WA Small Businesses: Are You Missing Out on Professional Advice?
When was the last time you sat down with a professional to discuss your business strategy—not just to process payroll or lodge your tax return, but to map out where your business is heading?
According to NAB’s SME Business Insights, a surprising 20% of small businesses in WA don’t seek professional advice. Meanwhile, 72% claim to engage an accountant or bookkeeper, but I suspect many only use these services for basic processing tasks. If that’s true, many businesses might miss out on valuable insights to drive their growth.
Here’s what the data says about the current business environment in WA:
Confidence is Low: Many WA small businesses are feeling the pinch, with confidence in the economy declining across most industries. Retail, transport, and hospitality sectors are particularly challenged.
Growth Plans Are Lukewarm: Only 51% of WA SMEs are planning to invest in growing their business in the next 12 months—below the national average. Yet the most common areas for investment include hiring staff, launching new products, and adopting new technologies. These are all smart moves that can help businesses stay competitive.
Advice Matters: Businesses that regularly consult professionals like accountants, lawyers, or industry specialists often discover opportunities they would otherwise miss. These insights can be crucial for making informed decisions, managing risks, and spotting growth opportunities.
Why Professional Advice Matters The right advice can make all the difference. While bookkeepers and accountants are essential for keeping the books balanced and tax-compliant, they can also help you interpret financial trends, identify inefficiencies, and plan strategically. If you only use your accountant at tax time, you’re likely leaving money—or opportunities—on the table.
What’s the Opportunity? For WA business owners, the message is clear: In a challenging economic environment, having someone in your corner to help you work smarter—not just harder—can transform your business. Whether through financial advice, technology recommendations, or simply brainstorming growth strategies, professional input can open doors you didn’t know existed.
So, take a moment to ask yourself: Are you getting the advice your business deserves? If the answer is no, it might be time to change.
