The second annual Adroit Regional Business Survey offers detailed data on the attitudes and mindsets of regional Victorian businesses across a range of industries about their local economy and potential future opportunities.
The report surveyed approximately350 regional Victorian businesses about how they view business, local community, government, and future prospects.
The results show a positive mood among regional businesses with almost half reporting increased revenues and confidence in further growth in the coming year.
"Our second annual survey builds on the results of our inaugural survey last year. We believe we’re providing some tremendous insight into how regional Victorians feel about their future." – Andrew Locke, Adroit Managing Director.
It’s been a prosperous 12 months and there’s confidence in the year to come: 74% of respondents reported revenue had remained steady or increased in FY 16/17 and 61% of businesses surveyed predicted revenues would increase into FY18.
There are more employment opportunities: 20% say they increased their staff numbers, and nearly 25% of businesses expect to increase staff numbers in FY18.
There are some barriers to growth: 62% pointed to the worsening “nanny state” culture in Victoria, with market and economic conditions and the prevalence of regulations also cited as potential hurdles to overcome.
Businesses are looking to the Victorian Government to help facilitate growth: 48% are unsatisfied with the support from the government, with infrastructure/public transport and business incentives/grants also seen as areas in need of investment.
Businesses have noticed change: 54% state there has been change in their industries and it is now a harder business environment to operate in. The main causes for change are increased competition, increased regulation, and shifting consumer attitudes.
This report provides additional breadth of data from the survey and we hope it offers you some valuable insights into the community that we all share.
(By entering your details and downloading the report, you are allowing your email address to be used for future Adroit Insurance Group marketing communications. Subscribers can opt out at any time.)