WA businesses are 39 per cent more likely to still be in business after three years if they are a CCIWA Member, according to an analysis of business survival rates.
Using the most up-to-date data, CCIWA’s Economics team examined the percentage of WA businesses that went out of business between June 2017 and June 2020, according to the Australian Bureau of Statistics.
This was then compared to the survival rate of businesses that joined CCIWA in financial year 2016-17.
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“Our analysis identified that 30 per cent of WA businesses fail within three years,” CCIWA Chief Economist Aaron Morey said.
“We then estimated the failure rate for CCIWA members within three years, and found it was three per cent over the same corresponding period.
“What we found was that WA businesses are 39 per cent more likely to stay in business within three years if they are a CCIWA member.”
Morey said the analysis included Corporate, Essential, Advantage and Complete Members, who had resigned their Membership within three years for reasons related to going out of business such as closure, insolvency, or bankruptcy.
“The results demonstrate the value of a CCIWA Membership, which provides the resources, services and everyday support needed to overcome the challenges all businesses face,”he said.
“We’ve always known that a CCIWA Membership can help businesses thrive, and now we have the data to prove it.”
To be part of CCIWA, get in touch via 1300 422 492 or [email protected].
