Survey reveals funding could help owners take a break, but many prioritise business upgrades and staffing
While many small business owners would use additional funding to take a break, a significant number would prioritise reinvesting in their business instead, a survey by small business lender OnDeck Australia has revealed.
According to the results of the survey, conducted online with more than 500 small business owners nationwide as respondents, 41.7% of small business owners said extra funding would allow them to take a well-earned holiday, knowing their business had sufficient cash flow to cover unforeseen expenses during their absence.
In contrast, 14.9% of respondents indicated they would use the funds to hire additional or temporary staff to support operations, while 8% would direct the money toward hiring or training an interim manager to step into their role.
For a notable portion of respondents, however, the focus was on reinvestment. Approximately 18.3% said they would use the funds to upgrade equipment or facilities to minimise downtime, and 16.5% planned to invest in technology or automation to keep their operations running efficiently.
OnDeck Australia chief executive Cameron Poolman (pictured above) said the results underscore the dedication of small business owners to their enterprises, often at the expense of personal time off.
“Our research confirms the commitment of small business owners to their businesses,” Poolman said. “We know from previous surveys that one in three small business owners take less than two weeks of leave each year, and one in seven can’t even recall the last time they took a holiday.
“Despite this dedication, everyone deserves the chance to rest and recharge. With the festive season approaching, it’s important for small business owners to prioritise their wellbeing and spend time reconnecting with family and friends.”
Poolman added that additional funding could provide the flexibility many business owners need to take a step back.
“Whether it’s hiring extra help, stabilising cash flow, or restocking inventory, the right funding solution can help small business owners feel confident their operations will run smoothly in their absence,” he said.
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