Business sentiment up in western Sydney
The sixth Making Western Sydney Greater Report, published in collaboration with Western Sydney University, has found business sentiment is at a five-year high among the 200 businesses surveyed in the region.
Of note, the report highlights surveyed businesses in the area expect to exceed revenue and profit targets by more than 10 per cent this year.
Director of Academic Programs (Accounting) at Western Sydney University, Dr Michelle Cull, noted integral partnerships between the University’s School of Business and small and medium-sized enterprises (SMEs) contributed to the improved business outlook.
“Collaboration between Western Sydney University and local businesses in the region takes place in many forms, whether through work-integrated learning in the curriculum, career events, professional networking events, or research and consultancies,” said Dr Cull.
The report found the outlook for large businesses remained consistent year-on-year, while SMEs experienced an increase in sentiment with the most significant increase recorded for the south-west region. It also emphasised the need to attract and retain skilled employees and to develop strategies to deal with increasing competition.
John Spender, Director of Business Advisory at William Buck, said businesses must prepare for such significant short-term challenges.
“In the next 12 months, the multitude of infrastructure projects in the area will be a double-edged sword – burdening SMEs and their retention strategies – however, by finding coping mechanisms during this period, businesses will reap the rewards of sustainable infrastructure and almost half of Sydney’s population residing in the region,” said Mr Spender.
According to Dr Cull, Western Sydney University will play a key role in assisting businesses with growth strategies.
“Western Sydney University is working with its partners to grow knowledge jobs in the region and to help businesses make sense of the opportunities and challenges they face,” said Dr Cull.
Making Western Sydney Greater is a collaborative project between William Buck, St.George, Western Sydney University, and Western Sydney Business Connection, analysing the experiences of business owners and managers in Western Sydney to identify the important issues and priorities for businesses and drive positive change in the region.
To read the full report, visit the Making Western Sydney Greater website (opens in a new window).
21 February 2019
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