THE ECONOMY OF SHOPPING SMALL REPORT
A report into Australia’s small businesses and the emotional and physical value they provide to our communities
NOVEMBER 2015
• PA R T S O N E A N D T W O •
Prepared by American Express
With contributions from:
• The Hon. Kelly O’Dwyer MP, Minister for Small Business and Assistant Treasurer
• Nick Lim-Howe, Clinical Psychologist, Free Minds
• Warwick Brooks, Director, Domain Advocates
• Byron Rose, Rose and Jones Property Buyers Agents and Advisors
FOUNDED BY
TABLE OF CONTENTS
FOREWORD – THE HON. KELLY O’DWYER MP,
MINISTER FOR SMALL BUSINESS AND ASSISTANT TREASURER
2
CREATING SMALL HEROES – INTRODUCTION
3
EXECUTIVE SUMMARY
4
JUGGLING ‘WANTS AND NEEDS’
6
PART 1:
THE EMOTIONAL VALUE OF AUSTRALIAN SMALL BUSINESSES
AND THEIR ROLE IN THE COMMUNITY
9
PART 2:
THE PHYSICAL VALUE OF AUSTRALIAN SMALL BUSINESSES
AND THEIR ROLE IN THE COMMUNITY
17
METHODOLOGY24
REFERENCES25
PART 3:
INNOVATION AND THE FUTURE OF AUSTRALIAN SMALL BUSINESSES
AND THEIR ROLE IN THE COMMUNITY
RELEASE DATE: NOVEMBER 26 2015
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1
FOREWORD
It gives me pleasure to write this foreword for
The Economy of Shopping Small Report.
As the Minister for Small Business, I am keenly aware
of the positive financial and emotional impact small
businesses have on the Australian economy, our
community and our families. With around two million
small businesses employing over 4.5 million Australians,
the small business sector is one of Australia’s largest
employers and is critical to the lifeblood of our economy.
This report looks to identify the emotional and physical
benefits small businesses afford communities across
Australia, with commentary from a selection of our many
wonderful small business owners.
These comments and insights align with the conversations
I have had with many of the small business owners I have
met – their passion, drive, commitment, and sheer hard
work must be recognised and celebrated, for they really
are the engine room of our economy.
We want small businesses to be able to grow and become
even bigger businesses if that is their dream. We want
them to be able to create wealth for themselves, for their
families and for our nation.
The Turnbull Government has a number of initiatives that
create the right environment for small business, including
an immediate tax deduction for every eligible asset costing
less than $20,000 purchased until the end of June 2017,
giving small business owners the ability to buy new assets
sooner. We have improved the taxation of employee share
schemes so that small business can access and retain
talented employees and we will have legislation supporting
crowd-sourced equity funding before the Parliament in
2015 so that small business can access new funding.
Further Government small business initiatives include:
• 1.5 per cent small business company tax cut
• 5 per cent tax discount for unincorporated
small businesses
• The ability for start-ups to immediately deduct
professional expenses
• A wage subsidy for employers who hire job seekers and
parents returning to the workforce
• Changes to Pay As You Go tax thresholds, removing
almost 450,000 small businesses from the system and
saving small business around $67 million each year in
red tape.
The Shop Small movement reminds Australians that if we
truly value small business and want to see them thrive, as
a community we all need to show our support to ensure
they are here for years to come.
The Hon Kelly O’Dwyer MP
Minister for Small Business and Assistant Treasurer
Federal Member for Higgins
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2
CREATING ‘SMALL HEROES’ – INTRODUCTION
Communities are at the heart of what makes living in
Australia great. Mateship and helping one another is
the cornerstone of Australian society. We rise in times
of struggle and turn to each other when we need a
helping hand.
A vital ingredient in helping make our communities what
they are today, are the small businesses that form the
foundation of our neighbourhoods.
As with any economy, Australian small businesses face
many daily challenges preventing them from becoming
the Small Heroes they wish to be. Cash flow, trading
conditions, competition, retaining staff and managing
overheads are some of the typical issues small businesses
face (Sensis, 2015).
[smawl] [heer-ohs] To help combat this, innovation is becoming increasingly
vital to help small business owners embrace challenges
and trends and move with the times. It enables small
businesses to remain relevant and successful, and
empowers small businesses to move from survival,
to become a Small Hero.
noun
Small businesses that challenge the conventional way of
running a business of ‘growing at all costs’, in favour of a
different set of practices and characteristics that make them
nimble and intimate with their customers.
But changing doesn’t mean losing any of the core values
that made that business special in the first place. Being
successful doesn’t have to mean big. It’s about being the
best – and best is not always achieved by focusing on
volume and increased turnover.
Definition: Small Heroes
They are our Small Heroes.
They embody the very definition of customer service
and intimacy. Together they form a hero-like bond
across our communities, bringing distinct tangible and
intangible value.
Small Heroes and their businesses provide people with a
place to congregate. They feel more vibrant; have a sense
of spirit and diversity too. There’s a real feel good factor
from walking into your local store to chat with friends and
other ‘locals’. You achieve a sense of who they are, in the
very place that helps shape their identity.
The traits of a Small Hero play heavily to the advantages
of small businesses. They can get close to and understand
their customers, with capacity to change and innovate
quickly with an organisational structure set-up to allow
them to do so. They bring a distinct sense of emotional
and physical value to not only the customer experience,
but the local community experience as well.
The challenge many small businesses face, is pushing
beyond mere survival and a focus on financials, to
understanding how they can grow without losing any
of the values which help make them great.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 3
EXECUTIVE SUMMARY
The small businesses that line our streets are more than
bricks and mortar. They are the heart and soul of our
neighbourhoods.
Now in its third year, Shop Small – a nationwide movement
founded by American Express – is again shining the
spotlight on small business. By bringing together the
business community, government and consumers, it
aims to support and champion the small business owners
across the country: from start-up cafes and established
accountants to fifth generation biscuit manufacturers and
newly-shod cobblers.
Recognising the importance of the small business
sector, American Express commissioned a report into
small businesses and the physical and emotional value
they provide. The Economy of Shopping Small Report
examines our community commitment to shopping small:
investigating both the attitudes of proprietors, as well as
the customers they depend upon.
The report sought to answer a question many small
business owners ask themselves daily,
“How do I grow my business to be successful, yet remain
small and retain my core values?”
Small business owners come in many different shapes,
but it used to be that size didn’t determine success.
