Small businesses are the backbone of the Australian economy. Despite this, large corporations and industrial giants are often looked upon as the driving force of business, but many seem to forget the power of small business. According to the Reserve Bank of Australia, around 95 per cent of the 2 million actively trading businesses in Australia in 2011 were small businesses: around two thirds had no employees, a quarter had up to four employees and a tenth had between 5 and 19 employees.
Interestingly, NSW is home to the largest number of small businesses in the country, employing almost half of the state’s workforce. In 2011, the majority of small businesses in NSW were in the services sector (85.3%, followed by the agricultural sector (8.5%. Nationally, the small business sector employs more than 4.5 million people, which equates to around 43%of private sector employment.
Typically, large corporations get more media coverage and recognition that their small business counterpart, however it’s small businesses who are “top dog” in our economy.
They are innovative, creative, and provide new opportunities to help push the economy forward. To find out more, get in touch with Start Grow Run today.
