Powered by PwC’s Geospatial Economic Model (GEM), our analysis shows that small businesses can unlock an additional $49.2 billion of private-sector output over the next ten years by making better use of these technologies.
In each State and Territory across Australia, small businesses have the potential to help grow the economy.
Improve business strategy & management
Internet and mobile technologies benefit a wide range of business activities.
- Better understand your customers and competitors. Approximately 46% of small businesses use the internet to monitor the market or competitors, and 54% of small businesses report a positive impact from social media via good customer feedback, increased sales, and better networking and advertising opportunities.
- Lower the cost and risks of trying new things. Businesses like Pozzible, Indiegogo, Kickstarter, and RocketHub make innovation easier by connecting individuals who pool money, technical expertise, and other resources to support projects and launch business ventures.
- Save time, lower cost, and improve your understanding of your business. Cloud-based bookkeeping and accounting services such as MYOB and XERO help small businesses reduce the time spent on administration.
- Increase annual revenue. Small businesses that have high levels of digital engagement (e.g. use search engine optimization and marketing and multiple digital technologies) have better business outcomes compared to those with lower engagement, with some studies suggesting a 20% increase in annual revenue.