In the month of July around 43% of small businesses in NSW were confident about their business prospects, according to the NSW Small Business Commission’s latest Small Business Survey
The results show confidence impacted by the NSW COVID restrictions, with confidence falling from the 55% figure reported in June 2021. However, overall confidence remained higher compared to the same period in 2020 when 39% of small businesses said they felt fairly or very confident.
About 37% of businesses expect their revenue to decrease over the next 12 months, while 15% of small businesses surveyed expect their revenue to increase. More than half of businesses (51%) reported a percentage of their staff work from home on a regular basis.
Regional businesses remained more optimistic than businesses in Greater Sydney, while businesses reliant on international and interstate visitors had significantly lower confidence in the economy and their business prospects.
NSW Small Business Survey
43% of businesses are confident about their business prospects, up from 39% from the same period in 2020 but down from 55% in June 2021.
15% expect their revenue to increase over the next 12 months, which is lower than the 37% of businesses that expect revenue to decrease.
Working from Home
51% of businesses had a percentage of their staff work from home on a regular basis.
Strategies after COVID Relief Ends
36% of businesses are likely to try and reduce costs followed by delaying or reducing CAPEX (22%) and holding wages steady (19%).
Businesses Reliant on Visitors
Businesses reliant on international and interstate visitors remain the least confident about their business prospects.
Business Confidence by Locality
Regional businesses are more optimistic about their own prospects than businesses in Greater Sydney.