Passion, personalisation and sheer persistence has helped
generations of Australian business owners stay true to
their values and remain centered in their communities;
this report indicates small businesses are coming to a
critical junction point.
The very existence of Australia’s stoic small business
sector is under threat. A large majority of small business
owners surveyed said financial stability was a concern
heading into the future. This concern will also have a
big impact on the local communities small businesses
serve, in terms of the emotional and physical benefits
they provide.
DON’T LOSE THE EMOTION
For a lot of small business owners, the reasons for ‘setting
up shop’ lies just as much in wanting to pursue a dream, as
it does in serving the community they live and operate in.
Money is important to survive, but satisfaction through the
resulting emotional benefits rank highly too.
Running a small business is highly enjoyable and
rewarding, It provides owners with a different lifestyle to
a typical 9 to 5 job, but above all, it allows them to pursue
a passion. With passion comes emotion and for small
business owners, there’s a lot of ‘skin in the game’.
For consumers, the emotional value a small business
brings lies in the simple things in life. A friendly smile or
knowing a customer’s name and order makes Australians
proud to shop at their ‘local.’
The Economy of Shopping Small Report identified a range
of trends around family run small businesses that make up
70 per cent of all businesses in Australia (Commonwealth
of Australia, Family Businesses in Australia – different
and significant: why they shouldn’t be overlooked, 2013).
Family businesses represented 39 per cent of our sample.
The often-intangible, emotional attributes play a large
role in the success of businesses in this demographic
and consumers recognise that too. Family run small
businesses rank significantly higher in providing emotional
value to consumers than non-family small businesses and
large organisations. Often there’s a lot more at stake than
merely generating revenue for these types of businesses.
Small businesses deliver a level of interaction with the
local community that goes beyond just serving customers.
That’s the emotional tug at its strongest and why we need
to ensure preservation of this sector. A big majority of
Australians would miss the small businesses in their area if
they were forced to close.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 4
MEASURE THE PHYSICAL
Preservation of Australian small businesses starts by
ensuring the books are balanced, but physical value goes
beyond just being ‘in the black.’ For many small business
owners, contributing and serving the community is just as
big a priority for some, if not more so.
Australian consumers agree small business owners
bring physical value to their community in the form
of aesthetics, standard of living, financial support for
charities and schools, as well as employment. It is in the
communities’ best interest to maintain the survival of this
highly valuable sector.
The physical value of small businesses has an additional
knock-on effect to the physical value of property too. This
report reveals that vibrant clusters of small businesses
help boost nearby property prices, improve the standard
of living, and shape the identity of the local community.
INNOVATION – CHAMPIONING
SMALL HEROES
Innovation is a key ingredient towards helping small
businesses deliver emotional and physical value. Many
Australians are motivated to start their own small business
because they found a solution to a problem, a niche in the
market or a unique product or service.
The report reveals innovation is associated with higher
levels of success and competitive advantage over large or
solely online businesses.
Consumers are again in line with what business owners
are saying. They agree unique products and services
are important when choosing to ‘Shop Small’ and this
influences them to switch to a small business.
While the desire is there, Australian small businesses do
not always focus on the right type of innovation. Could
their concerns with cash flow and financial stability get
in the way?
The Economy of Shopping Small Report offers a
new way of thinking that doesn’t involve a focus on
financials or a solution to increase sales. Instead, it is
focused on helping small businesses retain their core
values and passion – the very reason they started
business in the first place.
Over the following pages, the report delves deeply into the
three areas outlined, namely the emotional and physical
value small businesses bring, before looking at the role of
innovation and future challenges.
SURVEY METHODOLOGY
• Small business owners
• Business operating in one of the selected industries
SURVEY
as defined by ANZSIC
LENGTH:
45 minutes • Business owner is a key decision maker within the business
to 1 hour
• Business owner has owned the business for 6+ months
Qualitative interviews with
small business owners
Quantitative survey
of small business owners
Quantitative survey
of general public
• Business has 1 to 20 employees (excluding the owner)
• Business is not solely online
• Business is not solely B2B (i.e. it has private consumer
customers)
• Small business owners
• Business operating in one of the 5 selected industries as
defined by ANZSIC: Retail, Hospitality, Travel, Professional
SURVEY
services and Healthcare services
LENGTH:
25 minutes • Business owner is a key decision maker within the business
• Business owner has owned the business for 6+ months
• Business has 1 to 20 employees (excluding the owner)
• Business is not solely online
• Business is not solely B2B (i.e. it has private consumer
customers)
• Online survey conducted on sample of general public
SURVEY
aged between 18 to 64
LENGTH:
15 minutes • Sample weighted to be represent of Australian
general population
• Structured questionnaire
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 5
JUGGLING ‘WANTS AND NEEDS’
JUGGLING ‘WANTS AND NEEDS’
An interesting juxtaposition has formed around how
small businesses in Australia view the need to survive,
versus their want or desire to expand the business and be
successful – to become a Small Hero.
Additionally, 82 per cent are concerned with the cost
and overheads of running a small business, with 76 per
cent worried about the economic climate and 74 per cent
worried about future cash flow.
PARADOX ONE
SMALL BUSINESS OWNERS CONCERNS FOR
THE FUTURE OF THEIR BUSINESS
The driving sentiment from the report is that while small
business owners did not start their small business to make
money, the reality is, cash flow is needed for their survival.
Nearly three out of four (73 per cent) small business
owners are concerned about the financial stability of
their business. Most also view (89 per cent) the financial
performance of the business as an important measure of
the overall success of their business.
SMALL BUSINESS OWNERS CONCERNS FOR
THEIR BUSINESS AND MEASURES OF SUCCESS
Increasing costs
and overheads
82%
The economic climate
in Australia
76%
Future cash flow
74%
89%
73%
They don’t necessarily want money as a reward for what
they do, but they need it to ensure survival. Thus more
often than not, volume and sales will take priority over the
core values of the business.
Concerned about financial stability
of their business
Consider financial performance of
their business a measure of success
Herein lies our first paradox. Financial success isn’t an
aspiration, but without it, the business can asphyxiate.
Owners fear that becoming too focused on balancing the
books may erode the wider emotional pay-offs they are
pursuing, and need help in finding a stable middle ground.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 7
PARADOX TWO
Herein lies the second paradox.
Small business owners want their business to stay
‘small’ (56 per cent agree), yet the top three future
priorities lie in the need to push their brand and business
further through greater marketing and brand awareness
activities (62 per cent); into new channels, such as social
media (59 per cent) and new technology (57 per cent).
