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Banjo SME Compass 2021

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Moving business forward

Top 5 barriers to growth

Economic conditions, coupled with insufficient cashflow, recruitment challenges and access to funding serve as the major barriers to growth.

Those who invested in growth by implementing new technology, improving products and purchasing new assets or equipment were most likely to record strong performance.

In the next 12 months, 65% of SMEs intend to leverage funding to drive growth.

Top drivers of growth in 2021

Leveraging finance to accelerate growth

Insights into SME business growth in 2020/21

As growth, mergers and acquisitions are considered, SMEs are turning to business advisors/consultants and accountants for advice.

Both female and male business leaders are highly motivated to drive growth in 2021, yet there are gender differences in the strategic approach.

Female led business

Leadership & building dream team

The Banjo SME Compass Report is the result of research* among a wide range of SMEs (small and medium enterprises) across Australia. It provides rich insights into how SMEs are performing in 2021, their view of the near future, and how they were impacted by 2020. 

The Banjo SME Compass Report will be an annual series, as part of our mission to create a deeper understanding of the engine room of the Australian economy.

* commissioned in 2021 from Honeycomb Strategies

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