Business Survey Outcomes

Almost a quarter of Warrnambool businesses are in retail;  the majority employ less than 10 people and more than a third generate some sales via the Internet.

These are just a smattering of insights into the Warrnambool business landscape that have been gained via the inaugural Warrnambool Business Survey, which was launched earlier this month.

Almost a quarter of Warrnambool businesses are in retail;  the majority employ less than 10 people and more than a third generate some sales via the Internet.

These are just a smattering of insights into the Warrnambool business landscape that have been gained via the inaugural Warrnambool Business Survey, which was launched earlier this month.

South West Credit was a major partner in the commissioning and distribution of this survey, which is believed to be the first of its kind for a regional city.

Conducted in March and April this year, the survey came about when I discovered there was little to no information available locally that mapped how local business was feeling, trading and growing.

An approach to the Warrnambool City Council’s Business Support Unit led to the formation of a partnership with Deakin University and from there, the survey eventually materialised.

Response to this survey was exceptional – more than 460 businesses returned surveys, exceeding the expectations of all involved. This has ensured a very strong sample from which to draw conclusions, giving great weight to the insights the survey will provide.

Overall, the survey indicates that while generally, local businesses think they are performing at a similar level to last year, Warrnambool’s retail and primary industry sectors tend to be having the toughest time seeing out the current financial climate.

As the survey report points out, this reflects a national trend that has seen retail sales across Australia fall by .5 per cent in March. Annual retail spending is now at two per cent, which is well below the 10-year average of six per cent. So Warrnambool’s retailers are right to feel as though things are slow for the first half of this year. It doesn’t necessarily offer a solution, but it’s always good to know it’s not something our local traders are doing wrong, or ineffectively; across the country, shoppers just aren’t spending like they once did. Warrnambool shoppers are no different.

This is a perfect example of the value that these findings will have for Warrnambool businesses over the next year. It’s the first time we’ve had such a clear insight into local trading sentiment and, as such, the first time we can accurately compare it to state and national trends. As I said, it may not offer specific solutions, but comparisons like this mean we can make accurate assessments and plan effective solutions.

There’s much more to be gleaned and gained from this survey – and our intention is that it’s the first of an annual snapshot of the local business landscape.  Read more about it by clicking here

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