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Good communication critical for SME success, survey finds

by OnDeck Australia,   Nov 24, 2020

My Business 

24 November 2020


A new survey has revealed that being a good communicator is the most crucial attribute required for success in small business, with two other key qualities not far behind.

The research from SME lender OnDeck Australia found that 73 per cent of SMEs said being a good communicator is a leading attribute for business success, with 14 per cent saying it is the “most important” quality.

A willingness to learn and grow was also cited by 73 per cent of SMEs as a leading factor for SME success, with 13 per cent describing it as the “most important” attribute.

Not far behind was technical skills relevant to the industry, with 72 per cent mentioning it as a key factor.

Overall, the OnDeck survey identified nine attributes in total as crucial to business success (see table).

“SMEs have had to deal with considerable change as a result of the COVID crisis, and being able to communicate clearly to customers, employees, suppliers and even regulatory bodies such as the Australian Taxation Office has been critical in 2020,” said OnDeck Australia chief executive Cameron Poolman.

A sense of passion and purpose was cited by 68 per cent of SME owners as a leading attribute for business success. However, the survey noted that for some SMEs their sense of passion is being tested.

Founder and CEO of the Small Business Association of Australia (SBAA), Anne Nalder, said the small-business owners she knows are resilient and still retain their passion for the business.

Despite the challenges of the coronavirus, Ms Nalder said now is the time for SMEs to prepare for growth.

“The pandemic, a 1-in-100-year event, has changed many things. Future growth is about assessing the current situation, including if the pandemic has affected the business, and then reassessing a growth plan,” Ms Nalder said.

Source: OnDeck Australia


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