A recent study into Australian small businesses1 reported that businesses with less than 20 employees (micro business, small business and family enterprise) accounted for almost 98% of Australian businesses. Given that the second greatest barrier to innovation that these businesses face is in accessing skills (22.6%), businesses like Vonto are entering the market to provide ongoing support.

After two years of meeting with business owners, the free to use Vonto app, powered by CommBank, has launched and is already resonating with small business. “These are people who are on the go and don’t have time to be at a desk to review their business processes,” Gloria Ng, Product lead said.

Vonto collates data from frequently used online business tools, and presents it to business managers in simple to action daily insights. “We’re not just doing surface level Integrations with as many apps as we can. It's about selectively and carefully curating those apps that we want to integrate with and listen to our users,” said Managing Director Elliot Cousins.

In doing so, Vonto is addressing a market of micro and small businesses that are increasingly becoming early adopters of new technology and forms of innovation. “They’re born in the cloud, but that doesn’t necessarily change the ability of the business owner to understand and do something with their data” Elliot said.

“When you’re a business of that size or a sole proprietor, you tend not to have the same support as larger corporates so you really have to crunch all the numbers and try to understand everything yourself.” Gloria said, “If you’re not confident in interpreting your business in a holistic way, it can be quite daunting trying to make sense of the data.”

Over the past decade there has been sustained growth in female-led small businesses from 31% to just under 35%, “There appears to be more women looking to own or manage a small business”2 and as stated in our recent Women in Business Insights report, although 67% of the 571 female-led businesses surveyed were innovation-active, more than one-third see some chance of their business failing in the next three to five years.

For Elliot, the value for small businesses is in providing efficient actionable advice “82% of small businesses are currently using up to six apps to run their business. That’s potentially meaning six logins to six different apps every day.  It isn’t just about insights, it’s about providing recommendations and supporting business owners in making and actioning decisions. That’s the real power in Vonto.”

According to Elliot, “Vonto is going to be hugely shaped by users in the next six to twelve months. That valuable feedback is going to help us identify where Vonto is going to solve more pain points for small business.”

To get your business insights pronto, download Vonto - www.vonto.com

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Things you should know

This article represents opinions and views of the interviewees personal experiences only.  It does not have regard to the situation or needs of any reader and must not be relied upon as advice. It is not intended to imply any recommendation or opinion about a financial product. Before acting on this information, consider its appropriateness to your circumstances. Commonwealth Bank of Australia ABN 48 123 123 124.