flow that help a business make decisions with certainty
• Rigid systems that require multiple add-ons or won’t adapt as a business grows and evolves
90% of businesses haven’t found the right software to fit their needs
• Missing crucial insights around cash flow that help a business make decisions with certainty
• Rigid systems that require multiple add-ons or won’t adapt as a business grows and evolves
90% of businesses haven’t found the right software to fit their needs
Without the right insight, or integrated data, it’s impossible to make fast and accurate decisions regarding your business. We understand the frustration of reporting and not having the right information at hand.
Businesses are looking for advanced analytics that helps them understand the impact of decisions and improve future performance but with so many tools and software available, it’s hard to find the right one.
Many businesses are currently looking to digitise their business to bring about cost efficiencies improve productivity. More than a third of business owners are looking to make the switch to the cloud in the next 3 – 6 months to help modernise their business°.
So what’s the solution? We’re looking to help solve these common issues for businesses in Greater Western Sydney with Wiise.
We recently launched Wiise, clever business software created by KPMG, in the KPMG Parramatta office with support of Hon. Matt Kean, MP, Minister for Innovation and Better Regulation, to help show business owners and their staff how Wiise can immediately give them time back to improve their workday.
If you’re experiencing these challenges, we’d love to talk with you to understand what’s preventing your business in reaching its potential.
To learn more, please contact David Pring on 9455 9996 or davidpring@kpmg.com.au, or wise.com for more information.
First published by Sarah Cain, Partner, KPMG, and Heather Hicks, Partner, KPMG.
*Global Whitepaper IDC 2015
^Apollo TIM Report 2017
#Forbes Article, November 2016
°SMB Acuity Report 2018
^Apollo TIM Report 2017
#Forbes Article, November 2016
°SMB Acuity Report 2018
