CFOtech Australia - Technology news for CFOs & financial decision-makers
Story image
New survey highlights tech & HR challenges for SMEs in 2023
Wed, 6th Dec 2023

A new survey from Empiraa has revealed technology integration and HR challenges as the main issues for small to medium enterprises in 2023.

Empiraa, a market-leading SaaS company, recently conducted a detailed survey of 618 business owners, entrepreneurs, CEOs, and managers from small and medium-sized enterprises (SMEs). The survey's focus was to identify the key challenges facing these businesses in 2023 to help them navigate and evolve in the changing markets anticipated in 2024.

The survey revealed that 89% of businesses are struggling with technology integration, with smaller enterprises of 0 to 25 employees feeling the burden more intensely. This not only points towards a critical need for technical guidance but also warns of the risk of these businesses lagging behind if they fail to adapt to the ongoing digitisation of industry practices.

A parallel issue discovered was related to HR challenges and team culture in businesses. According to the research, some 70% of the businesses surveyed indicated that finding the right team members posed a significant challenge, even though only a mere 33% were genuinely satisfied with their current team. Furthermore, 75% of the businesses were eager to improve their company culture, indicating an earnest emphasis on cultivating positive and productive workplace environments.

Another key insight from the survey showed that 63% of businesses recognised the necessity of diversifying their products and services in the near future, with a further 15% considering it a matter of urgency. This points to an impending wave of innovation and flexibility amongst small to medium enterprises.

The survey also highlighted that only 28% of all business owners surveyed were content with their level of business transparency, casting a spotlight on the need for robust business planning and readiness to anticipate and respond to market changes.

Interestingly, while 40% of the businesses surveyed didn't have an internal marketing team, 64% of them listed lack of expertise as their leading marketing challenge, the research showed. This suggests a gap in the small to medium enterprises sector's perception of the value of dedicated marketing resources, even though they find strategising their marketing efforts challenging.

Empiraa's study sheds light on these hurdles that small to medium enterprises face while also opening a dialogue for the development of targeted solutions. Their motivation lies in fostering a supportive SME ecosystem where challenges can be addressed collaboratively, setting the stage for sustainable growth and success for all in the sector.