Understanding the Life Cycle and Mindset of Queensland Small Businesses
Posted on May 28th, 2024
The Queensland Small Business Commissioner (QSBC), Dominique Lamb, is excited to share some valuable insights from their latest report, Understanding the Life Cycle and Mindset of Queensland Small Businesses.
Why this report matters:
As small businesses make up over 97% of all businesses in Queensland and employ more than 1 million people, QSBC know understanding your needs is crucial! They engaged Central Queensland University (CQU) to undertake this research to give them a better understanding of the $117 billion small business sector.
In the main, research found:
- There are four stages in the life cycle of a small business: initiation, growth, stabilisation, and exit and small businesses cycle between periods of positive or negative growth and stabilisation many times across this lifecycle.
- Above all else, they found that it is stability, not growth, that small business owners seek!
- Research also found that the mindset of small business owners remains relatively consistent across the lifecycle of the business.
- They found small business owners are highly customer-focused—making their customers their top priority. They also have a good understanding of their competitors and are open to innovation but not highly enthusiastic about it.
- In the main, they found small business owners tend to avoid risk-taking, even when high returns are possible and are not keen in being the first to adopt new technologies, products, and services.
- They also found most do not use analytics, research, or external advice to help inform their decision-making.
What the QSBC doing:
QSBC will use the findings to inform and improve our engagement, services, and advocacy for the Queensland small business community, including:
- Design services and support to provide stability.
- Tailor resources to suit time-poor owners.
- Promote trusted networks and the use of data.
Find out more:
You can read the Understanding the Life Cycle and Mindset of Queensland Small Businesses snapshot and full report on the QSBC website.
