The 5 biggest hurdles small businesses are facing

With New Zealand and many parts of Australia still impacted by COVID-19 lockdowns, it’s no wonder small businesses say that growing sales, reaching new customers, hiring new employees are some of their biggest challenges at the moment.

1. Growing sales

Nearly a quarter (24%) of small businesses in New Zealand believe sales growth is one of their top three challenges at the moment, with 29% of Kiwi small businesses saying revenue loss is their main concern. However, in Australia, small businesses are slightly more optimistic — 37% believe revenue will increase in 2021.

2. Increasing customer base

Securing or increasing their customer base is one of the top three hurdles Aussie small businesses feel they must overcome in 2021, while 37% of Kiwi small businesses say that building customer loyalty is their most important priority over the next 6-12 months.

3. Investing in technology

Slightly more than half (51%) of Australian small businesses and 43% of New Zealand small businesses plan to increase their IT spending in 2021, particularly around cloud, collaboration and cybersecurity solutions. At the same time, 6.7% of Aussie small businesses and 8.7% of Kiwi small businesses plan to innovate through the introduction of a product, process or service in the coming year.

4. Hiring new employees

Increasing the number of employees is a priority for 13% of Aussie small businesses and 11.3% of Kiwi small businesses in 2021. And while 12% of Kiwi small businesses say talent and capability is one of their top three challenges currently, 34% of Aussie small businesses plan to invest more in staff training and employee perks and benefits.

5. Improving cashflow

One-third (33%) of small businesses in New Zealand say cashflow and profitability is their main challenge currently, while in Australia nearly three-quarters (72.5%) of small businesses face cashflow issues.

A BNPL solution like hummpro can help you overcome these challenges. You can apply in just a few minutes, and once approved, you can access up to $30,000 to pay for a new website or additional equipment to grow your sales. You can use it just like a credit card — online, in-store or via invoice — but you’ll never accrue any interest. And while you can’t use hummpro to pay anyone’s wages, you can use it to cover your monthly software subscriptions, utilities, and other outgoings to create room in your cashflow for increased payroll costs to hire new team members.

Don’t let access to finance be a hurdle to achieving your goals. Buy now and pay later with hummpro.