The Times Australia
Small Business News

.
The Times Real Estate

.

Small business gearing up to grow again as NSW reopens

  • Written by Westpac

New research from Westpac has revealed small business leaders are feeling confident about the future with 85 per cent reporting they believe the economy will quickly return to growth as restrictions ease.

The Westpac survey of 1,000 small to medium business leaders across Australia, confirmed that business owners are optimistic about the outlook ahead with seven in ten expecting an increase in sales over the next 12 months.

“Small businesses have been through an incredibly tough time and while challenges remain, it’s extremely encouraging to see so many business leaders feeling optimistic about the future as Australia prepares to reopen and recover,” said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.

“To help accelerate the recovery our research showed small business owners want Australians to shop local. More than a third of business owners called this out as one of the best ways to help them recover from the impacts of COVID-19. We also know there has been an increase in consumers buying Australian made goods and services and we hope this trend continues to help aid the recovery.”

The survey also revealed some of the main challenges small businesses are facing as they look to recover from the COVID-19 pandemic. 

  • * COVID-19 restrictions top the list of the biggest challenges facing small business leaders over the next twelve months with almost half (48%) calling this out as their top concern, followed by fewer customers and a reduction in sales (31%) and supply chains disruptions (28%).
  • * 80 per cent of small business leaders have experienced an increase in the cost of doing business over the last twelve months. The cost of goods topped the list with 36 per cent of small businesses reporting an increase in prices, following by technology (33%) and operating expenses (30%).
  • * Almost half (42%) of small business owners say the availability of staff has impacted their businesses growth with 43 per cent also saying they have been forced to take on additional work to cover the shortfall. 40 per cent of business owners are also planning to give their staff a pay rise within the next twelve months to boost employee retention.

“Despite the challenges small businesses have faced our research showed most businesses were better prepared for lockdowns this year compared to last. Many small businesses have been able to save money during the pandemic which they will use for business development and investment as the economy improves, said Mr de Bruin.

Westpac Business Bank Chief Economist, Besa Deda said small business plays a significant role in the Australian economy, accounting for 33 per cent of Australia’s GDP and employing almost half of Australia’s workforce.

“The economic bounce back that will follow reopening will be led by small business, who are the backbone of the Australian economy. Business confidence has improved in recent weeks, reflecting the pace of vaccination and reopening roadmaps, although some uncertainty and challenges persist.

“As the economic recovery ramps up, we expect business confidence to improve further and this will be followed by a resumption in small business spending, including on technology and digital offerings. Reopening also comes at a critical time for small businesses preparing for the busy Christmas holiday season.

“Low interest rates, elevated household savings, a strong housing market, and pent-up consumer demand are a potent mix of factors that will help reignite growth in the economy,” said Ms Deda.

Additional information:

  • More than a third (35%) of small business leaders think consumers choosing to buy local will help their business recover from COVID-19.
  • At least four in five small business leaders are encouraged by community support for businesses during lockdown and 82 per cent have seen an increase in customers buying Australian made products and services.
  • 73 per cent of small business leaders were more prepared for lockdowns this year compared to 2020.
  • Two-in-five (41%) believe the COVID-19 pandemic has allowed their businesses to save money, which they will use for business development and investment.

 

SME Business News

Future-Proofing Your Business with Strategic Defence Insight

In an era marked by rapid technological change, global uncertainty, and evolving security risks, the need for long-term resilience in business has never been greater. Organisations across indu...

Maximise Your Amazon Profits with These 5 Simple Seller Strategies

Selling on Amazon offers countless opportunities for individuals and businesses to grow their income. But with so many sellers joining the platform every day, it’s not enough to just list your ...

Why Professional Mining Electricians Are Critical for Mine Safety and Operations

The mining industry, with its complex and hazardous environments, demands high standards of safety and efficiency. One pivotal role in ensuring these standards is that of professional mining el...

Why is a Commercial Vacuum Cleaner Better?

Maintaining a pristine work area isn't just about aesthetics—it's about fostering an atmosphere of contentment, wellness, and awe-inspiring wholesomeness. Be it an office, a retail outlet, or a...

