Published on Jan 24, 2017

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Significant numbers of small businesses are expecting growth over the next six months.

Almost one in four small businesses surveyed by the Commonwealth Bank believe that they will experience growth in the double digits.

Small businesses were confident in their growth despite also predicting tougher business conditions. The research survey conducted by the Commonwealth Bank conducted a comparative analysis of the current outlook of small, medium and large businesses on economic factors, growth prospects and business development priorities.

A summary is provided:

Business Priorities

The survey also found that priorities of small, medium and large companies vary.

Small businesses (<$1 million turnover) are most focused on growth initiatives, sales and marketing activities.

Medium businesses ($1-50 million turnover) are focused on customer service and customer experience.

Large businesses ($50 million plus) tend to centre their activity on technology assisted productivity.

Changing Market Conditions

The survey also highlighted attitudes toward understanding changing market conditions. 91 percent of large businesses cite a good understanding of market opportunities and threats, and are more likely to think that they can harness global conditions.

On the other hand, 73 percent of small businesses agreed that they understand market conditions, and only 16% felt that they could benefit from global economic conditions.

Debt Levels

When it comes to debt levels, small businesses were least likely to agree that they had healthy debt levels and also less likely to say that they have a clear business strategy.

We recently gave some tips on how to deal with late accounts and where to go for assistance if you find yourself disputing a debt – read the story at Account Overdue.

For the full media release on the research, please visit the CommBank Newsroom.