Prospa reveals the 3 investments atop Australian small business wishlists

By Tom Watson · · 2 min read
Fact Checked
Advertiser disclosure

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.

Compare business loans 2019

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 50 products
Last updated 24 November 2024Important disclosures

Refine the list of business loans

Let’s help find you a great business loan...
  • 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.

    Interest Rate
    Upfront Fee
    Funding Speed
    from 9%
    -
    Within same day
    Go to site
    Details
  • 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.

    Interest Rate
    Upfront Fee
    Funding Speed
    On Application
    3%, starting at $399
    from 3 hours
    Go to site
    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.