Queensland's experiences boost in business conditions

Queensland's business owners are feeling more and more confident as the months roll by, according to the latest Westpac Group CCIQ Pulse Survey of Business Conditions.

This is the biggest survey of Queensland businesses conducted each year and provides valuable insight into the impressions of business owners all over the Sunshine State.

Treasurer Tim Nicholls said that, overall, business conditions in Queensland are at an all-time high. He revealed in a February 7 statement that business confidence levels are sitting at near-record levels, with a score of 58.8 points recorded.

The Chamber of Commerce and Industry explains that anything above 50 points indicates that business conditions have improved when compared with the previous quarter. In fact, the survey reveals this is the first time business conditions have entered "positive territory" in Queensland since 2012!

It's a trend that shows no signs of slowing down, either. Mr Nicholls explained that around 75 per cent of the business owners who contributed to the survey are expecting business conditions - especially profitability levels - to improve dramatically as 2014 gets well and truly underway.

An impressive 32 per cent of business owner said they had experienced "steady" sales and revenue during the December quarter, while 39 per cent admitted they saw "stronger" sales and revenue in the lead up to 2014.

Mr Nicholls believes this improvement in business conditions is largely a result of the government's dedication to reducing burdens on business owners in Queensland, such as unnecessary red and green tape.

"We're streamlining our development processes and reducing the time taken for approvals," he said.

This boost in business conditions means now could be the perfect time to take on new employees or introduce a new product. If you do make changes to your business, make sure you review your business insurance policy and consider arranging extra cover - such as business interruption insurance - if necessary.