Asia-Pacific small business survey
Content Summary
2021-22 results
Findings from our 13th annual Asia-Pacific small business survey provide valuable insights into the sector across 11 economies in Australia, New Zealand and Asia. Low rates of business growth were a feature of 2021, mostly due to the challenges presented by the COVID-19 pandemic.
The survey results indicate that 2022 is likely to be a better year than 2021, with more small businesses across the region expecting to grow. The survey also uncovered some common features among high-growth small businesses.
Technology continues to be critical to high-growth businesses
Fast-growing small businesses are much more likely to be selling online, receiving payments through new payment technologies, and using social media in a variety of ways – including learning more about existing and potential customers.
High-growth small businesses are more focused on their customers
Small businesses experiencing strong growth are much more likely to be focused on improving customer satisfaction, business strategy and management.
High-growth small businesses are committed to innovation
High-growth small businesses are significantly more likely to be innovating through introducing new products, services or processes.
Seeking professional advice supports high-growth small businesses
Fast growing small businesses were much more likely to seek professional advice in 2021.
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 running for five to 10 years, and be in developing markets.
Asia-Pacific small business survey results 2021-22
Survey results for technology and innovation
Survey results by market
Survey results for other markets will be available soon.
Australian small businesses achieved the lowest rate of growth in the Asia-Pacific in 2021. The results point to the need for governments at all levels to do more to support small business digital transformation.
Only one-third of NZ small businesses grew in 2021. However, the economic outlook for 2022 looks brighter, with over half expecting to grow and an increased focus on innovation and exporting.
While the percentage of Hong Kong small businesses that grew in 2021 was below the survey average, it rebounded strongly from 16 per cent in 2020 to 36 per cent in 2021. Helping drive this improvement was an increase in the number of local businesses that found their investment in technology improved their profitability.
India's small businesses take the crown as the most innovative in the region. Ninety-four per cent said they will or may introduce a new product, process or service this year, surpassing all other markets surveyed for the second year in a row.
Despite the negative impacts of COVID-19, Indonesian small businesses achieved the highest rate of growth in the Asia-Pacific in 2021. Many increased their focus on e-commerce and digitalisation – essential ingredients of growth.
Mainland Chinese small businesses are reaping the rewards of their innovative culture. Sixty-three per cent of respondents reported their investment in technology made the businesses more profitable in 2021, up from 57 per cent in 2020. Nine in ten will or may innovate this year, the second highest result among the markets surveyed.
One in four Malaysian small businesses surveyed are planning to introduce a new product, process or service in 2022. This innovative small business culture is critical to Malaysia attaining a ‘high technology nation’ status by 2030, supporting long-term growth and improving the competitiveness of small businesses.
Filipino small businesses are the most optimistic about their growth outlook this year. Ninety-one per cent expect to grow, far outstripping the survey average of 62 per cent.
Around one-third of Singapore’s small businesses grew in 2021. Among those that grew, nearly six in ten found their investment in technology last year made their business more profitable.
Half of Taiwan’s small businesses grew in 2021, while 63 per cent expect to expand this year. Both results are the highest among the advanced economies included in the survey.
Vietnamese small businesses retained their crown as the most likely in the Asia-Pacific to invest in technology in 2021. The high levels of investment in technology has resulted in enhanced awareness of cybersecurity.
Previous results
CPA Australia has conducted this survey annually since 2009.
Tips to help with your business
Discover more
- Business management
Business Management
CPA Australia provide a comprehensive list of tips, tools, checklists, research, templates and resources to help with business management.
- Business management
- Small Business
Small Business
We're committed to providing information that will help our members and small business owners grow, particularly during times of uncertainty.
- Small Business
- Economy
Tips for managing through peaks and troughs
Read these tips for managing through the peaks and troughs of business performance
- Small Business
Six tips for how small businesses can take action on climate change
Published in Smart Company (November 2021)
- Small Business
Understanding the market for small business loans in 2021
The SME appetite for credit has increased in the wake of COVID-19. Here’s what lenders want in return.
article- Small Business
- Economy
Tips for small businesses in uncertain times
It's important for small businesses to take proactive steps to ensure they remain viable when the economy slows