Prospa reveals the 3 investments atop Australian small business wishlists

By Tom Watson · · 2 min read
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As any small business owner will know, finding the time to manage day-to-day operations, let alone grow their business, can be difficult. 

It’s often not enough to be a skilled carpenter, graphic designer or cafe operator, because small business owners are also required to take on the role of financial managers and marketers in order to maintain and expand their businesses. 

And according to YouGov Galaxy research commissioned by online business lender, Prospa, the majority of Australian small businesses are struggling to juggle those priorities. 

The research found that one in three (75%) of small business owners struggle with managing at least one area of their business, with digital marketing and financial literacy (e.g. budgeting, accounting and managing tax) topping the list.         

“Being a small business owner is a tough but rewarding gig. They start out with a vision to be their own boss or follow their passion but need a wide range of skills to keep the business moving,” said Co-founder and joint CEO of Prospa, Beau Bertoli. 

“Whether they’re a plumber or a retailer, small business owners need to understand social media, people management, regulations, accountancy, cash flow and debt collecting to be competitive. Having run a small business myself, I know how overwhelming this can be.”  

So when it comes to addressing these issues, where would owners ideally love to make an investment to have the biggest impact on their businesses’ management and growth? 

According to Prospa’s research: 

  • • 26% of small businesses would invest in a marketing campaign to engage with their customers

  • • 14% of small businesses would invest in better equipment

  • • 13% of small businesses would invest in hiring more staff   

RELATED: Small business owner? Here are four tax changes you need to know about

Looking for a funding option to provide that extra bit of investment in your small business? A business loan could provide the cash injection to purchase new equipment, hire additional staff or launch your next marketing campaign. 

Find out more about business loans by checking out our ultimate business loan guide or start comparing some of the hottest business loan deals around, including Prospa’s offer, in the table below.

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  • About Great Southern Bank
    Business+ Unsecured Loan

    A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.

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    Rates range from 11.95% p.a. to 22.95% p.a.
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  • About Lumi
    Unsecured Business Loan

    A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.

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    from 9%
    -
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  • About Great Southern Bank
    Business+ Unsecured Overdraft

    Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.

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    Rates range from 14.95% p.a. to 25.95% p.a.
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  • About Bizcap
    Unsecured Business Loan

    Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.

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