Broome Chamber's Small Business survey reveals 1 in 3 increased performance last FY
Written on the 6 September 2016
One in three of Broome's small businesses have recorded an increased performance for the last financial year compared to the prior year, FY14/15.
In a recent confidence monitor of small business in Broome, it was revealed sectors most resilient to Broome's economic downturn were hospitality, wholesale, transport and business consulting services.
The construction sector recorded the lowest confidence of those surveyed, followed by accommodation and trades and services.
The results were recorded by the Broome Chamber of Commerce & Industry who surveyed a cross section of industry about their business performance and future confidence.
Of the surveyed businesses, more than half (55%) recorded a rise in the cost of doing business in Broome within the past two years with electricity being the highest rising cost at over 21% for one in ten businesses.
Additionally, the cost of insurance, staff and rates were also among the highest increases to business within two years, a period where 61% of businesses say turnover was stagnant.
President Broome Chamber Peter Taylor said "Broome's small business sector is in need of a boost with 41% of businesses recording a weaker performance in the last financial year in comparison to FY14/15.
"There is no silver bullet that will magically change the business environment but businesses that focus on customer service, competitiveness, innovation and great marketing will continue to do well."
One survey respondent said that they have made major changes to help drive more customers to their business, and another declared the need to adapt to change and diversification in their business.
The Broome Chamber is taking a proactive approach and will be highlighting the effectiveness of local procurement policies as one way to boost activity. The Chamber has already had positive discussions with the Shire on this matter and will also be encouraging local organisations in Broome to give greater consideration to local businesses for tenders and general purchasing.
"As a community we should have the confidence in capable local businesses and service providers rather than outsource the work to capital city entities who have little knowledge of local conditions and add little to the regional economy" Peter Taylor said.
The Broome Chamber has committed to establishing an online database of local business capability to showcase the availability and variety of local businesses as well as a series of workshops to assist in upskilling in tendering and service levels.
Full results of the survvey can be viewed HERE.
The Broome Small Business Confidence Monitor surveyed 65 businesses in Broome; sample size of 1200 small businesses being 55.
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