Survey shows tough year for small business but optimism remains

66% of Australian businesses have reported increased (41%) or stable (25%) revenue this year, and more than 80% of businesses expect to have positive or stable revenue figures in 2012, according to the 2011 Reckon Annual Australian Small Business Survey released today.

Over 1200 small business owners and managers took part in the 2011 Reckon Annual Australian Small Business Survey conducted by software specialist Reckon Limited last month to gauge how businesses have performed throughout the year, their expectations for the year ahead, as well as to uncover technology and lifestyle trends.

Reckon’s Business Division CEO, Gavin Dixon, says the survey shows that despite global uncertainty this year, many small businesses in Australia have remained profitable and are optimistic about the year ahead.

“2011 has been challenging for many small operators in Australia. Reckon’s survey shows the vast majority (81%) of businesses have seen an increase in costs and nearly half have faced increased competition for their products or services,” says Dixon.

“Despite these challenges, as well as concerns about economic conditions and rises in living costs, it is heartening to see that businesses are feeling relatively upbeat about the year ahead with four out of five businesses expecting to increase their revenue or for it to remain stable in 2012.”

Revenue performance figures varied only slightly from state-to-state. Close to half of all NSW (46%) and Victorian (44%) businesses indicated an increase in revenue in 2011.

The 2011 Reckon Annual Australian Small Business Survey showed economic conditions ranked as the top concern for 1 in 3 businesses, with increased costs of living (21%) and the introduction of a carbon pricing scheme in 2012 (20%) ranking as the second and third highest concerns.

“Respondents have ranked uncertain economic conditions high again this year. This is not surprising. Business owners and managers want to be able to control their business future, global uncertainty can leave many feeling vulnerable, “ says Dixon.

A report covering the 2011 Reckon Annual Australian Small Business Survey results is available online here: http://home.quicken.com.au/Documents/PDF/2011_ReckonSmallBusinessSurveyFindings.pdf