Asia-Pacific small business survey
Content Summary
2023-24 results
Findings from our 15th annual Asia-Pacific small business survey provide valuable insights into the sector across 11 economies in Australia, New Zealand and Asia. 2023 was a year of growth for most small businesses, with most markets reporting an increase in the number of small businesses that grew in 2023 compared with 2022.
The survey results indicate that 2024 is expected to be a better year than 2023, with more small businesses across the region expecting to grow.
The survey also uncovered some common characteristics of high-growth small businesses:
Technology is critical to high-growth businesses
High-growth small businesses continue to be significantly more likely to sell online, receive payments through new payment technologies, review their cybersecurity protections, and use social media in a variety of ways – including communication with customers.
High-growth small businesses are more focused on the customer experience
Small businesses experiencing strong growth are much more focused on improving customer satisfaction, business strategy and business management.
High-growth small businesses are innovative
High-growth small businesses are significantly more innovative through introducing new products, services, or processes.
High-growth small businesses are cybersecurity savvy
High-growth small businesses are significantly more likely to have reviewed their cybersecurity practices regularly and tend to expect greater cybersecurity attacks.
High-growth small businesses are more focused on exporting
High-growth small businesses are significantly more focused on entering new markets and growing export revenue.
Professional advisers play an important role in supporting high-growth small businesses
Fast growing small businesses are much more inclined to seek professional advice – especially from IT and business consultants.
High-growth small businesses share other interesting characteristics
Small businesses experiencing strong growth are much more likely to have owners or managers under 50, have been established for five to 20 years, have between 10 to 19 employees, and be in developing markets.
Asia-Pacific small business survey results 2023-24
Survey results by market
Other market summaries will be uploaded as they are released.
2023 was a weaker year for Australian small businesses than 2022, and it was weaker than expected. 41 per cent of Australian small businesses told us they grew last year, down seven percentage points from 2022. It was also 14 percentage points lower than expected. This was the lowest result of the 11 markets surveyed. However, despite the decline, the result was still better compared to pre-Covid year.
2023 was a stronger year for Hong Kong’s small businesses than 2022, although it was weaker than expected. More than half (57 per cent) of Hong Kong small businesses grew last year. That reading was nine percentage points lower than expected.
2023 was a strong year for India’s small businesses. 77 per cent said that they grew last year. This was second highest result among the 11 markets surveyed and up from 73 per cent in 2022.
Asia Pacific small business survey 2023-24, Indonesia market summary
The 2023 survey results showed that last year was a stable year for mainland China’s small businesses. 53 per cent responded that they grew last year, down slightly from 54 per cent in the previous year.
Asia Pacific small business survey 2023-24, Malaysia market summary
Asia Pacific small business survey 2023-24
2023 was a weaker year for New Zealand small businesses than 2022, and it was weaker than expected. 48 per cent of New Zealand’s small businesses told us they grew last year, down noticeably from 60 per cent in 2022. It was also 18 percentage points lower than expected.
2023 was a better year than 2022 for Singapore’s small businesses. 47 per cent reported that they grew last year, up from 34 per cent in 2022. Adding to this somewhat positive result, the percentage of small businesses that grew last year was higher than expected.
2023 was a better year for Taiwan’s small businesses. 51 per cent said they grew last year, up from 40 per cent in 2022.
2023 was another strong year for Vietnam's small businesses. 77 per cent grew last year, placing the country third among the 11 surveyed markets.
2023 was a strong year for Filipino small businesses. 71 per cent said that they grew last year, the fourth highest among 11 surveyed markets.
Previous results
CPA Australia has conducted this survey annually since 2009.
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