In the world of small business, where challenges lurk around every corner, we took a closer look. Our small business health check, which interviewed 350+ Sendlers, dived deep into what's holding small businesses back and the savvy strategies they're using to push forward.
Here's the scoop: despite hurdles like slowing customer demand, small business owners are aiming high, eyeing global opportunities for growth. But even with clever tactics like end-of-financial-year sales, many still find sales sluggish. Yet, one-third are already prepping for peak sales season, seizing opportunities and gearing up for success.
So, what's the takeaway? We've uncovered the challenges, wins, and the smart strategies that keep our Sendlers ahead of the game. Armed with these insights, you'll be ready to tackle the unpredictable world of business with confidence.
The challenge of finding new customers, managing costs, and staying ahead of the game is keeping small businesses up at night.
SMBs are struggling with high costs and low customer confidence.
To satisfy customer demand for faster and reliable delivery, businesses are adopting multi-carrier strategies to enhance customer experience. This helps retailers better manage shipping costs and offer options to customers, so they can get their orders quickly and efficiently.
During the past 12 months, 33% of businesses moved the majority of their shipping (75% - 100%) to Sendle because of price, with 53% using multiple couriers to secure the best rates.
~ Laura McConnell Conti, Founder, #GoKindly
More and more businesses are embracing changes for a sustainable future. 32% will prioritise sustainability practices. Within the next six months, 82% intend to introduce sustainable packaging solutions.
~ Raphael McGowan, Founder, bakslap
Small businesses are diversifying strategies for growth, including optimising shipping, planning for peak season, using social media, and expanding delivery options.
Driving growth is a priority for a lot of small businesses. And many of them have a positive outlook for the coming year. 48% forecast as much as 25% growth in FY25.
Small businesses are also optimistic about global expansion, with 65% expecting to derive between 0-25% of their growth from international markets. In fact, 80% of Australian SMBs have experienced growth internationally, with 31% of that expansion attributed to the US market – which is indicative of US customers having a higher intent to purchase compared to local consumers.
How easy and affordable is it to ship internationally? Find out here.
~ Andres Herrero, Founder, Sydney Sock Project