Small businesses predict rapid growth post COVID-19

Despite the impact of the ongoing global pandemic, Australian small-business owners are confident about their recovery, with almost half expecting rapid growth over the coming years.

The GoDaddy Global Entrepreneurship Survey, that took a deep look into the pandemic’s effect on the world’s small businesses, noted that 11 per cent of Aussie SMEs have experienced an increase in revenue, compared to just eight per cent globally.

Many respondents cited the effectiveness of the Australian Government’s COVID-related financial stimulus packages, which have been cited as “very helpful”, compared to the global average of the regions surveyed (30 per cent as compared to 14 per cent).

In addition, 82 per cent of our small businesses reported that they are optimistic of their recovery within 12 months, compared to 70 per cent of their global counterparts. And almost half (44 per cent) expect their business to grow by 50 per cent or more in the next three to five years, significantly higher than the 26 per cent of small businesses globally. In relation to this, 54 per cent of entrepreneurs in Australia have actually started a business during the pandemic with the global average only at 16 per cent.

“Resilience, dynamism and determination are terms that define Australian small businesses more than ever before,” Suzanne Mitchell, Director of Marketing for GoDaddy Australia, said.

“In the face of a year defined by challenges that few could have predicted, we’ve seen our small business community adapt and pivot to help set themselves up for success. Add to this the optimism shown in our latest research, and it’s an inspiring indication of the Australian entrepreneurs’ potential to bounce back and drive forward,” Mitchell added.

Gabby Simoni, who leads marketing at Australia’s Golden Outback, a not-for-profit tourism board in Western Australia, said that despite the disruption to international travel, this situation will encourage Aussies to see what their own country has to offer supporting local businesses with the boom in local tourism in the process.

“The tourism industry has been disrupted by this global pandemic, and we’re no different,” Simoni said. “At a time when we’d normally have begun the bulk of our activity, restrictions were enforced and travel almost entirely ground to a halt. However, as the majority of Australia begins to return to some semblance of normality and interstate travel becomes more feasible, our optimism about the future as both a business and an industry is really growing.

“It might not be quite what we’re used to, but we hope that in lieu of international travel, Australians will travel to beautiful destinations – both in West Australia and across the country – supporting local businesses and communities with tourism,” Simoni said. “After a really challenging few months, we’re really excited and hopeful about what the upcoming months and years will hold as we recover not only as an organisation, but a country.”

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