The states of Victoria, South Australia and Tasmania are home to some of the most confident small businesses, as these states see a considerable increase in confidence levels.
That’s the finding from the most recent survey from Sensis, which has released the findings of a recent study into the performance of companies across the country.
Of all states, Tasmania saw the largest increase in business confidence. Companies in the area reported a 24 per cent increase in optimism compared to the previous quarter. Victoria and South Australia also ranked highly, achieving a 10 per cent and 5 per cent expansion respectively.
Overall, business confidence recorded a score of 27 per cent, representing the difference between the number of positive and negative responses to the survey. More than half of respondents also recorded optimism in the survey, with 51 per cent expressing enthusiasm about the future.
There was also a significant difference between how positive companies are feeling, with many of the variations hinging on geography. Urban companies that took part in the survey recorded the higher levels of optimism, along with better performance across recent months.
By sector, the cultural, recreational and other services sector reached the highest levels of optimism. Other sectors that scored highly included insurance and finance and community and health services.
The main reasons for concern from business owners is coming from a lack of sales, while spending patterns in general are also a major source of concern for local businesses.
While many companies are clearly feeling positive about the future, it is important for organisations to invest in the right processes to drive this growth. Accounting software is just one of the supports companies can put in place to realise long-term growth.
