THE Latest SME snapshot from MYOB says that a quarter of small and medium business owners are operating more than one business or are planning to.
The latest research revealed that a quarter of operators (25 per cent) are operating more than one actively trading business, with the average being 2.5 businesses. Additionally, one in six SMEs said they wanted to start a new business or another new business (16 per cent).
Tim Reed, CEO of MYOB says that the entrepreneurial mindset of many SMEs is not only creating individual opportunities, but is also a benefit for the greater Australian economy.
"It's encouraging to see so many small and medium business owners looking for ways to expand their offering. When the SME community grows, our economy is bolstered, our communities become better facilitated and innovation prospers."
Those operators surveyed cited the creation of new revenue streams (66 per cent) and the offer of greater financial security (57 per cent) as the key reason for starting additional businesses.
"It's clear that business growth equates to a stronger financial standing in the mind of most SMEs, something that is outweighing the perceived risk factor in starting a new business. Our small and medium business owners are telling us that growth isn't something to be scared of, suggesting that the current business climate is a positive one," explains Mr. Reed.
With entrepreneurship also comes hard work however, with one in four (26 per cent) of SMEs suggesting they will either only be taking the public holidays off over Christmas, or no time off at all, according to the survey.
"The Christmas period is a busy one for business owners, particularly in the retail and hospitality sectors. Outside this, the New Year also means evaluating processes and cash-flow, and planning for the year ahead, so for many owners the busiest part of the year is waiting for them in the next few weeks," said Mr. Reed.
As the year closes off, respondents suggested that 2017 has a positive outlook, with two thirds (64 per cent) feeling optimistic about their business' success over the next year and only 10 per cent feeling pessimistic.
"As the year draws to a close, it's great to know that business owners are not only positive about next year, but also thinking about business expansion into the new year," suggests Mr Reed.
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