Small businesses are everywhere. No matter where you look, they exist and come in many forms. These establishments could be your favourite burger joint that serves the best cheeseburger in Victoria or that bar near you that serves that unforgettable Yuzu juice.
Interactions with these and more small businesses in the Land Down Under have reached new heights. At the end of 2017, 98 per cent of small businesses have made an annual turnover of almost $2 million. With this, small businesses are considered the backbone of the economy. And looking at the future of the country, small businesses do matter in Australia’s economy.
Increase in sole proprietor businesses
Australian Bureau of Statistics (ABS) released statistics that revealed an increase in the number of sole proprietor businesses in Australia. At the end of 2016/17, sole proprietor businesses jumped by 4.5 per cent, proving businesses are improving in the country. Along with this, there are 868,000 businesses looking for new staff, with around 70 per cent of them in need of within one and four people.
Increase in Australian businessmen
Despite the known risks, there has been an increase in the number of entrepreneurs in the country, According to the ABS, their June 2017 figures show that 2.24 million private sector businesses were registered, which is a 3.1 per cent increase in a span of one year. A factor that helped increasing businesses is the revolution emerging technologies have inflicted. Now, a lot of small businesses are adopting cloud-based technologies and IoT (internet of things) to make their services and products more efficient.
Ongoing contribution to Australia’s GDP
According to a research by the National Australian Bank (NAB), SMEs contributed 57% to the Land Down Under’s GDP. This clearly shows small businesses are a backbone of the economy, making it essential for the industry. Removing small businesses in the picture, definitely the country’s economy will crumble. That’s why the government is also assisting small businesses. If they’re not taken care of, these businessmen will definitely leave the country.
Small businesses are definitely the ones that provide a firm foundation for an economy of a business. Compared to big businesses, these types are found almost anywhere in the country. These can be the general merchandise store near the highway and what business brokers victoria has to offer. So whenever there are small businesses around the area, don’t hesitate to interact with them.