Customer’s smile most important for Australian SMEs

Australian small and medium enterprises (SMEs) are optimistic, with 73 per cent feeling successful in their business, and rank ‘a customer’s smile’ as the most important business moment, according to the NAB’s research.

NAB’s new SME research “Moments that matter: Understanding Australian SMEs” found that customer satisfaction was far more important (34 per cent) for SMEs and ahead of becoming a viable business (no. 2) or winning a big customer (no. 5).

Also, 45 per cent of the surveyed SMEs declared that growth and expansion was ‘firmly on the horizon’. However, of those SMEs that were planning to expand said the biggest obstacles were the pressure from stiff competition and the burden of red tape, followed by uncertain economic conditions.

According to the study, customer satisfaction and retention, positive word of mouth and happy employees were the new barometers of success for Australian SMEs.

VIEW ALL

View all

NAB’s chief customer officer of business and private banking, Angela Mentis, said: “Small and medium businesses are the backbone of the Australian economy, their success is central to our nation’s financial wellbeing.”

“While sales and profits are important for Australian SMEs, it is clear customers are why thousands of small business owners around the country get up and do what they do. “Despite intense workloads and pressures on all fronts, business owners are energised and motivated by their customers to succeed.”