Finance and insurance SMEs riding the storm
Despite a continuing decline in business confidence nationally, it is highest in the finance and insurance sectors, according to the June quarter Sensis Business Index.
The report, based on interviews with 1,800 small businesses between 23 April and 22 May, found small business sales and profitability continued to weaken during the second quarter of 2012.
Small businesses are expecting sales and profits to weaken further over the next 12 months, according to the report's author, Christena Singh.
The report found confidence is weaker than this time last year, with five in 10 businesses currently confident about their prospects - while three in 10 reported being 'worried'.
The largest fall in business confidence during the quarter was in Western Australia, according to the report. Victoria currently has the highest level of business confidence, while South Australia recorded the lowest.
But it wasn't all bad news, with some indicators improving from last quarter.
"The employment indicator improved sharply, following three consecutive quarters of declining results. We have also seen the strongest capital expenditure and export value results in over a year," Singh said.
Recommended for you
Over 600 AFSLs – a third of the total number – are operating with just one adviser, according to Wealth Data, reflecting the rise of self-licensing.
Wealth management firm LGT Crestone has appointed Darragh Kennelly as a senior investment analyst to help the firm scale its alternatives platform.
A failure to implement a succession plan could negatively impact the sale price of an advice firm, with almost half of practices telling CFS that they would struggle to operate without their owner.
Insignia Financial’s wrap platform, MLC Expand, has launched a new investment menu, delivering low-cost access to ETFs and term deposits for advisers and their clients.
