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Impact of businesses on the economy in Australia

concentrated in industries that are dominated by smaller companies, such as agriculture. Of course, as those barriers to entry are dropping, many small ong>businessesong> are also popping up in industries which have traditionally been dominated by bigger firms. Financial services is just one area where there are plenty ong>ofong> small companies providing alternative services to those from the big banks. Innovation starts small Figure 5 Many ong>ofong> the newest ideas in Australian business aren't coming from the largest companies, but in small ong>businessesong> that are working hard to change their industries. Part ong>ofong> the reason for this is that the barriers to entry for many sectors has dropped considerably. What used to only be possible with a lot ong>ofong> capital and information can now be achieved with much fewer resources. These dropping barriers also mean that great ideas can get ong>ofong>f the ground faster than ever before. In fact, Australia can boast one ong>ofong> the highest rates ong>ofong> innovation in the world, at least according to the federal government's recently released Australian Innovation System Report. The figures found that 13.1 per cent ong>ofong> the adult population are engaged in some form ong>ofong> entrepreneurial activity. The Department ong>ofong> Industry, Innovation and Science's Chief Economist, Mark

Cully, sent the following tweet highlighting just how important innovation is for Australian ong>businessesong>. Smaller companies buy lots ong>ofong> goods This won't be relevant to B2C companies, but if anyone who is selling products to other organisations will have probably noticed just how much buying power the country's small ong>businessesong> have. On the flip side, the breadth ong>ofong> services that small companies can provide means they are able to ong>ofong>fer services that other firms, big companies and even the state and federal government will rely on. In fact, the Commonwealth has been increasing its efforts to procure services from small ong>businessesong> as a way to boost the growth ong>ofong> these companies. Small ong>businessesong> carry less debt than larger firms It's a bit ong>ofong> a cliche that smaller companies have to take on a lot ong>ofong> debt in order to start operating, a myth that isn't actually the case. To go back to the RBA, the study found that only 40 per cent ong>ofong> these companies are carrying debt, compared to 60 per cent ong>ofong> large firms (those with prong>ofong>its over the $5 million mark). Figure 6 This suggests that small ong>businessesong> are keeping a close eye on their finances and are wary ong>ofong> putting themselves under unnecessary financial pressure. What's

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