MYOB finds business confidence diminished
New research has found economic confidence amongst small to medium business operators has sagged to an eight year low, with more than one quarter of those surveyed say they are not expecting the domestic economy to improve for at least two years.
The March 2012 MYOB Business Monitor report surveyed 1043 small to medium business owners and managers (SMEs) nationally and found that almost
38 per cent of respondents said revenue declined over the past year, with 41 per cent of business owners aged over 60 years most likely to experience a fall.
39 per cent of business owners reported revenues holding steady during the past 12 months and 20 per cent said their revenue rose in the same period.
The report also found fuel prices, cost cutting and compliance paperwork are major pressures for a lot of businesses and that fully one third of respondents said they have been unable to holiday with family or friends since commencing operations regardless of how long they have been trading.
Those who had been established for over 10 years were only one percentage point more likely to have made this sacrifice than those in business for less than two years.
The industries hardest hit by revenue losses were construction and trades (46 per cent) and manufacturing and wholesale (45 per cent).
“SMEs account for around 96per cent of businesses in Australia and number well over two million. It is saddening and mind-boggling to think three in ten have sacrificed every potential holiday with friends and family,” said MYOB CEO Tim Reed.
“SME’s need to keep staffing hours and numbers tight has an enormous impact on their quality of life. The most concerning result from this MYOB Business Monitor is that so many self-made business people have not taken a break at all. This has big implications for their wellbeing,” said Reed.