For many business owners it feels like the year doesn’t really kick into gear until late January or early February. Whether that’s the case for you or you barely paused for breath over the festive break, I hope your year is off to a fantastic start.
If you’re feeling pretty good heading into 2018, you’re certainly not alone. MYOB recently released the results of their Business Monitor survey and it showed that business confidence is at a three-year high.
The Business Monitor is a national survey of 1000 business owners and operators, and seeks to capture perceptions of business performance and outlook.
And it sounds like the next 12 months are looking pretty bright. Broadly speaking, nearly 3 out of 10 respondents are expecting the economy to improve over the next year, while on a business level 29 per cent anticipate an increase in revenue in 2018 (up 6 per cent from 2 years ago). This is supported by almost 40 per cent of respondents reporting more sales in the pipeline over the coming quarter compared to last quarter. Similarly, a study commissioned by Servcorp found that 38 per cent of established businesses are anticipating revenue growth this year.
The survey also found that business owners will be investing in a number of areas to drive the expected increase in revenue, including wages, adjusting pricing and margins of their products or services, and increasing the range of products/services on offer.
It’s not always easy (or the right choice) for businesses to adjust staffing and wages or increase their product line, but one way any business can improve their bottom line is by improving the efficiency of their operations. If now is the time for you to invest in updating your plant, equipment, or vehicle fleet give me a call on 0412 534 503 to find the best and most affordable option.
The survey also found that almost two-thirds of business owners support keeping the instant tax write off of assets under $20,000. If you’re among them don’t forget that the Australian Government extended the instant asset write-off scheme to 30 June 2018, so you still have a few months to take advantage of this great scheme. Here’s what you need to know.