Recently, we sent out a survey to find out about the challenges facing our members’ small and medium-sized enterprises (SMEs), as well as what products and services might better support them in these challenging times.*

We know there’s no one better placed to give business advice to SMEs than – you guessed it – other SMEs. So with this in mind, as part of the survey, we asked our members for their advice for SME businesses facing the same challenges as them, and they came back with some great answers.

The five best answers won a $100 gift card, and we’ve published them below. Read on to find out what we selected as the top five.

Tips for your small to medium business

“Never give up, never compromise your business plan and deal with only like minded companies.” – Trevor Glass, Queensland.

“Think about your buyer persona (target market). Put yourself in their shoes, ask yourself what they want and need right now that you can provide – and give it to them.” – Matthew Doyle, Queensland.

“Speak to peers for advice/research for help/speak to your bank/cash forecasting/reduce every expense possible except marketing/ask creditors for help, extensions, payment plans, reduced interest/keep your eyes and ears open for diversification or different income streams or new products and services you can offer.” – Rhonda Burton, NSW.

“Don’t be afraid to ask for help; to ask questions and to use the people around you. Other business owners are often in the same boat and can cheer you on / support you.” – Barbara Penn, VIC.

“Spend more time listening; understand what matters most to potential clients because that might not be a detailed solution or the lowest price but for example reducing their risk; sell according to what they care most about.” – Joe Woodhouse, VIC.

Congratulations to our Small and Medium Enterprise survey winners!

*The survey competition is now closed.

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The information in this blog post is general in nature and does not constitute personal financial or professional advice. It is not intended to address the circumstances of any particular individual. We do not guarantee the accuracy and completeness of the information and you should not rely on it. Before making any decisions, it is important for you to consider your personal situation, make independent enquiries and seek appropriate tax, legal and other professional advice.