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NSW Businesses Upbeat for the Future: MYOB Business Monitor

MYOB Business Monitor NSW Businesses Upbeat for the Future: MYOB Business MonitorMYOB, one of Australia’s leading providers of business management solutions, has released the findings from the latest MYOB Business Monitor, in which 74% of businesses report revenue levels at the same (39%) or higher levels (35%) than a year ago. In a further upbeat sign 47% of businesses report they expect their revenue to increase even further in the next 12 months.

Adding to the positive news, almost half of businesses (49%) indicated that they have more work than usual in the pipeline over the next three months.

The results are very encouraging for businesses based in New South Wales…

  • 35% of businesses in NSW report revenue increases over the past 12 months.
  • 44% of businesses in NSW expect their revenue to increase in the next 12 months.
  • 51% of businesses in NSW report they have more work/sales than usual in the pipeline for the next 3 months (above the national average for all States of 49%).
  • It’s equal when it comes to satisfaction with the Federal Government, with 29% of businesses in NSW dissatisfied and 29% satisfied with the Federal Government’s support for business.

Tim Reed, CEO, MYOB said, “These results clearly indicate that the engine room of the Australian economy has survived the GFC and is now picking up speed. Whoever forms government must look to support this momentum with some strong first term business policies.”

“The MYOB Business Monitor indicates that around a third of businesses were dissatisfied with Federal Government support prior to the election. Two key areas of concern were highlighted – having to deal with red tape and understanding how new legislation impacted their operations. Both were regarded by almost two thirds of businesses as having a significant impact on their business success,” Mr Reed said.

“Our research shows there is a clear mandate from business owners for bold policy action to minimise red tape, simplify reporting requirements and reduce the tediousness of a complex array of personal, company, capital gains and fringe benefits taxes,” he added.

Other findings from the August 2010 MYOB Business Monitor include:

  • Start-up (<2 years) businesses appear to have fared better over the last year, with 40% reporting a business revenue increase over the last 12 months (vs. 26% for mature businesses of >10 years).
  • Younger business owners (18-39 years) are more likely (42%) to report revenue increases in the past year, compared to business owners aged over 40 years (30%).
  • Businesses that leverage their own website to promote their operations are more likely to report a revenue increase (39%) than those who don’t have a business website (32%).
  • Regional based businesses have a higher level of expectation for revenue increases in the next 12 months (51%), ahead of city/metro based businesses (46%) and rural based businesses (38%).
  • Younger business owners are more confident about future revenue, with 51% of business owners aged 18 to 39 years expecting revenue increases in the next 12 months, compared to 44% of business owners aged over 40 years.

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