NAB Special Small Business Report: Survival to Success

In our latest report, we look at what small business needs to succeed.

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7 in 10 Australian businesses are planning to invest to grow in the next 12 months.

COVID-19 and most recently, lockdowns in Australia’s two largest cities, highlights just how challenging and unpredictable the economic and business environment is at present. We commissioned a special survey* of more than 550 Australian businesses to better understand the key issues on their minds and what their plans are for growth.

KEY FINDINGS

• Around 7 in 10 Australian firms are planning to invest to grow their business in the next 12 months.
• The top reason preventing firms from growing is general uncertainty due to COVID.
• Almost 3 in 10 firms say greater certainty on COVID restrictions would encourage them to invest followed by 1 in 5 firms who said greater levels of COVID vaccinations would help.
• Almost 1 in 2 are planning to invest in new products or services, just over 4 in 10 in new technology or systems, to hire, retain and train staff or in new equipment.
• Around 3 in 10 are looking to expand into new geographical markets, 1 in 4 in bigger or additional premises and 16% to acquire other businesses.

Get all the insights in NAB Special Small Business Report: Survival to Success

*The survey was taken between June 29-July 1.