Asia-Pacific small business survey
Content Summary
2022-23 results
Findings from our 14th annual Asia-Pacific small business survey provide valuable insights into the sector across 11 economies in Australia, New Zealand and Asia. 2022 was a year of recovery for most small businesses, with most markets reporting an increase in the number of small businesses that grew in 2022 compared with 2021.
The survey results indicate that 2023 is expected to be a better year than 2022, with more small businesses across the region expecting to grow.
The survey also uncovered some common characteristics of high-growth small businesses:
Technology is critical to high-growth businesses
High-growth small businesses continue to be significantly more likely to sell online, receive payments through new payment technologies, review their cybersecurity protections, and use social media in a variety of ways – including learning more about existing and potential customers.
High-growth small businesses are more focused on the customer experience
Small businesses experiencing strong growth are much more focused on improving customer satisfaction, business strategy and management.
High-growth small businesses are innovative
High-growth small businesses are significantly more innovative through introducing new products, services or processes.
High-growth small businesses are more focused on exporting
High-growth small businesses are significantly more focused on entering new markets and growing export revenue.
Professional advisers play an important role in supporting high-growth small businesses
Fast growing small businesses are much more inclined to seek professional advice – especially from IT and business consultants.
High-growth small businesses share other interesting characteristics
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 to 19 employees, and be in developing markets.
Asia-Pacific small business survey results 2022-23
Survey results by market
Other market summaries will be uploaded as they are released.
Australian businesses had their best year in five years in 2022, with 47.6 per cent of small businesses growing. However, they are among the least likely to innovate in 2023 and have a much lower level of digital capability than their Asia-Pacific peers.
2022 was a noticeably stronger year for New Zealand based small businesses. 59.7 per cent of New Zealand’s small businesses grew last year, up significantly from 33.2 per cent in 2021. This is the highest result on record for New Zealand.
Fears of cyberattacks have risen sharply in Singapore as small businesses ramp up their use of technology. 45.2 per cent of small businesses in Singapore believe a cyberattack on their business is possible this year. In response to the threat, more than 50 per cent of small businesses reviewed their cybersecurity in the past six months.
Seventy-seven per cent of Indonesian small businesses reported growing in 2022 and 32 per cent hired more employees. This year is expected to be even stronger with more than four-in-10 planning to hire more staff.
72.2 per cent of Malaysian small businesses expect to grow in 2023, compared to 54.6 per cent that grew last year. This trend is being driven by an improving economy and more small businesses grasping the benefits of digital technology including e-commerce.
Three quarters of Filipino small businesses grew in 2022, an increase of 10 percentage points from 2021. A robust economy contributed to 89 per cent predicting growth this year. This optimism is reflected in plans to hire more staff this year (58 per cent).
Four-in-10 Taiwanese small businesses grew last year despite strong headwinds. Usage of e-commerce and digital payment technologies both registered improvements and rose to a record high in Taiwan.
More of Hong Kong’s small businesses expect to grow this year than at any other time since 2011, after bouncing back from COVID-19. They have record expectations for innovation and overseas sales in 2023.
Vietnamese small businesses’ swift recovery from the COVID-19 pandemic helped pave the way for growth last year. This momentum is expected to continue, with 83 per cent of Vietnamese respondents expecting their business to grow.
More than half of Mainland China’s small businesses expect to grow in 2023. They also intend to innovate strongly. Ninety-three per cent plan to innovate in 2023, the highest in the Asia-Pacific.
Seventy-three per cent of Indian small businesses grew last year, up from 62 per cent in 2021. This momentum is set to continue, with 77 per cent expecting to grow in 2023.
Previous results
CPA Australia has conducted this survey annually since 2009.
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