Between the devastating bushfires from the start of the year through to the ongoing pandemic, the bedrock of the Australian economy has been hit with wide-scale customer declines, supplier challenges, and the impact of lockdowns. And yet, despite all of this, there is confidence in the sector. Sensis research shows that 57 per cent of SMBs “feel confident” in their future.
The key will be how those businesses rebound and move forward as the economy begins to recover. The challenge will be that businesses need to acknowledge that the pandemic has had a profound socio-cultural impact, and it will change consumer behaviour. People will rely on online shopping and remote services more, and as such the focus on the digital experience will be all the more critical. That’s a transition that will challenge some SMBs. As a Deloitte report recommends, small businesses should take a step back and consider a