Family Businesses and SMEs

Family owned and small to medium sized enterprises (SMEs) is one of the largest industry sectors in Australia, and plays a significant role in driving the Australian economy, despite a low average number of employees. According to the Fair Work Act 2009, a small enterprise consists of less than 15 people, and a medium sized enterprise less than 200 people.

Family owned and SMEs have several advantages over larger enterprises, including employees with a high level of commitment and loyalty, independence and flexibility. However, they are often faced with threats such as fierce competition and financial difficulty.

Family owned and SMEs include stores and small shops, restaurants, barbers, sub-contractors, lawyers, accountants, and online based business, such as website graphic design.

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