Despite feeling the pressure, Sendle’s 2023 Small Business Survey has found that many Aussie Small Businesses are proactively approaching 2024.
Sendle’s 2023 Small Business Survey has found that Aussie businesses are feeling the pressure with over half reporting concerns over cost pressures and slowing consumer spending, with an additional 66 percent having said they are anxious about finding customers and driving sales growth.
Just 34 percent of small businesses are confident about their peak sales growth this year, compared to 42 percent in 2022. Customer acquisition is the number one concern for business owners surveyed, with two thirds (66 percent) feeling anxious about bringing in new customers in the new year.
Despite this pressure and anxiety, many of these businesses are feeling confident about 2024.
“Sendle’s 2023 Small Business Survey shows that many small businesses are feeling less confident about consumer demand this peak sales season, due to the impact of recent rate rises and cost of living pressures,” said Laura Hill, Managing Director of Sendle Australia. “However, small businesses are more optimistic about growth in 2024, most likely as they’re taking a number of proactive steps to attract new customers.”
84 percent of small businesses are forecasting online sales growth over the next 12 months, with 36 percent forecasting up to 25 percent sales growth.
To grow the business in 2024, small businesses plan to take a number of proactive measures. Many small businesses are looking to level up their social and marketing capabilities, with 61 percent planning to grow their social media presence and engagement in 2024. Additionally, 39 percent plan to invest in more marketing and brand awareness initiatives, to help them engage new customers and convert them into sales.
41 percent of small businesses will also be updating their pricing strategy to reflect the rising cost of living and 37 percent will be expanding into new markets including overseas, and 23 percent are looking to cash in on the convenience craze by increasing shipping options for customers.