Technology and other equipment are high investment priorities for 41 percent of small businesses, according to a new survey.
We recently reported that a Westpac-Melbourne Institute study found small business owners are less pessimistic about future trading conditions than they are about the present situation, and that MYOB's survey found just 31 percent of small business owners expect revenue to increase over the next 12 months.
But the Commonwealth Bank Small Business Study conducted last month found that almost half of the 500 small business owners surveyed feel 'confident' and 'calm' as the end of the financial year approaches.
Furthermore, 41 percent plan to reinvest in their businesses during the coming financial year, with machinery, equipment and technology being the priorities.
The smallest businesses – those with annual turnovers below $100,000 – were more likely to prioritise a technology review than their larger counterparts.
"Small businesses understand the difference technology can make to their lives and the customer experience, but finding the time to research and invest can be difficult. Today's challenging marketplace calls for innovation, which requires leveraging digital technologies to maintain a competitive advantage," said Clive van Horen, executive general manager small business, Commonwealth Bank.
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