With increased collaboration with other companies and better understanding of financial insights, Australian small businesses have a bright future, according to Westpac.
In an age where collaboration is the new norm in workplaces, businesses have become more open to work with one another. Larger organisations are partnering up with small businesses that have different skills in particular areas.
"[W]e're seeing far more smaller businesses drive a lot of their value from working with big businesses," Wespac general manager for commercial banking Alastair Welsh told the Australian Financial Review. "… That's a big trend we're seeing around collaboration with businesses and how do we help in that - I think it's helping small businesses have the firepower and credibility to be involved in the value chain with bigger businesses."
He's also confident about the future of Australian small businesses because they have become smarter over the years about understanding the insights into their own business:
"I think that stemmed from the introduction of the GST - before that, people didn't have their financial information up-to-date. Now in today's world, people have partnered with their accountant, with business advisers and they have robust business plans that they want to talk to us about, and get our insights, and stress-test the business plans."