NSW’s November Small Business Momentum Survey: Business confidence holding steady.
Small business confidence has stabilised over recent months with a modest increase recorded for the second consecutive month in November.
The percentage of businesses indicating they were confident in their own business prospects rose two percentage points to 32% compared with the October survey, however confidence remains weaker than earlier in the year.
In this survey the Commission asked businesses about their use of digital platforms, such as Facebook, Amazon and eBay.
Almost a third (28%) of businesses on digital platforms reported challenges with using them, including high fees and charges, delays when receiving payments and poor listing visibility.
Small business expectations about revenue and profitability weakened further in November, with only one in ten businesses expecting profits to increase over the summer and holiday period.
Escalating costs and concerns about predicted energy price increases continue to appear to account for the expected decline in profitability reported by some respondents.