Should market changes influence the mood and confidence of the Australian small business owner? Or can the self-directed entrepreneur make a business successful regardless of market conditions? The Australian Businesswomen’s Network’s Community Director, Suzi Dafnis has written an opinion piece entitled, “Make hay while the sun of lower rates shines on entrepreneurs” that explores these questions. The article was featured in the Business section of The Australian on 14 May 2013.
With The Reserve Bank of Australia’s recent interest rate cuts, Suzi Dafnis shares three ways that Australian small businesses can “make hay” of it:
- Access cheap finance – If you are contemplating borrowing to expand your business, now may be a great time to apply for that loan. Savings in loan payments can mean more income to invest in the growth of your business.
- Be ready to make more sales – If you sell direct to consumers, then your customers may be more open to purchasing your product/service with experiencing an increase in cashflow as a result of reduction in their monthly repayments.
- Manage any windfalls thoughtfully – Good management of any additional income should result in higher profits. Invest in good financial education and advice, ensuring that you are taking advantage of opportunities.
Suzi concludes that it is the ability of the optimistic entrepreneur to market and service their customer that will determine their success more than any interest cut rate:
“The challenge for each small business owner is to rise above the noise, choose how to react and to make sound, informed decisions.”
