Small Business Momentum Survey
August 2023
Confidence
30% of businesses indicated they were confident in their individual business prospects.
Concerns
82% of businesses indicated they were concerned about the cost of business inputs.
Momentum
The Momentum Index* increased by 4.6 points between July and August to 88.7 index points.
Staff
50% of businesses that have plans to expand are looking to hire additional staff.
Expansion
35% of businesses indicated they have plans to grow, alter or expand operations.
Revenue
17% expect revenue to increase, compared to 34% expecting a decline.
*The Index is comprised of three core indicators, including business decisions to hire staff or purchase capital equipment, their recent performance and expectations of their near-term performance.The Index measures current sentiment and business performance relative to recent levels. A recording above 100 implies businesses are in an expansionary phase and picking up momentum. A recording below 100 implies businesses are in a contractionary phase and slowing down in momentum.
These statistics are drawn from the results of an online survey completed by over 600 businesses across NSW, between 1 – 31 August 2023.
About surveys
The Commission works to help resolve issues affecting small businesses across the State and influence meaningful change.
To this end, the Commission conducts a monthly survey to measure the confidence and performance of small businesses across NSW. The Commission will also conduct ad hoc surveys from time to time on specific issues.
Surveys are conducted through an online platform and responses provided by small businesses are treated confidentially.
Any questions or feedback regarding the survey may be sent to [email protected]
View previous monthly survey reports
August 2023
July 2023
June 2023
May 2023
April 2023
March 2023
February 2023
January 2023
December 2022
November 2022
October 2022
September 2022
August 2022
July 2022
June 2022