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Recently, the government of New South Wales (NSW) fronted the growth and support of business within its state as a major priority to its development strategy. Realistically for this goal to be achieved, it is crucial that the internal and external factors influencing business opportunities in NSW be identified and critically analyzed. Evidently, both external and internal factors directly or indirectly affect success of business in this promising state.
There are number of internal factors that continue to influence business in NSW. One of these is the increasing levies laid on different business transactions and processes, progressively various taxes have been introduced and the existing increased, this move discourages investors as it directly slices profitability. Another internal factor is the instability in the stock market, the confident and zeal of many investors has gone down and this impacts negatively business (Pearson, 2002). The increasing crime rate is the other contentious influence that is biting business in NSW hard and causing unnecessary anxiety and threat among business men.
NSW external influences too, affects business environment. For instance, just like the rest of the globe, financial inflation is a factor that has negatively impacted business in NSW. As a result, credit crunch is something that many businesses are battling with. This has slowed down a number of enterprises especially those that depend on credit to operate their business. With time it is becoming impossible to obtain credit from financial institutions inclusive of the government (Powell, 2008). However, not all influences are negative, over time international business has recorded tangible growth in NSW, like never before trade without NSW has been evident and indeed its proving to be fruitful.
From the above discussion, the government and business opportunities stakeholders have the obligation to strengthen and streamline the various influences impacting businesses for the well being of NSW business sector and the state at large.