"Navigating the Red Tape Maze: Insights from the ACCI Small Business Conditions Survey 2024"
Reflections on ACCI Small Business Conditions Survey 2024 & Insights from the Somerset Business Chamber Event
Introduction
The 2024 ACCI Small Business Conditions Survey highlights the immense challenges facing small businesses across Australia, with red tape, rising costs, and regulatory pressures posing significant hurdles. These findings provided a timely foundation for discussions at the recently concluded *Queensland Small Business Commissioner Event*, hosted by the Somerset Business Chamber at the Picnic Society in Toogoolawah on November 20, 2024.
Key Survey Findings
1. Impact of Red Tape
- 82% of small businesses report red tape has a moderate or major impact on operations.
- 61% say the burden of red tape has grown in the past year.
- Compliance costs for 20% of small businesses exceed $50,000 annually.
2. Business Viability at Risk
- 45% of small businesses considered closing in the past 12 months due to mounting pressures, with the figure rising to 57% in regional areas.
3. Greatest Pressures on Small Businesses
- Rising costs (80%) and workforce shortages (57%) dominate concerns, followed by government regulations (49%) and reduced profitability (40%).
4. Industrial Relations and Compliance
- Over 50% of businesses anticipate damaging effects from recent industrial relations changes.
- Many lack the resources to effectively manage increased compliance requirements.
Event Highlights
During the event, Somerset Business Chamber President, Mr. Lee Robinson, addressed these findings and their implications for local businesses. He emphasized how the challenges outlined in the ACCI survey resonate deeply with Somerset's business community, particularly given the additional hurdles faced by regional enterprises.
"Our small businesses are the backbone of Somerset’s economy, but the ACCI survey underscores how the weight of red tape and escalating costs threaten their very survival," Mr. Robinson said. "At this event, we’ve had the opportunity to share these concerns directly with the Queensland Small Business Commissioner and explore potential solutions to alleviate these burdens."
The Commissioner provided valuable insights into how businesses can navigate the regulatory landscape and highlighted the role of the Small Business Friendly Charter in fostering collaboration between councils and businesses. The event also served as a platform to discuss practical measures for reducing compliance pressures and supporting growth in regional economies.
Looking Ahead
The Somerset Business Chamber expressed its commitment to advocating for local businesses and ensuring the findings from the ACCI survey spark meaningful change. Feedback from the event underscored the importance of such gatherings in uniting the business community and amplifying their voice at the policy-making level.
Conclusion
As Somerset’s small businesses move forward, the Chamber remains steadfast in its mission to address the challenges they face and champion their resilience. The *Queensland Small Business Commissioner Event* was a significant step in that direction, reaffirming the vital role of collaboration between businesses, councils, and government to create a thriving, supportive business environment.
Download the full Survey here: