The survey of small businesses across 11 economies in Australia, New Zealand and Asia by an industry accounting association showed that 2021 was one of the slowest in terms of business growth due to the challenges presented by the COVID-19 pandemic.
However, it also revealed that many small businesses expect 2022 to be better with more small businesses across the region expecting to grow.
The survey also uncovered some common features among high-growth small businesses.
It found that fast-growing small businesses are much more likely to be selling online, receiving payments through new payment technologies, and using social media in a variety of ways – including learning more about existing and potential customers.
The survey also revealed that small businesses experiencing strong growth are much more likely to be focused on improving customer satisfaction, business strategy and management and high-growth small businesses are significantly more likely to be innovating through introducing new products, services or processes.
Professional advice was paramount in helping small businesses manage the changes that impacted them during 2021 and the survey also found that small businesses experiencing strong growth are much more likely to have owners or managers under 50, have been running for five to 10 years, and be in developing markets.
