Reviewed by Michael Grimshaw, Lecturer/Non-Tenure Track Faculty, California State University, Dominguez Hills on 12/4/22Įven though this text is now 10 years old (2012) many of the areas and ideas for small business are still relevant for some small medium enterprises. Journalism, Media Studies & Communications +.Small businesses experiencing strong growth are much more likely to have owners or managers under 50, have been running for five to 10 years, and be in developing markets.

High-growth small businesses share other interesting characteristics Seeking professional advice supports high-growth small businessesįast growing small businesses were much more likely to seek professional advice in 2021. High-growth small businesses are significantly more likely to be innovating through introducing new products, services or processes. High-growth small businesses are committed to innovation Small businesses experiencing strong growth are much more likely to be focused on improving customer satisfaction, business strategy and management. High-growth small businesses are more focused on their customers Technology continues to be critical to high-growth businessesįast-growing small businesses are much more likely to be selling online, receiving payments through new payment technologies, and using social media in a variety of ways – including learning more about existing and potential customers. The survey also uncovered some common features among high-growth small businesses.

The survey results indicate that 2022 is likely to be a better year than 2021, with more small businesses across the region expecting to grow. Low rates of business growth were a feature of 2021, mostly due to the challenges presented by the COVID-19 pandemic. Findings from our 13th annual Asia-Pacific small business survey provide valuable insights into the sector across 11 economies in Australia, New Zealand and Asia.

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