Property Times

Maximizing Space in Narrow Lot Homes: Smart Design Solutions

Urban housing markets continue to push homeowners toward smaller, narrower lots as land prices climb and city populations grow. These thin slices of real estate present unique design hurdles that require creative thinking and specialized architectu...

Can You Sell Your House Privately in Queensland? Here’s How

Selling a house privately in Queensland is entirely possible and can be a cost-effective alternative to using a real estate agent. While agents provide valuable expertise, their commissions and fees can take a significant portion of your sale proceed...

Brisbane Homeowners Warned: Non-Compliant Flexible Hoses Pose High Flood Risk

As a homeowner in Brisbane, when you think of the potential for flood damage to your home, you probably think of weather events. But you should know that there may be a ticking time bomb, ready to inflict tens of thousands of dollars in damage, ...

Building A Strong Foundation For Any Structure

Building a home or commercial building can be very exciting. The possibilities are endless and the future is interesting. You can always change aspects of the building to meet the unique needs of your family or business. Nevertheless, you have to go ...

Food & Dining

7 Tips to Brew Perfect Mullein Tea Every Time

Brewing the perfect cup of mullein tea can often feel elusive, especially with all the conflicting advice available online. You might struggle with weak flavour, overpowering bitterness, or even the challenge of floating leaves in your cup.  Fortu...

Fresh Ideas for Celebrating the Year of the Snake

The Lunar New Year is here, and with it comes the Year of the Snake—a time for fresh beginnings, family connections, and, of course, delicious food. As celebrations kick off, Australian families are turning to summer’s bounty of fresh produce to ...

Drop of Sunshine | The perfect gift for that special someone this Valentine’s day

Drop of Sunshine: A Toast to Women, Our Connections & The Stories That Bring Us Together Treasury Wine Estates (TWE), one of the world’s leading wine companies, has launched a new line of premium wines,  Drop of Sunshine, in partnership wit...

Delicious and Healthy Vitamix Recipes for Optimal Nutrition

🍏🥦 Enjoy tasty Vitamix recipes packed with nutrients for optimum health. Healthy eating 🥕🍓 made fun & delicious! 💪🍹 #Nutrition #VitamixRecipes Healthy Eating and Optimal NutritionRenowned for its versatility and unparalleled blending capabilitie...

The Times Features

Dental Implants vs. Dentures: Which Is Better for You?

When it comes to replacing missing teeth, two of the most common options are dental implants and dentures. Both have their advantages and disadvantages, so choosing between them ...

What Neck Pain Really Means (And Why It’s More Than Just Poor Posture)

Neck pain is often brushed off as something temporary — a tight spot after a long day at the desk or a poor night’s sleep. But when the discomfort keeps returning, it could be a ...

The Work of Gosha Rubchinskiy: Fashion, Culture, and Youth

From Designer to Cultural Architect Gosha Rubchinskiy is not just a fashion designer—he's a cultural force. Born in Moscow in 1984, Rubchinskiy began his career in fashion in t...

The Power of Community: How Support Services Improve Lives for People with Disabilities

(Source) Community extends beyond geographic boundaries because it creates a sense of belonging, where individuals become both visible and heard through supportive networks. A sui...

Aluminium vs. Steel Ladders: Which One is Best for Your Needs?

(Source) Every homeowner who reaches the attic for cobwebs alongside professional tradespeople finds reliable ladders essential for their work. A comparison between aluminium ladd...

A Parent’s Guide to Choosing the Best Children's Dentist in Bendigo

(Source) Selecting the correct dentist for child dental care seems complicated because you want someone who delivers excellent medical care while handling children effectively. Be...

Business Times

Future-Proofing Your Business with Strategic Defence Insight

In an era marked by rapid technological change, global uncertainty, and evolving security risks, the need for long-term res...

Maximise Your Amazon Profits with These 5 Simple Seller Strategie…

Selling on Amazon offers countless opportunities for individuals and businesses to grow their income. But with so many sell...

Why Professional Mining Electricians Are Critical for Mine Safety…

The mining industry, with its complex and hazardous environments, demands high standards of safety and efficiency. One pivo...

LayBy Shopping