Small business confidence in New South Wales (NSW) rose to 32% in September, up from 23% in June, according to the latest Small Business Momentum Survey from the NSW Small Business Commissioner.
Key findings:
- Small business confidence rose to 32% in September, up from 23% in June.
- The cost of business inputs remains the top concern for small businesses, with 79% expressing concern.
- Other challenges include predicted retail electricity and gas price increases (77% concerned), cashflow and the availability of working capital (73% concerned), and staff shortages (50% concerned).
- More than double the number of small businesses expect a decline in profitability and revenue than those expecting an increase.
However, the cost of business inputs remains the top concern for small businesses, with 79% expressing concern. This is the eighteenth consecutive month that the cost of business inputs has been the top concern for small businesses.
Other challenges facing small businesses include predicted retail electricity and gas price increases (77% concerned), cashflow and the availability of working capital (73% concerned), and staff shortages (50% concerned).
Expectations around profitability and revenue have remained the same, with more than double the number of small businesses expecting a decline than those expecting an increase.
Despite the challenges facing small businesses, the NSW Small Business Commissioner remains positive about the future of small business in NSW.
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