How do Australian SMEs navigate stormy seas?

Amid the stormy seas of economic uncertainty, SMEs must be able to pivot ahead of emerging challenges to survive.

The COVID-19 pandemic gave rise to an economic typhoon that many businesses have found difficult to endure. Underpinned by government policy at State and Federal level, key stakeholders, including financiers and the Australian Taxation Office, have provided significant support to SMEs during this time. However, as the economic recovery from the pandemic continues and these mechanisms of support subside, the preparedness of SMEs to emerge and thrive is at question. Business leaders who used this time wisely to address their balance sheets will be in a strong position. However, those that have relied solely on external support to stay afloat will remain vulnerable to present and emerging pressures flowing from challenging economic conditions both domestically and abroad.