Small business’ big challenges as barriers mount: NAB report
Small businesses are being weighed down by persistent and emerging challenges, which are taking precious time away from already stretched owners, a new NAB report says.
Red tape, hiring and training staff and cyber security threats topped the list of things keeping small businesses up at night in NAB’s ‘Backing our businesses: Unlocking growth for small and medium enterprises’ report.
Accessing capital, supply chains and digitisation and Artificial Intelligence (AI) rounded out the list of roadblocks that NAB’s small business customers and bankers identified as part of the research.
“These are not new challenges to Australian businesses, but they need new thinking to address them,” NAB Group CEO Andrew Irvine said.
“Businesses, banks, governments and industry groups all need to come together to find solutions and unlock more productivity, jobs and economic growth.”
NAB Group Executive Business & Private Banking Rachel Slade said that the report highlighted several policy recommendations to ease the burden on businesses, including:
- Assistance for SMEs hiring their first employee
- National stocktake of regulatory compliance for business owners
- Easing cost barriers and access to cyber security software and hardware.
“Small businesses are the heartbeat of our economy, but complexity has added up over time and they’re finding it harder to drive growth,” Ms Slade said.
“As Australia’s leading business bank, we need to use our voice to back business and help find a way through.
“Small businesses can’t do this on their own – and they shouldn’t be expected to.”
