The majority of Australians (84%) believe that small businesses positively impact their local community.
In this annual report, now in its seventh year, we investigate the future of small business – what this may look like, barriers preventing small businesses from thriving and whether operators are future-proofing themselves to meet the evolving needs of their customers.
The research was commissioned by American Express and undertaken by RFi Group, surveying over 1,000 consumers and more than 870 small business owners
from across Australia in August 2019.
While most small business owners (38%) cite the positive impacts of business ownership on their personal wellbeing, they also note some drawbacks. One fifth (22%) admit to working less hours in their business as a result of the mental strain, while 16% have laid off staff or experienced weaker business performance.
Mental health challenges cost small businesses
The statistics also indicate a correlation between businesses impacted by mental health challenges and lower turnover, which equates to a $19.1 billion a year impact to SMBs.
This year the Boomerang Dollar has increased to 45.4% - this means that just over 45 cents of every dollar spent in a small business flows back into the local community through salaries to residents, payments to local suppliers, charities, schools and sponsorships.
For more insights, download The Economy of Shopping Small:
The Future of Small Business as a PDF.