Together this will enable them to reach a wider audience
and grow the business.
For small businesses the challenge can often become
‘How do I grow faster, go further, while staying rooted
in the same place? How do I fuel my business without
switching out the ‘moonshine’ which made it mine in the
first place?
SMALL BUSINESS OWNERS PRIORITIES IN
RELATION TO FUTURE BUSINESS STRATEGY,
LEADERSHIP AND OWNERSHIP
Keep the business small
56%
Invest in technology, innovation
These questions may seem simple, but the answers are
as complex as they are varied. One businesses elixir for
success could be another’s recipe for disaster, but the key
ingredient in thriving businesses is they’ve found a formula
to stay true to themselves, while testing new flavours and
different combinations.
Without that sense of experimentation, individual
businesses and the entire sector will likely sour, leaving
a bad taste, not just for owners, but for consumers and
communities as well.
57%
Expand social media presence
59%
Build marketing/branding
62%
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 8
• PA R T O N E •
THE EMOTIONAL VALUE OF
AUSTRALIAN SMALL BUSINESS
THE EMOTIONAL VALUE
They say money makes the world go round, but not for
our Small Heroes, who hold emotional value close to their
hearts. In this section, the report focuses on what success
looks like for the business, as well as the value small
businesses bring to the consumer, their community, and
to society as a whole.
FLEXIBLE WORKING
BUT WHAT IS EMOTIONAL VALUE?
Janet Smith, Toyworld
It is the intangible positive feelings small business owners,
consumers and the community receive from the small
business sector.
Women are at the helm of 43 per cent of the small
businesses surveyed. Two-thirds (66 per cent) started
their small business because they needed a flexible work
arrangement, 14 per cent higher than men (52 per cent
of men).
To quote a well-known saying, ‘it’s the things money
can’t buy’.
“I might make a lot more money if I operated the
business another way but it wouldn’t sit with my
values. All my cut making and trimming is done in
India. Creating employment and helping local Indian
women learn to be tailors and believe in themselves
– that’s a goal I’d really like to achieve with my
business.”
“The biggest reason customers come back to you
is because they have a good feeling when they
come into your store. If they are treated well,
they don’t mind paying a little bit extra for great
customer service.”
WOMEN IN SMALL BUSINESSES
43%
Two thirds started their small business because
they needed a flexible work arrangement
Carlie Ballard, Carlie Ballard Clothing
While money is one indicator of success, entrepreneurial
spirit helps provide a sense of worth. It’s an enormous
challenge to step off any pre-ordained ‘career ladder’ to
create your own path.
Setting up a small business provides those doing so with
an opportunity to ‘follow their dreams’, to be proud of their
successes, and contribute to the broader community.
It’s these intangibles that deliver strong emotional
benefits to small business owners. They meet the
emotional needs of Australians who ‘Shop Small’, even
if they charge a small premium.
The majority of consumers also agree that small
businesses provide this positive emotional value; it breeds
feelings of attachment, gives the community its identity
and adds to its charm.
“Flexibility and control over my personal situation was
the catalyst for starting my business. Being able to
spend as much time with the family, when my kids are
growing up, is what made me decide to do this versus
going back into where I was working for someone
else. The self determination to control my own hours
and take holidays when I wanted was a big plus.”
Susie Fischer, Devour Fine Food
WHAT IS SUCCESS?
Over three-quarters (76 per cent) of small business
owners agreed that setting up a small business was about
pursuing a dream, vision and passion or seeking new
challenges. For just over two-thirds, (68 per cent), it’s also
about proving to themselves it can be done.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 0
WHAT MOTIVATES SMALL BUSINESS OWNERS
TO OWN AND RUN A SMALL BUSINESS?
THE EMOTIONAL VALUE SMALL BUSINESS
OWNERS RECEIVE FROM THEIR BUSINESS
“The lifestyle the
business affords you
and your family”
“I wanted to pursue a
vision, dream, passion
or new challenge”
“I wanted to prove
to myself that
I could do it”
76%
68%
“I wanted to serve
the community”
59%
The pull of serving the community is strong too. Fifty-nine
per cent agreed this was a major reason for setting up in
the first place.
“I’ve always had that entrepreneurial side of me.
I wasn’t working at the time of my injury (Roy is
a C1 incomplete quadriplegic) and found this and
thought, great – let’s see where it goes. I’m pretty
self-motivated and passionate about helping others
and saw this as something that doesn’t just benefit
me, but can help others.”
Roy Davies, Drink Handlers
When judging the success of their business, an
overwhelming 91 per cent agreed it was about the
level of enjoyment they received from simply working
at the business.
“With Australians being asked to work into a later
age, we’re seeing a real shift with how people define
their versions of success. It isn’t simply defined
in monetary terms anymore. People are wanting
to design a career and own a business that aligns
to their personal passions and values. It is this
congruence that people are seeking in work and
life that is fueling this desire to be a small business
owner. The challenge for many small business owners
is how to evolve their business, yet remain true to
their values and ultimately the reasons as to why they
started their small business.”
83%
91%
“The level of
enjoyment you get
from working at the
business”
Similarly, 83 per cent agreed success was about the
lifestyle that running a small business afforded them and
their family. Eighty-two per cent agreed it gave them the
ability to freely pursue a passion. Seventy-nine per cent
told us their business success was also about positive
economic and social impact on local communities.
For family run businesses, the emotional ties and value
runs deep. Eighty-eight per cent love working together,
while the same percentage said there was a higher level
of trust and understanding between family employees
compared to non-family employees.
WHAT DRIVES FAMILY RUN SMALL BUSINESSES
TO WORK TOGETHER?
“We enjoy working
together”
“Higher level of trust &
understanding between
family employees”
“We want to build a
future for our family
through our business”
88%
88%
84%
For family run businesses, it provides owners with the
satisfaction of building something for the future of the
family – 84 per cent agreed this was one of the reasons
why they set up in the first place.
Nick Lim-Howe, Clinical Psychologist, Free Minds
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 1
“My son has been working for the business for the
last 25 years. The value he brings is the loyalty and
the trust. You can trust him more than anyone else.
He runs it like he owns it. We’ve had good loyal staff
over the years, but we have had our fair share of
dishonest staff too.”
