Where to next for Boom, Bust or Reset survey
SMALL and medium businesses in the Gladstone region will soon have their chance to participate in the third edition of the Boom, Bust or Reset business study.
The survey is the only one of its kind that collects information on Gladstone businesses and is conducted by the Gladstone Chamber of Commerce and Industry.
The first report was released in 2014, the second in March 2016 and the third edition is expected during the first quarter of 2018.
The upcoming survey, which will cover a three-month period beginning from November, shapes as a crucial indicator of business sentiment in the Gladstone region according to GCCI president Carl Carter.
"This one is really important for us to compete because it gives us the opportunity to have three lots of data to see some trends,” he said.
"The timing of the three reports; one was, dare I say, pre the LNG industrial boom, (the second) was during (the boom) and this one will be post-construction phase, so it will be really good to have some data that trends across those three periods of time.”
The GCCI has again received funding from Australia Pacific LNG to conduct the survey with business with survey results to begin being taken from November 1.
"We're finalising the questions at the moment and putting that out into the public domain within the next month or so,” Mr Carter said.
"From a statistical point of view you need to take it from the same period, which is November through to January.”
"Last time we had more than 253 businesses respond and this time round we'd love to see 300, which will give us a really robust set of data.”
Highlights of the 2015/16 study revealed that 87% of respondents struggled with a downturn in business following the boom; 67% struggled with higher costs; and 32% struggled with oversupply.
Another finding to come out of the second study showed 58% and 27% of people in the area struggled with marketing and finance respectively.
Mr Carter said GCCI were looking at adding addition questions in the 2017/18 survey.
"One question that is most topical now in terms of the future is what are the gaps in the market and what services can't you get here,” he said.
"There are a lot of business out there where particular services can't be accessed in town, so we're trying to hone in on what some of them might be.”
Promotional material regarding the upcoming 2017/18 survey will come out in the next month.
Meanwhile, the GCCI are holding its annual general meeting tonight from 5.30pm at Think Office Technology on Dawson Rd.
Tickets can be purchased here.