The report also reinforces the notion of a multi-speed economy with great variation in the economic performance and perceived business challenges by state.
In response to current challenges, the highest priorities for businesses across the country are customer satisfaction and alternative or additional revenue opportunities.
- Forty-six percent of respondents felt that short-term business prospects were poor or very poor, compared to 24 percent in 2011.
- Around a third of respondents had experienced an absolute fall in both revenue and profit over the previous 12 months.
- Forty-four percent are experiencing skills shortages, down from 55 percent in 2011.
- Only six percent thought the growth of online business was a major challenge to their business.
- Thirty-four percent of respondents had incorporated social media into their business strategies.