The 2015 Budget has shown the Federal Government sees national economic strength coming from small business, and not just from the sale of natural resources to overseas buyers in multi-billion dollar, multi-year deals.
These changes in policy give small businesses an improved environment for growth.
When you add that to support from other businesses by way of value in products and services through supplier arrangements, the business confidence improves.
Since the budget, business confidence has already improved. The May 2015 NAB Monthly Business Survey noted an upturn in +3 to +7 index points in most industries across Australia.
At a more local level, Elliot Clarke, Senior Economist for Westpac was asked during the Sydney Hills Business Chamber’s Westpac Budget 2015 Lunch, whether there are regional variations in business confidence.
He responded by saying the survey talked to 3000 businesses across Australia and didn’t focus on any one area.
So whilst we can see improved business confidence at the national and state levels, we can only get an anecdotal picture across our local suburbs.
There does seem to be a few drivers of business confidence judging by the many infrastructure projects underway across Sydney, and especially Western Sydney.
During construction, the local business community is getting more engaged to become involved and be part of the supply chain.
A few years back we heard of small business being “Too Big To Ignore” led by the Australian Chamber of Commerce and Industry campaign slogan.
This campaign started in 2013 with Chambers in Australia representing the voice of 2 million small businesses. No doubt the Government paid attention.
Our local business chambers and councils are now also more engaged and support our growth ambitions as business owners.
An example of this includes recently announced research on the Sydney Hills District, commissioned by the Sydney Hills Business Chamber and the Hills Shire Council.
The research, to be undertaken by McCrindle, will allow the region to get a better understanding of its value proposition. In doing so, opportunities can be better targeted.
As small businesses operating locally in Australia, we can learn from overseas markets in industry hotspots such as Silicon Valley and Shanghai.
In these regions, there is a time imperative mindset we need to all consider taking on.
As business owners we can’t over analyse – but should consider opportunity based on the accelerated business case. We have to remove detractors from our daily mission.
And we have to be prepared to fail and learn from our mistakes. As those in overseas markets have shown us, in business today, you have to capitalise on opportunity, quickly.
From the start of 2015, Know My Business as a small business has followed a belief in bold leadership and the accelerated business case. This approach has delivered campaigns many detractors would have advised against.
Instead, the company has had positive outcomes from initiatives that include running a commercial on mainstream TV, speaking with large-scale businesses and becoming member of 13 business chambers.
For the remainder of 2015, Know My Business will publish a book on Amazon to a global market place and for local businesses offer training to help convert prospects.
Across the economic landscape, we’re approaching a perfect storm with business confidence, and no time like the present in taking initiative.
Ross Greenwood, Business & Finance Editor at Channel 9, attending a Chatswood Chamber in May said it well: “With the government supporting you by way of tax breaks and other grants, even a small business can be confident and seek new markets.”
If you think your product can sell to overseas markets, Ross keeps it simple, “get on a plane”.
