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You could say these two ingredients are instrumental to Business success. They complement the other strategies and sound business sense that make a Business succeed while others flounder or fail. 

It's captured in detail. According to Western Australia's Small Business Development Corporation (SBDC), WA's small Business sector is generating a record $87.2 billion in annual activity.  

• SBDC says new research shows small Businesses account for 97.3% of all Businesses in WA, employ more than 540,000 people and generate 35% of all private sector jobs. 

• Five years ago, small businesses contributed around $50 billion to our economy, and today it's $87 billion. This growth reflects the ambition, optimism and hard work of many Western Australians who backed themselves, created jobs and invested in their communities. 

Are you one of those operators playing such a vital role in our economy and continued prosperity? 

If you answered yes, and if I asked the question, did optimism and opportunity play a part, along with overcoming adversity, facing challenges, and the highs and lows, I am sure you would answer with a Big yes. 

On that note, you may concur with the following findings or have contributed to them as part of the recent Australian Chamber of Commerce and Industry (ACCI) Small Business Conditions survey. 

• Cost pressures dominate – increasing costs cited by 62.9%, with 48.9% citing maintaining profitability and cashflow. 

• Owner income is part of the squeeze – 38.5% paid themselves under $40,000  

• Viability risk is active – 33.7% considered closing in the past year. 

• Compliance is a time and cost issue – 53.2% reported a negative impact from regulation/compliance. 

• Employment pressure is cost-led – high employment costs were the top hiring or retention barrier at 34.0%, ahead of a shortage of suitable candidates, 30.1%. 

• Commitment remains strong – 80.4% still prefer to be a small Business owner over other types of work. 

As you can see in the last comment, commitment remains strong, but it takes a range of Business skills, sound practices, and staying up to date with consumer and industry trends. All underpinned by optimism and opportunity. 

Examples: A leading furnishings retailer has managed to grow profits over what is described as the most hostile conditions for Business while battered consumers faced rate increases, cost of living pressures and inflation.   

A global home appliance giant has shaken off its daggy image of steam cleaners and sewing machines and is enjoying the benefits. Its social media platforms and activity have forged a new frontier for shoppers, and the Business is thriving. It's now attracting younger buyers, the key driver of sales in its beauty product range, including hair dryers.  

A year our strategy moved from proof of concept to scale. Rebuilding earnings power, not just recovering it. Comments from Australia's biggest baby goods retailer as it continued its refurbishment blitz. Upgrading showrooms into stores of the future designed to be more parent-friendly. Steps that have helped take the business out of the woods. 

Features of successful small businesses include; 

1. Financial management – adopting sound practices and understanding commercial activities are critical for any Business. This is where professional services play a part. Blackburn Accounting is your Family Business Specialist, providing a range of services to help you run a successful business. Let us take the stress and worry out of the paperwork, compliance, responsibilities and obligations. 

2. Marketing Plan – includes a variety of strategies to promote your products and services. Social media activity is critical to raise Brand awareness, boost engagement, help generate sales and deliver an excellent customer experience. 

3. Clear communication – adopt open, honest, and transparent channels of communication with all stakeholders. Seek constructive feedback and act upon it as needed. 

4. Strong leadership – lead by example with integrity to build respect, trust, and loyalty. These are the foundations of thriving and happy workplaces. 

5. Business Planning – for now and longer term. Adopt solid principles peppered with optimism and open the window of opportunity.  Always be on the front foot by staying abreast of trends, issues and exploring possibilities. Seek professional Business advice if needed. 

6. Staff recognition – value, reward, provide appropriate resources & training, and identify and nurture potential. 

7. Networking – building good relationships through networking will help to grow your business and profile. Engage with stakeholders, industry, and community. 

Key areas of opportunity include; 

• Small Business Grants & Assistance Program – (State & Federal government) 

• Small Business Growth Grants 

• Innovation Booster Grants (IBG) 

• Local Capability Building 

• Regional Economic Development (RED) Grants 

• Export Market Development Grants (EMDG) 

• WA Government Procurement 

The State Growth Framework released by the SBDC is a 2026-2030 Strategic Plan that focuses directly on economic diversification and supporting emerging startups. 

Check the WA Government website for full details. 

Watch out for our next topic, '6 Powerful Business Strategies'.