Despite the current economic climate, Australian retailers remain optimistic about future business, with Western Australia and Victoria leading the pack in terms of good pro-business laws, economic conditions, and consumer spending.
A survey by CouriersPlease (CP) has found that nearly 90 per cent of WA businesses and 86 per cent of Victorian businesses believe the laws in their State make it easy for business in general. This was followed by Queensland (72 per cent) and South Australia (57 per cent).
Of the over 200 retailers surveyed, the majority were confident in the ‘appetite for spending’ in their state. Nearly two-thirds believe the economic conditions in their State are healthy.
“Our survey results suggest businesses understand their State Governments have put in place legislation that supports their success, and consumers have the appetite to ensure their success,” said Richard Thame, CEO at CP.
Western Australia’s various forms of business support like its continued Tenant Rent Relief Scheme for SMEs and Victoria’s wage subsidies of up to $20,000 for businesses hiring employees from groups most affected by the pandemic could be major factors in being ranked the most promising States for business success.
This type of business confidence could be good for those looking to start a business, says Mr Thame.
He noted, “The results show that we should be encouraged to establish new businesses, and that most well-established organisations feel confident to continue operating and growing.”
Specifically, the CP survey found that 80 per cent of retailers would actually recommend new businesses to establish themselves in their State.
According to Mr Thame, a major way to address concerns could be through franchising.
“Franchise businesses enable new franchisees to secure sales straightaway, by leveraging the benefits of national marketing programs, established business systems and technology solutions. In challenging conditions, franchise businesses provide ongoing support for their network of small business owners,” he said.
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