Noted Austrian-born management consultant Peter Drucker once remarked, “what gets measured gets done”. Leaders and managers have applied this quote to underscore the importance of building monitoring and evaluation mechanisms in their programming as a key barometer of effectiveness.
In a recent assessment given by small business owners on the 2026 Budget, this issue of measurement was echoed repeatedly. Though receiving a favourable assessment, many practitioners and entrepreneurs expressed concern about Government’s implementation track record, which their feared may adversely affect the several policies announced to benefit their sector.
The SBA used an online poll, supported by a recent webinar presentation by economist Jeremy Stephen to gauge the perspectives of entrepreneurs on the Budget.
When asked to assess the level of support provided to small businesses, respondents were generally positive. Approximately 69.4% rated the Budget’s support as high, indicating strong approval across the sample.
This suggests that the policy direction was well received. Measures aimed at easing compliance burdens, improving liquidity, and supporting operational stability appeared to resonate with the realities faced by small firms.
At the same time, the distribution of responses indicates that support is not uniform. A portion of respondents rated the measures at mid-levels, pointing to the fact that while the Budget moves in the right direction, it does not fully resolve the diverse challenges across the sector.
This aligns with the analysis presented by Jeremy Stephen, who characterised the Budget as one grounded in targeted, incremental support, rather than sweeping reform. The emphasis, he noted, is on stabilisation—creating an environment where businesses can operate more efficiently—while laying the groundwork for longer-term improvements.
Relative to the expected impact of the Budget on business operations, 63.9% of respondents indicated a positive outlook, with only a minimal proportion anticipating negative effects.
This reinforces the perception of the Budget as broadly pro-business. The absence of new taxation and the focus on easing operational pressures contribute to a sense of stability, which is particularly important in the current economic climate.
However, the presence of respondents who expect no significant impact highlights an important nuance. While the direction of policy is welcomed, not all businesses anticipate immediate or tangible benefits.
Jeremy Stephen emphasised this point in his assessment, noting that many of the measures introduced are enabling in nature. Their impact will depend on uptake, timing, and execution, meaning that the full benefits are likely to emerge over the medium term rather than immediately.
On the question of the most beneficial measures, respondents clearly prioritised those that improve cash flow and reduce immediate financial pressure.
The increase in the VAT threshold (55.6%) and the introduction of factoring facilities (52.8%) ranked highest, followed by increased funding limits and energy cost relief. These responses highlight a consistent theme—businesses are most responsive to measures that directly affect liquidity and day-to-day operations.
However, support for the Budget is accompanied by a more cautious view on execution. When asked about confidence in implementation, responses were mixed. While 50% expressed high confidence, a nearly equal proportion selected mid-range ratings.
This reflects a familiar pattern within the business community—support for policy direction, tempered by uncertainty around delivery.
According to Jeremy Stephen, the effectiveness of the Budget will ultimately depend on how efficiently key measures are operationalised. Initiatives such as the collateral registry and financing facilities require clear frameworks, institutional coordination, and accessibility to achieve their intended impact.
This reinforces a central takeaway: confidence exists, but it is contingent on execution.
Despite the positive reception, respondents were equally clear about the areas where the Budget fell short. When asked what required further attention, the dominant issues were cost of doing business (66.7%) and tax relief (63.9%).
These findings are consistent with long-standing concerns within the MSME sector. High operating costs, compounded by import-related expenses and compliance requirements, continue to place pressure on margins.
Jeremy Stephen pointed to structural cost drivers within the system, noting that the way import duties and VAT are applied can have a compounding effect on business expenses. Addressing these underlying cost pressures will be critical to improving overall competitiveness.
This underscores a key message from the survey: while the Budget provides targeted relief, the broader cost environment remains a constraint on growth.
Looking ahead, the outlook among respondents can best be described as cautiously optimistic. 61.1% expressed confidence in the next 12 months, while a significant proportion remained neutral.
This suggests that businesses recognise the positive direction of policy but are adopting a measured approach, waiting to see how effectively the announced measures are implemented.
This outlook aligns with the broader assessment from Jeremy Stephen, who noted that the Budget establishes a platform for stability rather than rapid expansion. Businesses are therefore likely to focus on consolidation and gradual growth as policy measures take effect.
Taken together, the findings present a clear and balanced picture. Small businesses are generally supportive of Budget 2026, particularly in relation to measures that improve liquidity, reduce administrative burdens, and signal attention to financing constraints.
However, this support is not without conditions. Persistent issues—especially the cost of doing business and access to flexible financing—continue to shape how businesses interpret the Budget’s impact.
As highlighted by Jeremy Stephen, the policy direction is sound, but the real determinant of success will be execution. Measures such as the collateral registry and factoring facility have the potential to address long-standing barriers, but only if they are effectively implemented and widely accessible.
The survey findings confirm that the majority of businesses view the measures positively and expect a favourable impact on their operations.
At the same time, the message from the sector is clear. Support for the Budget is grounded in practicality, not sentiment. Businesses are looking beyond announcements to outcomes, and their confidence will ultimately depend on how effectively policy translates into real improvements in the operating environment.
As Jeremy Stephen makes clear in his assessment, the opportunity now lies in moving from policy intent to measurable impact.
