But one of the great untold stories of Australian small business success is the growth of their business to business relationships. A recent Deloitte report found that around half of all small businesses receive most of their income from other businesses. And at Sydney’s fintech hub, Stone & Chalk, more than half of its residents are working solely on solutions that they can offer big business.
So why is that? Small businesses have long proven to be innovative and nimble. Their lean structures mean they are closer to customers, and they are usually born from one niche idea that is entirely focused on providing solutions to a particular customer problem. Their size and focus enables them to react quickly and anticipate market demands. In short, they are designed to outmanoeuvre in a rapidly changing digital economy. However, small businesses can often lack access to customers and investment.