Small business trends in Australia in 2020
2020 has been a tough year for all businesses in Australia, but especially so for small businesses. The latest report from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) reveals the biggest trends of the year.
40% of Australian small businesses changed the way they provided their products and services in 2020. Many moved to ecommerce for the first time. Many didn’t have a choice, with flexibility being key to their survival during the COVID-19 restrictions. 20% of those businesses will maintain their changed way of operating post-COVID-19.
Australian small businesses were paid on average 31 days late, which is an increase of 18 days from 2019. This is putting pressure on small business cash flow.
The majority of Australian small business owners (40%) are aged between 45 and 59. Less than 8% of small business owners are aged under 30 years.
54.5% of Australian small businesses have a web presence and 47.8% are on social media.
63% of Australian small businesses place online orders and 41.4% receive orders via the internet.
Small business still employs 4.7 million Australians, making the sector Australia’s biggest employer.
The construction segment is the largest in Australia’s small business sector.
How we can help
At Scorpion Bookkeeping, we can help you to implement Xero bookkeeping software to help save you time and hassle. We are a Xero-certified partner. One of its key features is helping you to automate and collect your accounts receivable so you can get your cash flow under control.
We also provide bookkeeping support services to a diverse range of clients in Victoria, South Australia and New South Wales.
If you have a small business or you’re thinking of starting one, we can help you get your finances sorted.
Contact us today for a free, no-obligation consultation to find out how we can help your small business!