The percentage of businesses that are confident in their individual business prospects has increased from 28% in July to 30% in August. This is a positive sign, but it is still below the pre-pandemic level of 37%.
The biggest concern for small businesses remains the cost of business inputs. 82% of businesses said they were concerned about this, up from 80% in July. This is likely due to factors such as rising inflation and fuel prices.
The Momentum Index*, which is a measure of the overall health of the small business sector, increased by 4.6 points between July and August to 88.7 index points. This is the highest level since February 2023.
50% of businesses that have plans to expand are looking to hire additional staff. This is a positive sign, as it shows that businesses are optimistic about the future.
35% of businesses indicated they have plans to grow, alter or expand operations. This is down from 36% in July, but it is still a positive sign that businesses are investing in their future.
17% of businesses expect revenue to increase over the next three months, compared to 34% expecting a decline. This is a significant improvement from July, when only 11% of businesses expected revenue to increase.
Overall, the results of the Small Business Momentum Survey for August 2023 in NSW are mixed. On the one hand, there are some positive signs, such as increasing confidence and investment plans. On the other hand, there are still some concerns, such as the cost of business inputs.
These statistics are drawn from the results of an online survey completed by over 600 businesses across NSW, between 1 – 31 August 2023.
It is important to note that the survey was conducted before the Reserve Bank of Australia’s recent decision to raise interest rates. It is possible that this decision will have a negative impact on small businesses in the coming months.
Despite the challenges, the results of the survey suggest that the small business sector in NSW is starting to recover from the pandemic. With the right support from government and the private sector, small businesses can continue to grow and thrive.