It's a good start to 2017. According to the latest BankWest Future of Business report, some 80 per cent of Queensland's SMEs are feeling confident about their performance in the next few months.
In fact, the overall sentiment index compiled by BankWest shows that Queensland businesses are the most confident in the country, leading NSW by a considerable margin. "It's heartening to see this optimism of business owners in Queensland at the start of 2017," noted General Manager of Business Banking Sinead Taylor.
This is a great result, for sure – but where specifically are businesses feeling good? And what are the impacts for commercial real estate here on the Gold Coast?
The BankWest report compiled responses from more than 500 companies across the Sunshine State, polling them for areas of strength, optimism and weakness. Over the next three months, only 9.5 per cent of respondents expect their profits to fall, which Taylor says is remarkable given the current global climate.
"Despite the uncertain economic conditions, as well as any possible economic instability generated by the political changes in the United States, the state's business owners are still feeling upbeat," she noted.
The upswing in confidence is down to three major factors: improvements in business efficiency, innovation among products and gaining access to new customer segments. A total of 45.9 per cent of respondents said the last of these played a part in their confidence, which opens up doors for commercial property around the Gold Coast.
Whether it's an online store opening a retail shop front or an existing industrial company moving closer to lines of production, a relocation can be the ideal way to open yourself up to a new consumer audience – especially on the busy Gold Coast.
In a response to the report, Minister for Small Business Leeanne Enoch praised Queensland's SMEs in particular.
"According to the report they had the highest rating across Australia in the new Bankwest Business Sentiment Index with four fifths feeling confident over the next three months and almost a quarter believing the global economy will expand," she commented.
She highlighted a number of government projects and grants, that could prove useful for anyone looking at a new commercial lease on the Gold Coast. This includes:
Ms Enoch says these strategies are designed to enable small businesses and sole traders to get off the ground, hire staff, work more efficiently and join this swell of confidence among Queensland businesses. Considering we are sitting on top of the country for optimism, it seems like a good time to get on board.
Despite this positive news for Queensland commercial enterprises, there were some areas that BankWest identified as pain points. Cash flow, ever a problem for a small organisation, remained an item that BankWest said kept businesses up at night.
This came alongside overall growth, meeting compliance requirements, successfully handling big workloads, as well as recruitment and retention of staff. "Businesses need to be able to evolve and adapt to today's fast changing world in order to be sustainable and successful," Taylor concluded.
While we may not be able to find you new staff members here at Ray White Surfers Paradise, we can help you capitalise on positivity with the right commercial property on the Gold Coast. Whether you are downsizing, upgrading, moving here for the first time or simply want to invest in retail to increase yields, we can find what you need. Get in touch today.