Anna Cecere, Cecere’s Music
THE EMOTIONAL VALUE SMALL BUSINESS
OWNERS PROVIDE TO THEIR CUSTOMERS
Always welcome
customers with a smile
99%
Personally thank
all customers
Know the names of all
their regular customers
94%
92%
VALUE TO THE CONSUMER:
THE POWER OF PERSONALISATION
Personalisation is a key differentiator for small businesses
over their larger rivals. Being nimble and at the heart of
their operation affords small business owners the luxury
of getting their ‘hands dirty’, dealing with the community
at large.
“My wife is the office manager, she understands the
business…there is stuff we can talk about after hours,
which brings a lot of convenience.”
In line with this, 94 per cent always personally thank their
customers and 92 per cent of small business owners know
the names of all their regular customers.
Dr John McNamara, GP
Never underestimate the cost of a smile. Even with a 10 per
cent increase in prices, 42 per cent of Australians would
still continue to support small family run businesses,
whereas only 26 per cent would continue to support solely
online businesses.
“Innovation is based around trying new things and
being flexible when it comes to marketing and getting
your name out there.”
Joe Pitari, JHP Financial Services
Small business owners provide a positive emotional
experience to consumers; they know their customers’
preferences, pre-empt their needs, actively take an
interest in their personal lives and avert any negative
feelings of risk by having ‘skin in the game’.
It might be a small gesture, but it can so easily be lacking
in large businesses – 99 per cent of small business owners
said they always welcome their customers with a smile –
first impressions count.
Faced with a rational choice, emotional attachment wins
over cost.
While a large business will likely use technology to
personalise their communications with customers, the art
of putting a face to a name, remains a key advantage for
those who own a business.
Personalisation for small business owners goes beyond
the basics however. Eighty-eight per cent know their
customer preferences, favourite orders and previous
purchases. Eight-three per cent can pre-empt the needs of
their customers too.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 2
THE EMOTIONAL VALUE SMALL BUSINESS
OWNERS PROVIDE TO THEIR CUSTOMERS
Small businesses are a major focal point for the
community at large. Forty-four per cent agreed their
business is the heart of their community, while 42 per cent
said it provided a place for local residents to socialise.
THE EMOTIONAL VALUE SMALL BUSINESS
OWNERS FEEL THEY ARE DELIVERING TO
THE COMMUNITY
88%
83%
Know their customers
preferences
Add to the
cultural diversity
Helps shape the
identity
Heart of the local
community
A place for
locals to
socialise
52%
52%
44%
42%
Can pre-empt the needs
of their customers
How many large businesses with a multi-million dollar
CRM systems do we know that still can’t get that right?
“One thing that we look for in our business is really
high quality service because that’s what sets us apart
from the supermarkets. We take the time to build the
relationships with our customers. So you really get
to know your customers, what their names are, what
their children’s names are or, who their partner is.”
Seventy-five per cent believed there was a high level
of interaction between the local community and their
business, while 92 per cent said the local community
benefits from their business too.
Nick Lim-Howe, Clinical Psychologist, Free Minds
comments, “Small businesses are fundamental to the way
of life in communities. While there is the obvious tangible
benefit they bring in the form of goods and services they
provide; much of the hidden value of small businesses
is entrenched in their enduring relationship with their
customer base. There is this lovely and often unspoken
transaction of trust between a small business owner and
that of their customer, because they know the owner, they
know the person and witness their passion firsthand. The
transaction of emotions is pure, making it easy to assess if
this person is someone that you want to do business with.”
COMMUNITY BENEFITS FROM
SMALL BUSINESSES
“They provide us with a sense of connection and a focal
point for people to gather. Remove that, and an entire
Angela Cashion, Howrah Point Store
FOR THE LOVE OF THE COMMUNITY
social structure will be removed from that community too.”
Level of interaction with local community
75%
Does the local community benefit from your business?
92%
“While our business relies on sick people, in reality we
really want everyone to be healthy. We care about the
community and we want it to succeed. We provide a
teenage pregnancy support group for young women
aged between 15 to 19 years and we do this off our
own back. It costs us, but we just do it. ”
Robert Sterry, Plaza Medical Centre
The emotional values of small businesses extend even
further. Just over half (52 per cent) said their business
adds to the cultural diversity of the local community.
The same percentage agreed small businesses in their
area helped shaped the identity of their local community.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 3
Not only do small business owners care about the
community, they also put their money where their
mouth is to further add to the emotional value.
Seventy‑three per cent of small business owners give
back to the community through charitable giving or
sponsorship, often in the form of cash donations to local
charities and local community programs.
THE VALUE SMALL BUSINESS OWNERS FEEL THEY
DELIVER TO THE COMMUNITY
73%
Business supports the
community through
charitable giving or
sponsorship
FAMILIES DO IT BEST SAY CONSUMERS
Australian consumers agreed small businesses brought
an incredible amount of emotional value. Those who prefer
customised service, supporting the local community and
friendly staff are more likely to ‘Shop Small’.
CONSUMER PREFERENCE TO ‘SHOP SMALL’
Those who prefer businesses
that support the local community
are 15 per cent more likely to
preference shopping small.
15%
Small family run businesses also deliver more emotional
value to consumers than their non-family small businesses
and larger organisations. Consumers are more likely to
associate them with positive emotional attributes such as
personal, friendly service, passion, honesty and integrity.
“To remember Ajay (Mary’s son who the restaurant
is named after) each year we hold a large annual
community event. It’s a big day, we have a band
playing, car show, jumping castles, Elvis and Michael
Jackson impersonators. Everybody comes together to
raise money for the Royal Children’s Hospital.”
Consumers recognise the passion of family run small
businesses, with 81 per cent strongly associating this
attribute with that group. This compared to 37 per cent
for small non-family businesses, and a mere 21 per cent
in large organisations.
A similar story emerged when understanding consumer
needs. Australians most strongly associated this with
small family run businesses (75 per cent), compared to
36 per cent with small non-family and just 22 per cent
with large businesses.
Ajays Pizzeria, Mary Psaila
“We donate and give out vouchers to a lot of
schools and church groups. I’d estimate our current
level of donations is probably around the $40,000
per annum mark.”
Marcus Vermey, Vermey’s Quality Meats
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 4
THE ATTRIBUTES CONSUMERS ASSOCIATE WITH
AUSTRALIAN BUSINESSES
6%
22%
21%
36%
37%
Passionate
Knows me
& anticipates
my needs
81%
Small family
EMOTIONAL VALUE DELIVERED TO THE LOCAL
COMMUNITY BY SMALL BUSINESSES
10%
67%
I would miss the small
business in the area if
they were forced to close
17%
6%
75%
Small non-family
11%
Large
Small family run businesses also deliver more emotional
value to consumers.
