SMEs find financing a struggle
(31 March 2010 – Australia) The Council of Small Business Organisations of Australia (COSBOA) is urging small business owners to partake in an online survey to support a Senate inquiry into small businesses access to finance.
COSBOA CEO Jaye Radisich said that it was critical to have the latest information to form submissions to the Senate’s Inquiry into Access of Small Business to Finance.
Banking and finance issues have been the number one concern for small businesses at least since the global financial crisis hit in 2008, Ms Radisich said.
The organisation’s recent Back to Business Telstra Business/COSBOA research revealed that banking and finance issues still rank highest among business concerns in 2010.
The group wants to ensure that COSBOA’s submission to the Senate Inquiry is supported by the most up to date information from small businesses around the country,Ms Radisich added.
East & Partners' latest Business Banking Customer Satisfaction Monitor has revealed that SMEs are continuing to be frustrated with their banks.
The BBCSM shows that SMEs now give their banks an overall satisfaction rating of just 4.37 (on a scale of 0 to 10, where 0 = very dissatisfied and 10 = very satisfied). This compares to a rating of 5.39 two years ago, in January 2008.
Robert Morgan, East & Partners’ head of market analysis said that the SME markets seems to have picked up where it left off at the end of last year regarding their satisfaction with their banks.
Of particular note is the fact that, incredibly, two of the Big Four banks achieve a rating of less than 3. The overall satisfaction rating for the BBCSM is being heavily weighed down by certain banks’ performance in the SME segment, Mr Morgan added.
The market average business banking satisfaction rating for January 2010 was 4.69 (out of 10), down from 4.71 last month.
Banking and finance issues have been the number one concern for small businesses at least since the global financial crisis hit in 2008, Ms Radisich said.
The organisation’s recent Back to Business Telstra Business/COSBOA research revealed that banking and finance issues still rank highest among business concerns in 2010.
The group wants to ensure that COSBOA’s submission to the Senate Inquiry is supported by the most up to date information from small businesses around the country,Ms Radisich added.
East & Partners' latest Business Banking Customer Satisfaction Monitor has revealed that SMEs are continuing to be frustrated with their banks.
The BBCSM shows that SMEs now give their banks an overall satisfaction rating of just 4.37 (on a scale of 0 to 10, where 0 = very dissatisfied and 10 = very satisfied). This compares to a rating of 5.39 two years ago, in January 2008.
Robert Morgan, East & Partners’ head of market analysis said that the SME markets seems to have picked up where it left off at the end of last year regarding their satisfaction with their banks.
Of particular note is the fact that, incredibly, two of the Big Four banks achieve a rating of less than 3. The overall satisfaction rating for the BBCSM is being heavily weighed down by certain banks’ performance in the SME segment, Mr Morgan added.
The market average business banking satisfaction rating for January 2010 was 4.69 (out of 10), down from 4.71 last month.
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