The latest figures from MYOB’s Business Monitor Report reveals businesses are generally optimistic about current conditions. 33 per cent of SMBs expect the economy to improve in the next twelve months, while 32 per cent think it will remain much the same.
This year’s results show an improvement on last year when only 25 per cent of Australia’s small business owners expected to see an improvement in economic conditions.
Franchisees and manufacturing and wholesale businesses are amongst the most optimistic with 49 per cent and 46 per cent respectively believing economic conditions would improve.
Business conditions have remained steady for most operators, (42 per cent) with 29 per cent reporting an increase in revenue in the past 12 months with the most successful businesses occurring in the tourism, import and export sectors. SMBs with an increased digital presence was also expected to see growth. Whilst Gen Y run businesses and start-ups were also anticipated to achieve increased revenue.
The report also revealed disparities between the earning power of businesses in the city versus the country, with 39 per cent of metropolitan businesses experiencing growth compared to 19 per cent of rural operators.
Tradies were amongst the least optimistic of all business owners with only 24 percent expecting improved conditions in the next 12 months.