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  • Despite unprecedented year, small business sector ended 2020 with positive signs

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Despite unprecedented year, small business sector ended 2020 with positive signs

On a national and local front, there are strong signs of economic and business recovery as we head towards the end of a challenging year.

Two publications released over the past month report very positive signs of recovery for our small business sector in Australia.

On a national level, the Small Business Counts report was released by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) on 14 December. This report uses data to track how small businesses in Australia have weathered the storms of 2020. Insights include:

  • More than 87 per cent of all innovating businesses in Australia are classified as small – with innovation helping them outperform their counterparts in every measure including employment, profitability and productivity.
  • 40 per cent of businesses made changes to their operations in response to the challenges of the year (and 20 per cent will keep those changes in place).
  • The small business sector is Australia’s biggest employer, employing 41 per cent of the business workforce and more than 60 per cent of the country’s apprentices and trainees – more than any other sector.
  • The vast majority (92 per cent) of small business owners in Australia are aged 30 years or over, reflecting a depth of skills and experience among SMEs.

 

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