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Small Business, Big Impact: The Truth About What Small Businesses Need (and Why It Matters)

  • Writer: Teresa J Debevec
    Teresa J Debevec
  • Jun 6
  • 2 min read

Updated: Jun 17

Welcome to another edition of our "Champion of Small Business" blog series, where we put the spotlight on the true unsung heroes of Australia’s economy: small businesses.

Quirky Facts About Small Businesses in Australia

According to the Australian Bureau of Statistics (ABS):

  • There are a lot of them: Small businesses make up around 97.2% of all businesses in Australia, that’s almost 2.6 million businesses.

  • They keep Aussies working: They employ over 5.4 million people, which is approximately 42% of the private sector workforce.

  • They're economic heavyweights: Small businesses contribute over $590 billion to our GDP, almost one-third of Australia’s economic activity.

However, it's not all easy, almost half of small businesses post a loss, which highlights just how challenging the environment can be without the right support.
Gold Coast Virtual CFO | What Small Businesses Need

What Small Businesses Need to Truly Thrive

Small businesses are vital to our economy, providing significant benefits to our communities. However, they frequently encounter challenges. With increasing costs, staffing issues, and insufficient reliable support, navigating the future can be challenging. This highlights the importance of understanding the needs of small businesses, not only financially but also from a strategic and emotional viewpoint. They truly thrive when they have clear insights into their finances, feel supported by their community, and receive reliable guidance to help them plan, adapt, and succeed.


How You Can Support Small Businesses

  • Support local: Shop small whenever possible.

  • Leave a review: A five-star Google review can be more valuable than a paid advertisement.

  • Refer a friend: Word of mouth is still the most effective marketing strategy for small businesses.

  • Be kind: They don’t have departments or call centres. They’re doing it all, so a bit of patience goes a long way.

Why I Champion Small Business

I’ve had the pleasure of working with small businesses across various industries, including some that are thriving while others face challenges. I truly understand the passion, energy, and risks involved in running a business. That’s why I launched Gold Coast Virtual CFO. I believe small businesses deserve access to the same strategic financial guidance as the larger ones, but in a way that suits their unique size, pace, and goals.

Let’s not underestimate their impact. Small businesses are not small players. They're big contributors with big potential. And they need champions like you and me to keep thriving.

Stay tuned for more stories in our “Champion of Small Business” series. Let’s keep the spotlight on the local legends building Australia’s future.


 

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