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Conditions for small businesses have continued to worsen, although we may be close to the bottom, according to the latest Small Business Pulse from the Australian Small Business and Family Enterprise Ombudsman.
The business conditions index declined another 0.1% in November – the ninth consecutive monthly fall – and 1.4% over the year to November. Conditions are currently about 25% below the long-term average.
However, the ombudsman, Bruce Billson, said there were signs of increased interest in growth initiatives for existing small businesses and increased enquiries about starting new businesses.
“There has been a rise in small business owners researching possible innovation initiatives for their businesses – generally these are incremental innovations, which can make a big difference over time. Queries from small business owners on marketing and advertising have also increased, especially digital marketing,” he said.
“A modest turn-around is observed with small businesses increasingly considering hiring staff compared to contractor engagement, despite the persistently tight labour market.”
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