Small business confidence soars: Why now is a great time to invest in your SME
Conditions are looking up for Australian small businesses, and now could be a great time to invest in the HR resources of your SME.
According to the latest NAB Quarterly SME Survey, business confidence amongst SMEs increased for the fourth consecutive quarter during the last three months of 2013.
That positions Australian SME confidence at the highest level recorded since mid-2011. Conditions at low and mid-tier firms have significantly improved, and these smaller organisations are now outperforming larger counterparts in this area, according to NAB.
Obviously there is some variation depending on industry conditions. For example, SMEs in the property and financial services, and business services and accommodation sectors have performed very well of late, while transport, retail and construction firms are still struggling somewhat.
However, the overall result is very positive for Australian small businesses, and suggests that the time is right for SME owners to invest in their organisation in order to capitalise on ripe market conditions.
One way in which you could take advantage of this spike in business confidence is by investing in HRMS for small businesses.
HRMS – Human Resource Management Software – can be a real asset for smaller organisations that often do not have the same resources and assets of their larger competitors.
Investing in a pre-configured HRMS solution for your small business can ensure that you have the facilities in place to streamline human capital processes and boost internal communication.
In this manner, you can take better control of your HR strategies and achieve ongoing improvements that will boost employee engagement and satisfaction while also reducing recruitment costs and making workforce training initiatives more effective.
The end result? A more cohesive, balanced and successful SME in which every member of the organisation is moving towards the same goals.
With business conditions in Australia looking up, now is the time to invest in your HR capabilities in order to give your business a competitive edge.