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More than half of small businesses are not using digital tools

While business owners understand digital solutions can provide a range of benefits, many are yet to establish a well-defined digital strategy that will eventually become standard for doing business in Australia.

“A digital strategy becomes even more critical when considering that digitally-enabled businesses save an average of about 10 hours a week and subsequently increase annual revenue by almost a third,” said ANZ’s GM of Small Business Banking, Guy Mendelson, regarding their report.

“Collectively, the sector has the potential to boost revenue by $385 billion per year and save 22 million hours of effort per week,” Mr Mendelson said.

The report also highlights cyber-security as a key issue, with 55% of businesses having little or no knowledge about cyber-attacks. Cyber-security knowledge is also lowest when a company begins, with 71% of start-ups knowing nothing about it.

“As businesses become more established so does their understanding of cyber-security issues, however it’s important for every business to be aware of the different types of cyber-attacks such as business email compromise, which are growing at a significant rate,” Mr Mendelson said.

This story was first published in The Fence magazine.

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