Rising inflation and the cost of living have placed challenges in front of many small businesses, particularly those in retail and ecommerce relying on the discretionary spending of consumers.

But it’s not all bad news, as small business owners embrace growth tactics in 2023 such as changing business structure and accessing external funding.

In fact, seven in 10 business owners and decision makers rate the overall health of their business as good in the current environment, including over a quarter who rate their health as very good.

We asked five small business owners why they have a positive outlook on their businesses’ future and what practical actions they’ve taken to set themselves up for growth.

Aida Rejzovic, Sassy Organics

“Our focus on SEO … has led to a steady increase in organic traffic and an increase in sales.”

Bosnian-born Aida Rejzovic founded the ecommerce store Sassy Organics in 2016 and has since achieved steady growth.

“Sassy Organics has a positive outlook for 2023 despite the recent economic downturn,” she says. “We attribute this to our focus on SEO, which has led to a steady increase in organic traffic and an increase in sales.”

According to Aida, focusing on SEO has helped Sassy Organics expand overseas.

“We plan to continue this growth by investing in online marketing and increased distribution in domestic markets. We are excited about what the future holds for us, but will always hold close our core values of high-quality products and excellent customer service.”

Jemma Davis, Beaut Gift Co

“I introduced products from eight new small businesses. I built a lot of hype around it, organised photoshoots and a website upgrade, and promoted heavily on Instagram.”

Jemma Davis, owner of the online gift box business Beaut Gift Co, has a positive outlook on her business because of growth strategies she put into place at the end of last year.

“Just before Christmas, I introduced products from eight new small businesses to my range,” she says. “I built a lot of hype around it, organised photoshoots and a website upgrade, and promoted heavily on Instagram.”

This came after she introduced same-day delivery to meet customer demands.

And to mark her business’s anniversary in November 2022, Jemma collaborated with a skincare small business to offer her customers a free gift with any purchase.

“These efforts ensured sales took off over the holiday period and, to my surprise, continued into the new year,” she says.

Prospa offers a suite of lending products to help small businesses boost cash flow for growth. Learn more about the Prospa Line of Credit and Prospa Small Business Loan.

Jordan Cullen, Cullen Jewellery 

“Our commitment to ethical and eco-friendly practices has resonated with a growing number of consumers who prioritise sustainability.”

Jordan Cullen, owner and founder of Melbourne-based Cullen Jewellery, also has his eyes set on a fruitful year.

“Our commitment to ethical and eco-friendly practices has resonated with a growing number of consumers who prioritise sustainability,” he says. “Secondly, we believe our emphasis on affordability without sacrificing quality has allowed us to cater to a wide range of customers.”

By staying close to sustainable, customer-first principles, Jordan has fostered growth for the business and been able to hire 20 new employees in the space of a single year.

Susannah Schulz, Lockhart Drafting & Design

“Recently we had the opportunity to purchase our very own small office space.”

Susannah Schulz started the building design business Lockhart Drafting & Design in 2017 and provides residential and commercial design services to Toowoomba and surrounding areas.

The business’s recent growth has enabled her to open up new premises and hire extra staff.

“We’ve had the opportunity to purchase our very own small office space,” says Susannah, “and we have been very happy with the additions we’ve made to our small design team.

“As all small business owners know, there are constant ups and downs. But I am feeling very positive – it’s an exciting time.”

Shannae Correia, 2 Mums and a Dirt Track

“We were earning money from ads and affiliates within nine months … and our traffic keeps soaring.”

Shannae Correia and her friend Karol-llyn started the hiking blog-turned-travel guide 2 Mums and a Dirt Track in 2022 after years of hiking trails together.

“Across the past 14 months we have been surprised at how many of our posts show up on the first page of Google,” says Shannae of the business’s growth. “Some of them have been in the  number one spot for months now thanks to the SEO strategies that we have learnt along the way.”

New sources of revenue include ads and affiliates.

“We have been accepted as affiliates for companies that don’t usually accept traffic under 20,000 views per month – but we were accepted. We were earning money from ads and affiliates within nine months and our traffic keeps soaring.”

*Prospa x YouGov SME Sentiment survey, January 2023.