Two alarming statistics for small business owners.
A recent report by the Australian Small Business & Family Enterprise Ombudsman acknowledged the debt owed by all of us to small and family run businesses. The report which can be accessed via this link https://www.asbfeo.gov.au/small-business-data-portal/small-business-matters is a welcome look at the role of small and family businesses in this country. The statistics show that almost 98% of businesses in Australia are small, yet they employ more than 5.1 million people. Unfortunately, two less flattering statistics stand out.
- Three-quarters of self-employed small business owners working full-time earn less than the average full-time adult wage.
- Two out of five micro and small companies (43%) are non-profitable, the lowest proportion since 2012-13.
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