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Victorian business and the currency of trust

The Victorian Chamber of Commerce and Industry 2 mins read

The Victorian Chamber’s annual Business Pulse survey reinforced that the Chamber is the trusted voice of business in Victoria and reinforced that our members and stakeholders believe our role is highly relevant to business productivity and the Victorian community.

The 2023 survey yielded just under 1,500 responses which provide insights into the aspirations and challenges of businesses and industry in the current economic climate. This year’s snapshot garnered record engagement across a vast spectrum of business sizes and sectors, providing a comprehensive understanding of the state of commercial confidence in Victoria.

For the first time, respondents said they would benefit from training, resources and education in Artificial Intelligence.

Insights include:

  • 84 per cent of respondents trust the Victorian Chamber.
  • 68 per cent believe the Victorian Chamber’s role is highly relevant to business productivity and the Victorian community.
  • 62 per cent of businesses consider the cost of doing business as a notable challenge.
  • 83 per cent indicated that staff skill shortages and availability posed significant hurdles.
  • 63 per cent of businesses are directing their efforts towards growing revenue.
  • 43 per cent are focused on expanding their brand and marketing presence.
  • 43 per cent are committed to increasing employee productivity and capability.

The survey also uncovered the forward-thinking planning approach of businesses in Victoria, with 41 per cent of businesses strategising for the upcoming 12 months, 25 per cent planning for a three-year span and 17 per cent setting sights on a five-year trajectory.

Businesses identified six critical areas of support essential for accomplishing their goals:

1. Business strategy support

2. Capability & training

3. Business networking & connection

4. Employee mental health & wellbeing services

5. AI technologies resources & training

6. Marketing education and support, especially for small and emerging businesses

 

To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:

"The 2023 Victorian Business Pulse Survey underlines the challenges and goals of businesses in our state. It's evident that businesses are not only navigating existing hurdles but are proactively planning and seeking support to achieve their objectives.

"The Victorian Chamber is committed to addressing these identified needs and supporting businesses across Victoria as they strive and thrive in the evolving business landscape.

“We are proud to be the most trusted voice and advocate for business; we will continue to have our members’ backs through these challenging economic times and will strongly put the business position and perspective to government and other stakeholders at every opportunity.”


Contact details:

Mikkayla Mossop, media@victorianchamber.com.au, 0423 883 945

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