The Latrobe City Business Chamber (LCBC) was pleased to attend the Victorian Regional Chamber Alliance (VRCA) meeting in Ballarat this October.
It was a vital opportunity to discuss the health of businesses across regional and rural Victoria, with a special thanks to Commerce Ballarat for hosting the successful event and for compiling the comprehensive VRCA Business Health Survey Report.
The findings of the report clearly indicate the pressures regional enterprises are currently facing. The challenges are real, widespread, and are impacting the viability of many businesses across the state.
The report outlines the four top hurdles facing regional businesses today:
- Increased operational costs: This was identified as the single largest challenge among survey respondents with businesses struggling with the rising price of wages, raw product, energy costs, and insurance premiums.
- Lower sales and customer spending: The survey found reduced cash flow from decreased customer spending is hitting the bottom line.
- Compliance management & ‘Red Tape’: Businesses felt burdened by ‘red tape’ and regulation from government, taking time and resources away from their core work.
- Staff and skills shortages: Respondents found that attracting and retaining staff with the necessary skills continues to be a major obstacle.
LCBC’s Commitment to members
The Latrobe City Business Chamber is committed to using the findings of this report to inform our advocacy efforts and working with the VRCA to ensure the unique pressures on Latrobe City businesses are heard by policymakers.
Thank you again to Commerce Ballarat and the entire Victorian Regional Chamber Alliance for organising these meetings, bringing regional chambers together and ensuring regional businesses are heard through the data compiled in the report.
