Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a loan. Jordan Barnett, Kapow Meggings Why write a business plan? Laying out a business plan helped us identify the “unknowns” and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves. Small businesses experiencing strong growth are much more likely to have owners or managers under 50, have been running for five to 10 years, and be in developing markets.We had a marketing background but not much experience in the other functions needed to run a fashion ecommerce business, like operations, finance, production, and tech. High-growth small businesses share other interesting characteristics Seeking professional advice supports high-growth small businessesįast growing small businesses were much more likely to seek professional advice in 2021. High-growth small businesses are significantly more likely to be innovating through introducing new products, services or processes. High-growth small businesses are committed to innovation Small businesses experiencing strong growth are much more likely to be focused on improving customer satisfaction, business strategy and management.

High-growth small businesses are more focused on their customers

Technology continues to be critical to high-growth businessesįast-growing small businesses are much more likely to be selling online, receiving payments through new payment technologies, and using social media in a variety of ways – including learning more about existing and potential customers. The survey also uncovered some common features among high-growth small businesses. The survey results indicate that 2022 is likely to be a better year than 2021, with more small businesses across the region expecting to grow. Low rates of business growth were a feature of 2021, mostly due to the challenges presented by the COVID-19 pandemic.

Findings from our 13th annual Asia-Pacific small business survey provide valuable insights into the sector across 11 economies in Australia, New Zealand and Asia.

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