“There’s something about a family run business you
don’t get in other businesses. You know it’s not
just a job for these guys. It’s a way of life – their
values are passed down through their family unit, its
inherited. Their life centres on their passion and their
passion is about serving and being part of a healthy
community first and foremost. Sure, you might pay a
bit extra for what they offer, but that extra is the value
they bring not only to your experience, but to your
community overall.”
The local shopping
village adds to the
aesthetics or charm
of the area
21%
Agree
Neutral
Disagree
The majority of consumers agreed small businesses
provide positive emotional value to the broader
community, breeding feelings of attachment.
Not sure
Fifty-four per cent felt very attached to their local shopping
area, while the same percentage agreed it helps promote
cultural diversity.
EMOTIONAL VALUE DELIVERED TO THE LOCAL
COMMUNITY BY SMALL BUSINESSES
Nick Lim-Howe, Clinical Psychologist, Free Minds
VITAL TO SOCIETY
62%
I feel very
attached to my
local shopping
village
54%
Two-thirds of consumers agreed (67 per cent) they would
miss the small businesses in their area if they were forced
to close. Sixty-two per cent said the local shopping village,
containing small businesses add to the looks, aesthetics
and charm of the area they live in.
The local
shopping village
helps promote
cultural
diversity
54%
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 5
CASE STUDY:
CONTINENTAL TARALLI BISCUITS
OVERVIEW
IS MONEY THE MOTIVATOR?
Established in 1945, owners John and Anna manufacture
gourmet European snacks, using recipes dating back
a century and featuring local ingredients. This family
business started when John and Anna migrated from Italy
in 1969. After working for others, they were eventually able
to build their own wood oven to bake bread. Today they
manufacture and sell biscuits across Australia –
predominantly continental Taralli biscuits (a type of
Italian pretzel).
“When everyone knows your name and brand, that’s what
makes us proud. I think that’s success to me. I don’t care
about money, money comes and goes…what’s important
is your brand, your name, your heritage, your reputation
and people enjoying products. I think that’s the measure
of success.”
WHAT’S DIFFERENT ABOUT A FAMILY
BUSINESS COMPARED TO ANY OTHER
TYPE OF BUSINESS?
“There is more passion and drive with a family business,
it’s a bit of history, a sense of pride. I think that’s what
makes us a bit different. It’s my father who’s been baking.
He’s 74 years old and he’s still going out every morning
and baking and producing these biscuits with love,
passion and pride.”
POWERING PERSONALISATION:
UNDERSTANDING INDIVIDUAL
CUSTOMER NEEDS
“That’s what I love about my job. I’ve had customers
say ‘my daughter or son has allergies’, they can’t have
certain foods like egg, nuts, lactose.’ Our products are
lactose free, a lot of mums are struggling out there to find
suitable food for their kids.”
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 6
• PA R T T W O •
THE PHYSICAL VALUE OF
AUSTRALIAN SMALL BUSINESSES AND
THEIR ROLE IN THE COMMUNITY
THE PHYSICAL VALUE
OVERVIEW
The previous installment of the report discussed
the emotional value of shopping small.
We all recognise what emotional value feels like – the
gratifying experience of being greeted with a smile, the
satisfaction of being served by someone who knows the
name of your children, but it can be a hard thing to measure.
Though it’s an important aspect of the overall shopping
experience, emotional value is an individualised and
largely an intangible product that can really only be traced
by repeat business and word-of-mouth referrals. In terms
of return on investment for business owners, it can be
frustratingly hard to quantify.
However, when it comes to the physical value small
businesses provide - and specifically provide to the
consumer, the homeowner and the local community
- the numbers tell a different story. The Economy of
Shopping Small Report quantifies some of those benefits
to the business and the community at large.
One of the major findings from the report is the
direct, positive relationship small businesses have on
the variability of median house prices. Many factors
contribute to the price of the average home, but
probably unknown to many, is the positive impact small
businesses play.
Small businesses deliver value to communities in the
form of better aesthetics, standard of living, increased
financial support for charities and schools and helping
boost employment in the local area.
The Economy of Shopping Small Report quantifies this,
placing a value on the passion and commitment from
this group of highly dedicated people. This value is clearly
reflected in the attributes consumers appreciate about
family run small businesses in Australia.
FINANCIAL GAIN FOR HOMEOWNERS
One of the aims of The Economy of Shopping Small
Report was to understand if a positive relationship
existed between the presence of small businesses in local
communities and their impact on median house prices.
The focus for this understanding was to look at house
prices at the SA21 level in Significant Urban Areas, with
a population of over 50,000 capturing 78 per cent of the
Australian population.
The analysis took into account four variables, which
together accounted for 39 per cent of variance in median
house prices and were regarded as significant factors in
determining as such. These were:
• Distance from the CBD
• Beachfront location
• Number of people per square kilometre
• Number of small businesses
THE FOUR VARIABLES USED TO MAP THE
RELATIONSHIP BETWEEN SMALL BUSINESSES
AND MEDIAN HOUSE PRICES
Number of people per
square kilometre
Distance from CBD
Their value goes far beyond a simple transaction between
business and customer. Their removal from community
life would have a deep impact - an issue discussed in more
detail in the next section of the report.
Small family run businesses also have the advantage of
highly dedicated labour from family members.
1. Beachfront
Number of small businesses
ABS definition of SA2s: general purpose medium-sized areas that represent communities that interact together socially and economically.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 8
Together these were mapped against median house price
data at the SA2s level.
HOUSE HUNTING AUSTRALIANS WILLING
TO PAY A PREMIUM FOR A HOME NEAR
A SHOPPING VILLAGE
The positive finding for all concerned was that, holding
all the other above factors constant, every small business
in an SA2 is associated with an average increase of $164
to the median house price. To put this into context: if we
take two non-beachfront SA2s, both situated an average
distance from a CBD and with average population density,
but one has the average number of small businesses
(375) and the other has twice this number, the estimated
median house price in the latter would be 10 per cent
higher than the former (an absolute increase of an
estimated $61,400).
