Wednesday, May 18, 2011

Survey Indicates Good Times Ahead for Businesses

Tough weather and economic conditions may have hit Queensland earlier this year, but a recent survey says Queensland’s businesses remain upbeat.

Although Queensland was found to be below the national average in terms of “happiness”, its outlook is positive. This was according to Westpac’s Local Business Sentiment Survey.

“What we found interesting was that even though Queensland is doing it especially tough it registered a happiness score of 58, just under the national average,” said Westpac General Manager SME Segment Sian Lewis. “This shows a particular resilience in the Queensland business community – I would have expected them to be a little more off the pace,” he added.

Queensland, Tasmania, and the Northern Territory all ranked under the national level but small businesses in Victoria, Western Australia, and the ACT ranked more than 60 in the “happiness index” of businesses in Australia.

Another result from the survey was that 2 out of 3 Australian businesses indicated that “business is good” and that 57 per cent of those surveyed say that a stronger performance may be expected in the next six months.

While the biggest headaches of small businesses are managing business costs, driving sales, and employee performance, the positive factors included positive customer relationships, meeting personal goals, and strong operational performance.

Local business forecasts remain positive even with the recent financial and natural disasters that hit Australia.

Profit targets are expected to be met by more than half of all small businesses in Australia and 25 per cent thought their businesses were likely to do better than expected.

There were 2500 answers from respondents coming from Westpac’s business customers that were collated for the survey.

News Source: Queensland Business Review »

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