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Small businesses may be foregoing growth opportunities because they are tied down in run-of-the-mill activities such as inventory management and banking, says the Commonwealth Bank.
About 73 per cent per cent of small businesses surveyed wanted to spend more time pursuing growth opportunities, according to the bank's Better Business survey conducted in March. But almost half said day-to-day functions were taking up most of their time. The survey questioned 469 financial decision-makers in small businesses across the country, with an annual turnover of less than $10 million.
Two in five respondents said they wanted to spend more time on generating new sales and over one-third wanted to engage in more marketing.
Over one-third wanted to spend less time on supplier management and cashflow management.
"For many small business owners, there is little question over the importance of processes like cashflow management, which is considered the lifeblood of a business," Commonwealth Bank general manager of local business banking Matt Comyn said in a statement.
"However, the survey has highlighted that day-to-day activities are taking up a large proportion of their overall resource.
"This means that there is little remaining time to focus on growth plans."
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