The latest bi-annual Canary in the Coal Mine report by Prushka Fast Debt Recovery revealed that, among the 500 Australian small-business operators surveyed, only 22 per cent are confident in the state of their business right now, and fewer than a third are planning to grow over the coming 12 months.
By contrast, 66 per cent of SMEs fear a recession affecting the Australian economy and 62 per cent believe such a recession will be the worst in the past 20 years.
Roger Mendelson, CEO of Prushka, said that SMEs should be prepared to continue even in the midst of an uncertain and volatile environment.
“COVID-19 has impacted the health of the global economy and Australian SMEs are feeling the pressure on the bottom line. Over the past 12 months, business confidence has halved, and many SMEs are just trying to stay afloat,” Mendelson said.
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