A newly released report into the outcomes of a wide-ranging survey of Australian and New Zealand businesses (from Chartered Accountants Australia and New Zealand) provides some interesting insights for all business owners to take note of.
Businesses are facing unprecedented levels of uncertainty and competition. Two in five (39%) businesses surveyed say that maintaining profit margins is more difficult today than it was five years ago. A range of broader macroeconomic factors are at play, including a pick-up in global growth, but over time businesses will continue to have to battle for their profit dollars. While competition is not new, the tools for success are changing rapidly. How are Australian and New Zealand businesses placed to keep up?