THE RELATIONSHIP BETWEEN SMALL
BUSINESSES AND MEDIAN HOUSE PRICES
Take two non-beachfront SA2s both situated an average distance
from a CBD and with average population density
47%
47% of house hunting Australians
prepared to pay a premium for a home
located near a local shopping village
But what would they pay?
House hunting Australians who are willing to pay a
premium are happy to invest – on average – an additional
4.4 per cent or $30,486 2 to purchase a home located
near a local shopping village.
WHO WILL PAY A PREMIUM FOR A HOME NEAR
A SHOPPING VILLAGE?
One has an average number
of small businesses
One has double the average
number of small businesses
MEDIAN HOUSE PRICE
would be
10% higher
17% of
Australians aged
18–64 are
currently looking
for a new home
47% would pay
a premium to
live near a
shopping village
The message is clear. Small businesses and their presence
in the local community have a positive relationship with
median house prices.
This equates to
paying 4.4%
extra on average
to purchase a
home near a local
shopping village
While the data above tells one side of the story, consumers
back up this notion. One fifth of Australians would pay a
premium to rent or purchase a home located near a local
shopping village. This figure jumps to 47 per cent among
the 17 per cent of Australians who are currently in the
market for a new home.
2.This is based off the additional field work from a subgroup of those who would pay a premium to live near a shopping village. For more information, refer to the Methodology
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 1 9
“When you find a small business that’s really
innovative, doing something unique, or offering
something a bit different, people will flock to it. House
hunters will definitely pay more to be close to shops
or cafes that are unique, and that are a drawcard in
the local community.”
WHAT’S IMPORTANT FOR MEN AND WOMEN
IS DIFFERENT WHEN IT COMES TO PROXIMITY
TO BUSINESSES
WHAT’S IMPORTANT
Warwick Brooks, Director, Domain Advocates
Proximity to a vibrant strip of local shops proves to be
a big consideration among nearly half of all Australians
seeking to purchase property.
Byron Rose, from Rose and Jones Buyers Agency and
Advisors offers his experience and thoughts.
“Evidence and experience shows us that the
demographic driving property values up the fastest
is couples aged 25-39. They are high income earners,
which underpins the type of retail this demographic is
looking for, where the strip mall shopping experience
is favoured over the shopping centre.”
AUSTRALIANS WANT TO LIVE NEAR
SMALL BUSINESSES
100
80
HEALTHCARE
FOOD
PROVIDORES
AMENTITIES
68%
64%
59%
60
40
20
0
AUSTRALIANS WANT TO LIVE NEAR
SMALL BUSINESSES TOO
Sixty-eight per cent agreed access to healthcare services
was very important. Sixty-four per cent want specialised
convenience stores such as a deli, butcher, fruit shop and
fishmonger, along with other similar shops. There was
a matching desire (59 per cent) for amenities such as
schools, libraries and newsagents.
FOR MEN
59%
FOR WOMEN
54%
69%
65%
38%
36%
31%
31%
Lowest on the priority list for both men and women,
was professional services firms – accountants and
lawyers. Interestingly, 38 per cent of males agreed it was
a priority to live near a bottle shop, compared to females
(31 per cent).
Women were also more likely to want to live near a
deli or convenience store (69 vs. 59 per cent); closer
to schools and libraries (65 vs. 54 per cent) and cafes
(57 vs. 50 per cent).
WHAT’S PHYSICAL SUCCESS FOR
THE BUSINESS OWNER?
Small business owners may not be aware they positively
impact mean house prices to such an extent, however,
there is agreement at a broad level as to the physical
benefits they bring, both to their own business and the
wider community.
When asked whether or not they felt their business boosts
property prices in their local community, nearly a third
(30 per cent) believed they did.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 0
SMALL BUSINESS OWNERS AGREE THEIR
BUSINESSES BOOST PROPERTY PRICES
IN THE LOCAL COMMUNITY
30% of small
business owners
believe their
business boosts
property prices
in their local
community
Seventy nine per cent agreed their business success
was also about positive economic and social impact on
local communities. While these might be secondary or
indirect benefits, they are critical to that overall sense
of community and help to build its foundations.
30%
SMALL BUSINESS OWNERS MEASURE THEIR
SUCCESS BASED ON THE PHYSICAL VALUE THEIR
BUSINESS PROVIDES TO THE COMMUNITY
The positive economic and
social impact of the business on
local communities
79%
But this is merely one view of what constitutes success for
a small business owner. Success means a lot of different
things to different people.
The report found 89 per cent of small business owners
agreed financial performance was the biggest indicator
of physical value and success. It’s also in line with what you
would expect too – a quantifiable outcome and of course
reward for the small business owner.
SMALL BUSINESS OWNERS MEASURE THEIR
SUCCESS BASED ON THE PHYSICAL VALUE THEIR
BUSINESS PROVIDES TO THE COMMUNITY
Support their community
through charitable giving or
local sponsorship
73%
Seventy-three per cent of small businesses supported
their community through charitable giving or sponsorship
of local sports and ‘not for profits’.
Seventy-one per cent agreed they provided a unique
product or service to the local community, supporting
the notion that small businesses in Australia are very
innovative. While 69 per cent agreed they brought
employment to local residents.
The financial performance
of the business
89%
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 1
THE PHYSICAL VALUE SMALL BUSINESS
OWNERS BELIEVE THEIR BUSINESS DELIVERS
TO THE COMMUNITY
71%
Bring employment to
local residents
69%
Provide a unique
product or service to the
local community
“We try and do things for our community. We help
schools and sporting groups when we can. We say,
if you’re from a certain school or organisation and
you come in and put your purchase under that school
or organisation’s name, then when their next event
comes, we’ll give them five percent of the sale in gift
vouchers or toys that they can use as fundraisers.”
Janet Smith, Toyworld
FAMILY VALUE – TURNING EMOTIONAL
VALUE INTO PHYSICAL REWARDS
HOW FAMILY MEMBERS DELIVER PHYSICAL
VALUE FOR SMALL BUSINESS OWNERS
Ability to discuss business issues
outside of traditional working hours
Family members are a great
source of guidance and advice
for the business
88%
80%
This demonstrates that for family run small businesses,
the working day and business strategy extends beyond
the typical hours of 9 to 5 and is perhaps reflected
in the emotional value consumers see in these types
of businesses.
78% OF SMALL BUSINESS OWNERS BELIEVE
THEIR FAMILY MEMBERS WORK HARDER AND
LONGER THAN NON-FAMILY EMPLOYEES
78%
Family run small businesses derive significant physical
value from family members employed in the business
– something a non-family run small business would
not experience.
