How the NSW Small Business Strategy is Helping SMEs Thrive

Small businesses are the backbone of any economy, and their success is critical to the prosperity of any region. The New South Wales (NSW) Small Business Strategy is a comprehensive plan designed to support small and medium-sized businesses (SMEs) in the state. In this article, we’ll explore how this strategy is helping SMEs thrive.

Background

The NSW Small Business Strategy was launched in 2019, with the aim of supporting and growing the state’s small businesses. The strategy has identified four key areas of focus: making it easier to do business, creating the right environment for business growth, supporting digital adoption, and helping businesses to become job creators.

Making it easier to do business

One of the major challenges facing SMEs is the regulatory burden. The NSW government has recognized this challenge and has taken steps to make it easier for businesses to operate. The state has implemented a one-stop-shop for business licensing and registration, making it easy for entrepreneurs to get their businesses up and running. The government has also reduced the red tape associated with starting a business, making it easier for SMEs to navigate the legal landscape.

Creating the right environment for business growth

The NSW Small Business Strategy also includes initiatives to create the right environment for business growth. These include investing in infrastructure, improving access to finance, and encouraging innovation. The NSW government has committed $6 billion to infrastructure projects across the state, providing SMEs with access to better transport links and other essential services. The government has also established programs to support start-ups and foster innovation, such as the Boosting Business Innovation Program.

Supporting digital adoption

In the digital age, SMEs that don’t embrace technology risk being left behind. The NSW Small Business Strategy recognizes this and includes initiatives to support digital adoption. These include a Digital Readiness Assessment tool to help SMEs assess their level of digital literacy and identify areas for improvement. The government has also established the Business Connect program, which provides SMEs with access to expert advice and guidance on digital innovations.

Helping businesses to become job creators

Small businesses are significant job creators, and the NSW Small Business Strategy includes initiatives to help SMEs create more jobs. These include the Jobs Plus Program, which provides financial incentives for SMEs that create new jobs in regional areas. The government has also established the Skills for Business program, which helps SMEs to upskill their workforce and take advantage of new opportunities.

Conclusion

The NSW Small Business Strategy is a comprehensive plan that recognizes the significant contribution SMEs make to the state’s economy. The strategy’s initiatives to make it easier to do business, create the right environment for business growth, support digital adoption, and help businesses become job creators, all contribute to supporting the success of SMEs in NSW. By continuing to support and invest in SMEs, the government is helping to ensure the prosperity of the state’s economy for years to come.