This week we released the latest results of the MYOB Business Monitor*, and its positive news. For the first time since the Global Financial Crisis, more business owners in Australia report revenue increases (35%) than report revenue decreases over the last 12 months (22%). And in the next quarter, half of Aussie businesses have got more work on than usual, and only 14% have less.
There is a whole industry based on reporting bad economic news, and analysts everyday speculate on things like the poor US domestic housing market and slow European retail trading conditions and the possible impact on the Australian business owner.
What is so refreshing to see in the MYOB Business Monitor results is that Aussie businesses are not letting themselves get caught up in global events outside their control, they remain confident and positive and set their own path. Perhaps this is what has really set Australia apart in the GFC – a fantastic “can do” spirit.
Here are some of the results from some of Australia’s most successful business regions and segments :
- South Australian businesses are far more likely to have enjoyed revenue increases (50%) – the average report of revenue increase across all States is 35%.
- Start-up (<2 years) businesses appear to have fared better over the last year, with 40% reporting a business revenue increase over the last 12 months (vs. 26% for mature businesses of >10 years).
- Younger business owners (18-39 years) are more likely (42%) to report revenue increases in the past year, compared to business owners aged over 40 years (30%).
- Businesses that leverage their own website to promote their operations are more likely to report a revenue increase (39%) than those who don’t have a business website (32%).
- The most confident about their business revenue increasing over the next 12 months are business owners in start-up businesses (59%), Professional & Business Services (55%), South Australia (52%), and medium businesses with 20-199 employees (52%).
- The highest reports of more work/sales in the pipeline are from business owners in South Australia (63%), in Agriculture, Forestry & Fishing (59%), and in Professional & Business Services (52%) – vs. the average of 49% of all business owners.
- Regional based businesses have a higher level of expectation for revenue increases in the next 12 months (51%), ahead of city/metro based businesses (46%) and rural based businesses (38%).
- Younger business owners are more confident about future revenue, with 51% of business owners aged 18 to 39 years expecting revenue increases in the next 12 months, compared to 44% of business owners aged over 40 years.
Looking at these results and thinking about the businesses I have contact with every week, I’m really struck by what passion and positivity can do in terms of business outcomes. Aussie businesses hold their heads high and refuse to buy into “doom and gloom” speculation. This positive attitude of just
“getting on with it” is what I admire most. It’s this attitude that’s demonstrated by the latest results of the MYOB Business Monitor.
In fact, you continue to go from strength to strength. Love Your Work!
* The MYOB Business Monitor is a nationwide survey of 1,000 Australian business owners, across a range of small and medium businesses, from sole traders to mid-sized companies, and representing the major industry sectors. The MYOB Business Monitor was started in 2003 and is designed to research key areas of business performance, including profitability, cash flow and pipeline work.