Eighty-eight per cent of family run small businesses
discussed business issues outside of traditional working
hours. Eighty per cent said family members are a great
source of guidance and advice for the business.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 2
HOW MUCH PHYSICAL VALUE DO
FAMILY MEMBERS CONTRIBUTE TO
THE BUSINESS?
Seventy-eight per cent believed family members worked
harder and longer hours than non-family employees,
which is reflected in the dollar value small family run
business owners place on that time.
Importantly, the physical value number, uncovered by
The Economy of Shopping Small Report, is reflective of
the emotional value family run small businesses provide.
Especially when compared to larger organisations and
even non-family run small businesses.
Consumers are more likely to associate family run small
businesses with positive emotional attributes such as
personal, friendly service, passion, honesty and integrity.
So the question becomes ‘what are the above attributes
worth to family run small businesses?’
On average, small family business owners say family
members contribute an additional $41,090 of worth to
their business each year.
ON AVERAGE SMALL FAMILY BUSINESS OWNERS
SAY FAMILY MEMBERS CONTRIBUTE $41,090 OF
UNPAID WORK
$41,090
“If I compared the value my wife brings to the
business, to another senior vet, it would probably
cost me about $50,000 a year, but that excludes the
fact she helps me manage the place, so it’s very hard
to measure the total value. She completely buys into
the ethos and philosophy of the practice.”
Peter Lee, Two by Two Animal Hospital
WHAT DRIVES FAMILIES TO WORK TOGETHER?
89%
Higher level of dedication
84%
Complementary skill set
When asked what drives family members to work together
within a business, 84 per cent cited complementary skill
sets. An even bigger number (89 per cent), said there was
a higher level of dedication to the business among family
employees compared to non-family employees.
What’s apparent is that, in family run small businesses,
the emotional value invested by other family members,
transpires into concrete physical outputs and outcomes.
They are a vital component of our communities, providing
greater emotional value to customers, and tangible
physical value to their owners.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 3
METHODOLOGY
SMALL BUSINESS OWNERS –
QUALITATIVE INTERVIEWS
ADDITIONAL FIELD WORK
QUANTITATIVE SURVEY METHOD
Ten qualitative interviews were conducted between 3rd to 14th of August 2015,
the results of which informed the content of the quantitative surveys. The remaining
30 interviews were conducted between 17th August to 25th September 2015.
Location: Australia
Location: Australia
Survey length: 5 minutes
Survey methodology: Face-to-face interviews with respondents in Victoria and New
South Wales, phone interviews with respondents in other states
Fieldwork dates: 8th to 12th October 2015
Survey length: 45 minutes to 1 hour
Sample definition:
• Small business owners
• Business operating in one of the selected industries as defined by ANZSIC
• Business owner is a key decision maker within the business
• Business owner has owned the business for 6+ months
• Business has 1 to 20 employees (excluding the owner)
• Business is not solely online
• Business is not solely B2B (i.e. it has private consumer customers)
Sample size: 40
Sample source: Qualitative Recruitment Australia (QRA)
Survey methodology: Online survey
Sample definition: Australian general public aged 18 to 64 and currently in the market
for a new home and would pay a premium to live near a shopping village
Weighting: Sample was weighted to the proportion of Australians currently in the
market for a new home, targets obtained in original American Express Shop Small
general public survey.
HOUSE PRICE METHODOLOGY
Small business definition = 1 to 19 employees
June 2012 median house prices (CoreLogic RP Data, 2012) and small business
numbers used (ABS, 2014).
Fieldwork dates: 3rd August to 25th September 2015
ABS definition of STATISTICAL AREA LEVEL 2 (SA2): The SA2s are a general-purpose
medium-sized area. Their aim is to represent a community that interacts together
socially and economically.
SMALL BUSINESS OWNERS
QUANTITATIVE SURVEY METHOD
Only SA2s in 29 ‘Significant Urban Areas’ with populations over 50,000 included
(but outside of CBD of these areas); 1570 SA2s accounting for (overall, including
CBDs) 78 per cent of the Australian population.
Location: Australia
Regression results for median house price:
Survey methodology: Telephone (CATI) survey
Constant
Survey length: 25 minutes
Sample definition:
• Small business owners
• Business operating in one of the 5 selected industries as defined by ANZSIC:
Retail, Hospitality, Travel, Professional services and Healthcare services
• Business owner is a key decision maker within the business
• Business owner has owned the business for 6+ months
• Business has 1 to 20 employees (excluding the owner)
• Business is not solely online
• Business is not solely B2B (i.e. it has private consumer customers)
Distance from CBD
Beach suburb
No. small businesses
163.729***
(17.936)
R-squared
GENERAL PUBLIC QUANTITATIVE
SURVEY METHOD
No. observations
Survey methodology: Online survey
90541.268***
(17994.589)
86.582***
(4.746)
Fieldwork dates: 24th August to 25th September 2015
Location: Australia
-1334.709***
(198.995)
Population density
Sample size: 694
Sample source: Impact lists
384842.135***
(11008.556)
Standard errors are reported in parentheses.
*** indicates significance at the 99 per cent level
Survey length: 15 minutes
Sample definition: Representative of the Australian general population aged 18 to 64
Sample size: 1,006
Sample source: Online interviews accessed through the Online Research Unit (ORU)
panel using a structured questionnaire. The ORU panel is the largest research only
panel in Australia and currently holds ISO 20252 ‘Market, opinion and social research’
and ISO 26362 – ‘Access panels in market, opinion and social research’ status.
Fieldwork dates: 7th to 21st September 2015
Weighting: The sample was weighted to age and gender quotas representative of the
Australian population aged 18 to 64.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 4
0.386
1570
REFERENCES
ABS. (2014, June). Retrieved from http://www.abs.gov.au/: http://www.abs.gov.au/AUSSTATS/[email protected]/
Lookup/8165.0Main+Features1Jun%202010%20to%20Jun%202014?OpenDocument
Burlingham, B. (2005). http://www.smallgiantsbook.com/. Retrieved from http://www.smallgiantsbook.com/excerpts/
SmallGiants_Intro.html
Burlingham, B. (2005). Small Giants: Companies That Choose to Be Great Instead of Big.
