A SURVEY by Small Business Loans Australia found that 48% of small-to-medium businesses in Australia plan to expand in 2023, despite the risk of recession.
The survey included 210 business owners and decision-makers across micro, small, medium and large businesses.
Businesses in Western Australia showed the most growth with 88% focusing on growth since 2019, followed by 86% in New South Wales. In 2023, the most confident about growth were businesses in the ACT, with 60% planning to focus on growth.
Micro businesses were the most positive about growth in 2023 with 50% planning to expand, compared to 48% of medium-sized businesses and 37% of small businesses.
Alon Rajik, founder of Small Business Loans Australia, said: “Despite the potential economic slowdown, SMEs will continue to be resilient and confident in their ability to weather tough economic periods.”
He advised businesses to make smart financial choices when expanding and to shop around for low interest rates and fees.
The full survey results can be found at https://smallbusinessloansaustralia.com/growth-in-recession/.
