Financial services SMEs report healthy revenues
Small businesses in the finance and insurance industry were the most likely to report a rise in revenue for the last year, accoring to a survey conducted by accountancy software provider MYOB.
The March 2013 MYOB Business Monitor survey of 1005 Australian business owners and managers found that 29 per cent of finance and insurance industry small businesses experienced a rise in revenue over the last year.
In comparison, 52 per cent of businesses in the manufacturing and wholesale industry saw revenues fall - and 49 per cent of respondents in the transport, postal and warehousing industries experienced steady revenue.
But there was a sense of optimism among the small businesses surveyed, with 26 per cent expecting the domestic economy to improve within 12 months - an increase of seven percentage points from the July 2012 report.
When it came to overall attitudes to revenue expectations, 30 per cent of respondents expected a revenue rise; 42 per cent expected revenue to be stable; 19 per cent expected a fall in revenue; and 10 per cent weren't sure.
MYOB chief executive Tim Reed said he expected a rise in economic confidence amongst small businesses at the time of the December cash rate cut.
"I'm even happier to see 72 per cent of SMEs expect increased or stable revenue this year. Considering only 58 per cent saw that occur last year, it indicates hope is springing back for Australia's business coalface," said Reed.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
