Despite the buoyant economy, only 32 per cent of small- and medium-sized businesses believe their profitability is consistently good, a survey shows.
The Clever Companies poll, released by accounting firm PricewaterhouseCoopers and the Employers and Manufacturers Association this week, gives a snapshot of how local businesses rank their performance on
key areas affecting profits.
Although most felt they had compliance obligations under control, their dedication to administrative requirements came at a price.
About 90 per cent rated innovation as highly important, but only 45 per cent believed they were performing well on this front.
Almost all said understanding the needs of their customers was important, but only half felt they were doing this successfully.
About 30 per cent said a budget for research and development was important, but just 17 per cent were doing well in this area. Some 41 per cent said they were training and upskilling staff effectively, while 33 per cent were managing labour shortages well.
