The survey report concludes with observations about the characteristics of high-growth small businesses in the region:

  • Technology adoption is critical for strong growth in such businesses
  • Those that focus on improving customer experience are likely to experience higher growth
  • Innovation and cybersecurity savviness are important traits among the region’s small businesses
  • High-growth small businesses in APAC need to focus on entering new markets and growing exports
  • Fast growing small businesses are much more inclined to seek professional advice – especially from IT and business consultants (42%)
  • Small businesses experiencing strong growth are much more likely to have owners or managers under 50, have been established for five to 20 years, have between 10 and 19 employees, and be in developing markets

CPA Australia hopes to see more small businesses focus on environmental, social and governance issues such as staff health and safety; supply chain sustainability; diversity and inclusion policies. Added Segar: “We hope to see increased investment in advanced ESG practices such as renewable energy and the adoption of green and sustainable finance opportunities.”