May Small Business Survey

The Commission’s latest Small Business Survey shows NSW small business confidence has stabilised after bouncing back post Omicron.

Small business confidence has risen for a third consecutive month since February 2022. The number of small businesses that indicated they were confident about their individual prospects is now 15 per cent higher than in February 2022. The percentage of small businesses concerned about the impact of COVID-19 fell by 33 per cent over the same period.

While small businesses are now less concerned about COVID-19, survey results indicate that other concerns are now putting pressure on small businesses. Increased cost of business inputs was the number one concern for small businesses for the second month in a row, with 69 per cent expressing concern in May 2022. The next highest concerns were again cashflow and the level of customer demand with 58 and 57 per cent expressing concern about these issues respectively.

Small businesses are adapting their strategies as they look to meet challenges in the current operating environment. Two in five businesses reported implementing strategies targeted at reducing costs (44 per cent) and/or increasing the price of price of their goods and services (40 per cent).

Many small businesses are also looking to establish or expand their online presence to find new growth opportunities.

The online survey was completed between 9 and 18 May with more than 2,000 small and medium businesses across NSW responding.

Related information:

• Small Business Survey