How can Australian businesses develop confidence?

How Australians Feel about the Future of Business: Part Three

This is part three in a four-part series that unpacks the January 2017 released Bankwest Future of Business 2017 Outlook Report. In the first part, we looked at overall business sentiments. In the second post, we explored their expectations of the coming three months. Now, we reveal Australian businesses expectations of the next twelve months.

How confident do Australian businesses feel about the next twelve months?

Bankwest Future of Business 2017 Outlook Report - Business Performance Profit

Overall, business confidence is at a high level. In fact, 76.2% of businesses are feeling confident about their prospects. Medium businesses are slightly more optimistic than small businesses, with 78.6% of the former expressing confidence, as opposed to 73.7% of the latter.

What types of businesses are feeling the most confident about the next twelve months?

The most confident businesses are those involved in insurance and finance. The least confident businesses are those involved in hunting, fishing, forestry and agriculture.

Which factors influence business confidence?

The report found that the two factors that are most likely to promote confidence are:

  • Assertive management
  • Strong supply and demand 

In contrast, the three factors that are most likely to detract from confidence are:

  • Growing expenses
  •  Economic uncertainty 
  • Increasing profit margins, as a result of increasing competition

How can Australian businesses develop confidence?

The report provides three tips for boosting confidence. The first is the development of a plan that's proactive, confronts difficulties and creates avenues for making the most out of opportunities. The second is the investment in tools for better understanding customers, in order to tailor goods and services effectively setting aside time - at least a few hours per week - for brainstorming. And finally, the third tip is that ideas should focus on innovation and coming up with strategies for developing a competitive edge.

Bankwest Future of Business 2017 Outlook Report - Business Performance Revenue.

Find out more

If this blog post was useful, you'll enjoy parts one and two on Bankwest Future of Business 2017 Outlook Report. Got some time? Head over to Bankwest to download the full Bankwest Future of Business 2017 Outlook Report.

About iFactory

iFactory is a digital agency, founded in Brisbane, Australia in 2004. We live in an ex-printing factory, in the Breakfast Creek Heritage Precinct. Get in touch with us today to learn about how we can improve your business confidence through custom application development tailored to your business. 

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