51% of Aussie businesses to go global in 2024
SYDNEY, AUSTRALIA — Around 51% of Australian businesses plan to expand internationally within the next year to tackle mounting operating costs.
According to a recent study by Money Transfer Comparison, small and medium-sized enterprises (SMEs) are actively exploring overseas markets for suppliers and customers in response to the challenging economic climate and fierce competition.
The study revealed that 68% of West Australian businesses were the most inclined to explore overseas resources and customers, compared to 60% in Queensland.
Tech-related products and services are at the forefront of outsourcing considerations, with 38% considering outsourcing software and 31% IT hardware. Additionally, 30% are exploring manufacturing, 29% labor, 27% shipping and logistics, and 15% research outsourcing.
Among businesses, 60% of medium-sized enterprises seek offshore options, while only 25% of micro-businesses.
Money Transfer Comparison spokesperson Russell Gous explained that their data “provides a comprehensive picture of how Australian SMEs will lean on offshore outsourcing to mitigate some local challenges.”
He also noted that Australian business owners are demonstrating adaptability in the face of rapidly changing economic conditions.
Between March and June 2023, 85,686 businesses in Australia permanently closed, highlighting the urgency for new strategies in doing business.
