Small- to medium-sized businesses in Australia are apparently missing out on growth opportunities in Asia. Reports show that the vast majority of those at the helm are fearful that they do not have the necessary skills to expand into overseas markets.

Without the necessary skills to expand into overseas markets, Australian SMEs run the risk of limiting their options for growth and expansion into the Asian market.

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This occurrence has many analysts puzzled as to how the Australian SMEs can succeed without having a strategy implemented for success abroad.

In a recent bi-annual CFO Pulse Survey, which was conducted by William Buck, the views of Australian mid-market CFOs were outlined in the exhaustive report.

Over 60 percent of CFOs surveyed admitted that they currently do not have the skills or expertise within their business to expand into Asia.

This claim is stated despite the fact that the vast majority recognize that long-term sustainability is hinged upon their business partnerships with Asian markets. Since Asian markets continue to expand, this is a critical aspect that will ultimately be addressed by business owners.

Nearly 35 percent of all of the Australian SMEs surveyed are currently operating in Asia and just over 30 percent are considering moving into the Asian market within the next calendar year.

This shows signs of improvement compared with years past when synergy between the markets had reached a low point.

Despite the positive outlook, there are still a few surprising revelations that were unveiled in the survey.

Although many CFOs of SME acknowledge that growth into Asia is critical for long-term success, many admit that they are not adequately prepared for expansion into the market.

Experts suggest that Australian SMEs have the dual challenges of "thinking globally" while tackling a wide range of constraints with doing business overseas and also developing cultural competency.