Commonwealth of Australia. (2013, March). Family Businesses in Australia – different and significant: why they shouldn’t
be overlooked. Retrieved from http://www.aph.gov.au/: file:///C:/Users/smay/Downloads/report_pdf.pdf
Commonwealth of Australia. (2015). Budget 2015 Growing Jobs and Small business. Retrieved from http://www.budget.
gov.au/: http://www.budget.gov.au/2015-16/content/glossy/sml_bus/download/Growing_Jobs_and_Small_Business.pdf
CoreLogic RP Data. (2012). http://www.corelogic.com.au/research/monthly-indices.html. Retrieved from http://www.
corelogic.com.au.
Sensis. (2015, June). Sensis Business Index. Retrieved from https://www.sensis.com.au: https://www.sensis.com.au/
content/dam/sas/PDFdirectory/Sensis_Business_Index_June_2015.pdf
The Guardian Life Insurance Company of America. (2009). Six Signs Of Small-Business Success. Retrieved from https://www.
guardianlife.com/news/new-research-identifies-six-dimensions-characterize-success-oriented-small-business-owners
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 5
OUR RESEARCH PARTNER
One of Australia’s leading locally owned research consultancies with more than 25 years in research, consultancy and
advice, AMR regularly conducts research studies on consumers, businesses, governments, countries and cities. AMR is
part of STW group, Australasia’s leading marketing content and communications services group.
OUR CONTRIBUTORS
NICK LIM-HOWE
Clinical Psychologist/Practice Director
B. Psych (Hons), M. Clin Psych, MAPS
Nick is a dedicated, warm and friendly Clinical
Psychologist who enjoys working collaboratively with
people of all backgrounds. He derives great reward in
helping people and their families attain their goals, as well
as achieve a newfound quality and empowerment in their
everyday life.
Nick is trained in a variety of evidence-based therapies
that include Cognitive Behavioural Therapy (CBT),
Acceptance Commitment Therapy (ACT), Motivational
Interviewing, Schema Therapy and Positive Coaching.
Nick has worked with a variety of different client groups
in a range of clinical settings (both public and private)
that include Child and Adolescent Mental Health Service
at Royal North Shore Hospital, working with both families
and young adults as well as assisting running anxiety
groups for children and their parents as part of his
training. He has also worked in the field of brain injury
at Royal Rehabilitation Centre where he helped design
neuro‑psychosocial rehabilitation programs. He has
conducted research at the National Drug and Alcohol
Research Centre and has experience teaching Psychology
at the University of Sydney. His most recent position at
the Happiness Institute promoted the principles of positive
psychology in his therapeutic approach.
Nick completed his undergraduate studies at the
University of Sydney, where he achieved first class
honours in a Bachelor of Psychology. He completed
his Masters of Clinical Psychology at the University
of New South Wales.
At present Nick splits his time between Manly Hospital
and private practice.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 6
WARWICK BROOKES
Director, Property Advocate
As a Director of Domain Property Advocates, and leader
of the Buyer Advocacy and Seller Advocacy divisions
of the business, Warwick leads his team with a hardworking attitude, drive to provide a premium service and
commitment to impart valuable, trustworthy expertise
to his clients. His contributions to the industry have
been acknowledged by a variety of accolades such as
winner of Buyers Agent of the Year from the REIV, and
roles such as President and past Vice President of the
Real Estate Buyers Association of Australia. Warwick is
also a sought after presenter on Property Investment
topics, and frequently leads discussion forums for major
financial institutions.
Warwick’s first job in property was selling. ‘Selling’
didn’t resonate with him; he saw how people required
assistance to make the right property decisions and
avoid being misled and out-negotiated by professional
sales agents. He acknowledged a gap in the market
that actively required restoration of balance into the
selling and buying process, levelling the playing field
for prospective purchasers and sellers by offering
independent professional advice. This gave rise to
Domain Property Advocates.
With a vision for difference, Warwick’s objectives were
strong; to tell it how it is, impart quality advice and
experience, help people make more informed decisions
and avoid costly mistakes and reducing risk when
purchasing or selling property. Driven and motivated by an
end result Warwick enjoys seeing the success and benefit
Domain’s contributions have on people’s lives. Over time
he has witnessed the business form a solid reputation out
of successful results, time in the industry and the trust his
client place in him.
His methodology to success is simple:
• Devise a long term, well thought out plan that is
achievable within personal circumstances
• Being able to stick to a plan
• Select the right team and trust their advice
• Be patient, slow and steady wins the race.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 7
His industry knowledge, understanding of property
markets & value, proven negotiation skills - enables him to
provide superior advice; alongside his investment-analysis
and asset-management expertise positions him as a
leader in the property industry.
BYRON ROSE
Managing Director & Buying Consultant
Byron is a licensed real estate agent & auctioneer, licensed
buyer’s agent, a founding member of the Buyer’s Agent
Chapter/Membership Committee of the Real Estate
Institute of NSW, and a member of the Real Estate Buyers
Agent Association of Australia (REBAA).
With more than 25 years’ experience in residential
and commercial property acquisition, leasing and
asset‑management, Byron is in a unique position to
consult on property acquisition on all aspects of the
property market.
Byron is a past President of the Real Estate Buyers Agents
Association – REBAA; the industry body formed to
promote the services of exclusive Buyer’s Agents and be a
voice for the property buyer. As well as creating a code of
ethics as a standard for all Buyers Agents in Australia.
Rose & Jones Property has been in operation since 1998.
Since then the firm has inspected over 35,000 residential
and commercial properties and purchased more than $1
billion worth of property on behalf of our clients.
Byron is sort by the Media for comment on the
property market.
He spent six years working for the leading global
commercial property services company – Jones
Lang LaSalle, and a further four years managing and
developing a private property portfolio with more than
$190 million in assets.
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 8
ABOUT AMERICAN EXPRESS
American Express is a global services company, providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn more at americanexpress.com.au and connect with us
on facebook.com/americanexpressaustraliayoutube.com/americanexpressau or by visiting our Media Room. Key links
to products and services: charge and credit cards, travel services, foreign exchange, prepaid travel cards, merchant
services, business travel, and corporate card.
FURTHER INFORMATION
MEDIA ENQUIRIES
Jane Clapcott
Director, Public Affairs & Communications Australia & New Zealand
Telephone +612 9152 3601
[email protected]
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 2 9
FOUNDED BY
A M E R I C A N E X P R E S S – T H E E C O N O M Y O F S H O P P I N G S M A L L – PA G E 3 0