Survey: Invention spirit highest in Asia-Pacific, India’s small businesses outperform.
India’s small businesses are best equipped with innovation potential in the Asia-Pacific region. This has come out of the CPA Australia survey for the second year in a row. It is worth noting that it is the largest professional organization in the accounting sector. According to the survey report, India’s place in the small business sector will be among the strongest performing countries in the Asia Pacific region in 2022, coupled with India’s strong domestic economy.
Survey done in 11 countries
CPA Australia conducts the APCA Small Business Survey every year. The latest survey polled 4,252 businessmen and senior company managers from 11 countries in the Asia-Pacific region. This survey was done in November-December 2021, the report of which has been released now. According to a statement by CPA Australia, the purpose of this survey is to find out the local conditions of business, challenges and the level of confidence of the businessmen. The glowing picture of India has come out from this survey.
Business expected to grow
According to the survey report, there was a growth of 62 percent in small business last year. 77 percent of the survey respondents said that they had hired new employees last year. This number is more than any other country. CPA Australia has said in its report that India’s small business will prove to be a strong employment generating sector in 2022.83 percent of the businessmen involved in the survey expressed the possibility of creating new employment opportunities. Whereas, 62 percent of the traders expect their business to increase this year.
India’s small business ambitious
Leslie Leow, General Manager, Emerging Markets Sector at CPA Australia, said: “Our survey report confirms that small businesses in India are very ambitious. Despite the pandemic, he took concrete changes in the product or service and invested in growing the business. That is why the small businessmen of India are considered to be the most innovative in this field. 90 percent of those surveyed said that they may introduce a new product, process or service this year.
more investment in technology
The report said that India’s small businesses are investing in technology in line with their innovation culture and they have a very high success rate. 80 percent of local businesses invested in the tech sector, which increased their profits. Whereas across the Asia-Pacific region, the average number of traders doing so was 54 percent.It added that Indian small businesses are also leaders in online sales. Here 83 percent of the businessmen earned at least ten percent of their total revenue through online sales.
CPA Australia suggested
CPA Australia has made some suggestions to further strengthen the sector. It has said that the special loan linked capital subsidy scheme will help in adopting new technology and meeting the demand of external capital. In addition, CPA Australia advises small businesses in India to continue to invest in and invent technology, seek professional advice, focus on cyber security, and only take loans where they are confident that their investments will pay off. They will definitely get profit.
