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Business owners prepared for economic recovery

Australian business owners are optimistic about the future and expect the Australian economy to improve in the next six to 18 months, according to the MYOB Business Monitor.

The Business Monitor (what was previously the MYOB Small Business Survey) found that 54 percent of small, medium and solo business owners expect economic recovery in the next six to 18 months, while 36 percent of business owners believe their business revenue will increase over the next 12 months.

While the economic downturn is hitting Australian business owners’ pockets, with 39 percent reporting revenue losses in the last 12 months, many are optimistic about the future of their business.

According to MYOB CEO Tim Reed, the survey shows the resilience of Australian business owners.

“Business owners are resilient, seeing the glass half full, and the level of optimism demonstrates their positive nature and desire to ‘get on with doing business’.”

The monitor found that business owners in Western Australia are the most optimistic about the economy, with 50 percent of business owners in WA believing that the Australian economy will improve within 12 months, followed by Victorian business owners (35 percent).

However Reed has warned business owners that the economy is not out of the woods yet and they need to focus on their cash flow.

“We encourage business owners to really focus on cash flow, make it a priority and take full advantage of all opportunities to maintain, and possibly improve, their business health.”

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