8 months ago

Current Business Trend in Sydney

7. Seek Advice From

7. Seek Advice From Professionals As much as you may trust your guts, it won’t hurt to get advice from professionals. Selling a business involves a series of processes that may require the help of experts from various fields. Some of the people that you may need include tax experts, lawyers, accountants and even human resource consultants. Selling a business doesn’t have to be a daunting task. With these preparation tips, you will have an easy time with potential buyers and sell the business at the best value. Business and economy Sydney is recognised as Australia’s only global city and the leading knowledge-based economy in the nation. More than $108 billion is generated each year within the City of Sydney local area (2013/14 figures) representing over 7% of Australia's economy and providing over 437,000 jobs across all skills levels that offer diverse opportunities for diverse communities. Despite the growth of business districts such as North Sydney, Parramatta, Macquarie Park, Olympic Park and the growth corridor to the north-west, the City of Sydney has maintained its pre-eminent role thanks to its large economic base including a dense network of globally competitive industries, welldeveloped infrastructure, good governance, and outstanding amenities and living environment. Over the past 5 years our economy has proven its resilience by withstanding the global financial crisis. The number of businesses in the city grew by more than 2,000 between 2007 and 2012. However, this does not mean the City’s economy is not faced with challenges that need to be addressed to maintain continued growth and Sydney’s global reputation for liveability. The City's 10-year economic development strategy will help deliver our vision for a dynamic, environmentally sustainable economy and a liveable city that works for residents, workers, visitors and students. The overarching aim of our 10-year strategy is to strengthen the City economy and to support business. It centres on further improving the solid foundations for success through creating opportunities for individuals, businesses, the community and future generations, and addressing the challenges that might otherwise limit Sydney’s potential growth as a global city. The strategy builds upon the broad economic themes in Sustainable Sydney 2030 and takes into account contemporary economic challenges. It provides an overview of the City of Sydney’s economy today and identifies the future directions it may take. The strategy takes an integrated approach on the basis of the City economy being influenced by a range of factors such as liveability and amenity, access to affordable housing for key workers, child care for parents, a diverse and well educated community, as well as those more commonly associated with the economy such as market access, sector specialisation, innovation and productivity.

The strategy sets out the City’s vision for the local economy and the strategies and actions to achieve that vision. It provides the rationale for engaging with priority industry sectors and delivering outcomes through detailed action plans such as retail, tourism, tech startups and the Eora Journey economic development plan. Key aspects of Sydney's economy include: i. Within Australia’s population of 23 million, Sydney is the largest city of 4.5 million people, situated on the more heavily populated eastern seaboard of Australia. It lies midway between Brisbane and Melbourne within the major domestic combined market of Queensland, NSW and Victoria- which it is been estimated accounts for over 80% of the goods and services in Australia. The NSW government estimates the population to grow to over 5.8 million people by 2031. ii. In 2013-2014 Sydney had a GRP of approximately $334 billion per year, approximately one-fifth of Australia's GDP and nearly 70% of the NSW GSP. iii. Sydney offers Australian and international companies a highly competitive base to expand in the world’s fastest growing region. iv. It is one of the world's most multicultural cities attracting people from all over the globe, who bring a huge range of languages, cultures, cuisines and ideas to share. v. The city hosts a mature, globally connected economy serviced by an extensive road and rail network, as well as Australia’s major air and sea ports close to the CBD. Both Sydney’s rail network and its international airport are the largest facilities of their type in Australia. vi. Sydney is the leading tourist destination for international travel in Australia. Sydney boasting 7 of the country's top 10 most popular visitor attractions. The city has consistently been named a favourite international tourist destination over the past 15 years in reader surveys for travel magazines such as Conde Naste and Traveller. vii. As well as being Australia’s financial and economic hub, Sydney is known for the stunning panorama of its harbour, iconic Opera House, large selection of green spaces within the city, and proximity to beaches which are among the most paradisical not just in Australia but anywhere in the world. It’s been ranked one of the 10 most liveable cities on the planet by both Mercer and The Economist. viii. Sydney has tied with Beijing as the eighth most influential city in the world, according to analysts at Forbes. They looked at the amount of foreign investment they have attracted, the concentration of corporate headquarters, business dominance, ease of air travel, financial services, technology and media power and racial diversity. ix. Within the world time zones, Sydney is situated in the same broad times zones of the rapidly growing economies of East Asia-China, Japan, Korea and South East Asia. Sydney is in fact closer by air to Shanghai, Singapore and Tokyo than London or San Francisco. Within the many new 24/7 worldwide financial services and consulting companies, and design-house industries - in fashion and defence and IT for example, Sydney provides overnight services between Europe and the US/Canada in integrated design teams. x. As Australia's main financial centre, Sydney is home to the Australian Stock Exchange and the Futures Exchange. More than (75%) of all foreign and domestic banks in Australia have their

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