Businesses in the Hills Shire are being urged to fill out the 2023 Performance Sentiment Index (PSI) survey to provide a snapshot of business confidence in the region.
The Hills Shire Council and Sydney Hills Business Chamber have partnered with McCrindle since 2015 to produce the PSI.
The 21-question survey of business owners and managers takes 10 minutes to complete and measures the three key indicators on a scale. It measures current performance (actual earnings, expenses, staffing numbers) as well as sentiment – forecast costs and growth and expectations of the six months ahead.
The results of all 21 questions across the three measures indicate whether business conditions, performance and sentiment are in the positive zone (improving, rising, advancing, accelerating) or the negative zone (slowing, falling, deteriorating, collapsing).The average of the three main measures gives an overall Business PSI score.
The 2022 PSI score for the Hills was 6 showing improving business confidence and was a huge rebound from the 2020 score of -45 which reflected the effects of COVID-19.
There were also negative scores in 2018 (-3) and in 2019 (-2).
The 2022 survey showed that people enjoyed operating their business in The Hills because of its proximity to the main centres and public transport.
Work/life balance was an important positive factor. The Hills is seen as a family friendly region and owners and employers enjoyed working in a positive and neighbourly environment.
Hills Shire Mayor Peter Gangemi said the 2023 PSI survey was a vital one for local businesses to get involved in as the short survey will provide beneficial feedback on how Council can further support the local business community.
“I am calling on local business owners to participate in the PSI survey to help shape a stronger Hills business community.”
“We want to see our business community reach even greater heights, and one way we can do this is to understand their challenges and sentiments. Helping to remove roadblocks, providing education pathways and advocating to remove red tape will help our businesses to be the best they can be. This also means we can keep people employed, support local families and help businesses become more sustainable.”
Kerrie Sheeves, Chairman of Sydney Hills Business Chamber said: “More than ever before is it important for us to gain insights into business sentiment and the issues that keep people up at night,” she said.
“The Hills PSI survey is as much an annual health check on our business community as it is an important planning tool for both Council and organisations like Sydney Hills Business Chamber as we develop the right programs and tools to support economic growth and business success in our community.”
The PSI is open until Friday, 30th June at 5pm. Feedback from the survey will also help inform the format of Council’s business series, workshops and initiatives for the following year.
For more information or to access the survey, visit Council’s website, www.thehills.nsw. gov.au, andsearch ‘Hills Business Performance Sentiment Index (PSI) Survey’.