New research has revealed what a number of small business owners would do with a $50,000 cash injection.
Thirty-four per cent of 530 small to medium business owners surveyed in the SME Snapshot report said the first thing they would do with the cash injection would be to purchase additional inventory or equipment.
A further 30 per cent said they would invest in marketing, advertising or PR, while 25 per cent said they would hire more staff.
Better management of cash flow was the top priority for 20 per cent of participants, while 17 per cent said they would renovate or open in another location if given a $50,000 cash injection.
Twelve per cent said they would invest in research and development, 10 per cent said they didn’t know what they would do and nine per cent stated “other” in the survey conducted by MYOB and OnDeck Australia.
OnDeck Australia chief executive officer Cameron Poolman said the research clearly demonstrated that many small to medium business owners were eyeing opportunities to become significant players in the Australian economy.
“The MYOB SME Snapshot shows a hunger among small businesses to boost the Aussie economy and employ more people, and we are keen to help them do that through fast, accessible business loans,” Mr Poolman said.
“It’s interesting to see that the top areas small business wants to invest in are economic multipliers, meaning that the loans we provide have a flow-on effect to sales and jobs in the broader market.
[Related: Business confidence rises in February]