SMEs estimate 40% of the workforce needs upskilling:
The insights survey that 31% of respondents said keeping pace with technology change is a challenge many businesses continue to struggle with.
Internet speeds, download times and the roll out of 5G will be the most significant drivers of change according to the report.
Feedback from respondents also focused on cloud-based solutions as well as automating processes such as the bookkeeping function.
The lack of information around cost and time are part of the key barriers for most small businesses making the transition from traditional methods to newer more efficient ways of conducting work.
The conduit to enable digital adoption and hence transformation is bridging the gap between the business and the groups who are advising Government on administration and compliance.
The question for a small business and time-poor is ‘how can I ensure I am getting digital-ready while being able to focus on my business?’
For many small businesses, the option of negotiating a labyrinth of Government bureaucracy is not an option.
However, accounting packages from the likes of MYOB and Xero ($25 to $60 per month depending on the package level) provide standard 24 hour support and implementation is straightforward.
The support also helps businesses negotiate compliance and can be done with ease.
It is instructive to know that embracing digital options beyond accounting also include future financing needs which are also evolving, staff training, compliance and growing revenue.