SME business success has many determinants. Recently read a report from a big 4 accounting firm that listed the Six Key Priorities of Change for SMEs in Australia. These SMEs contribute 1/3rd of GDP, 40% of all business revenues, 25% of all borrowings and 25% of all employees.
These priorities were:
1. Gender Diversity
2. Digital Technology Investment
3. Acquisition Strategy
4. Funding Arrangements
5. Shareholder composition
6. Remuneration and Tenure – Management and Shareholders
This analysis was based on a sample of listed ASX 300+ clients. Wonder if private companies would think some of the above more important than others or rank them differently?