If you’re one of the many New Zealand small business owners planning to grow their operations in 2017, you’re in luck. Ideal conditions boost the current confidence in the small business sector.
A recent survey conducted by CPA Australia on the state of small business in Asia Pacific indicates New Zealand is performing better than many other countries in the region, including Australia and Singapore.
The confidence in the country’s economy is clear. One in five New Zealand small businesses reported hiring new staff in 2016 – double the figure for Australia. Last year around 60% of New Zealand respondents reported growing their operations, but this year, that’s expected to rise to over 70%. More than 60% of these entrepreneurs anticipate growth in the overall New Zealand economy.
Confidence is high and the dollar is also performing particularly well overall against the major currencies. Now looks to be a great time to consider the next move to take your business to its next phase of growth.
How do these small firms plan to grow?
The trends indicate that this small enterprise growth activity is likely to focus on:
- Innovation – e.g. the research and development of new products;
- E-commerce – such as expanding or upgrading existing platforms;
- Social media – investing in social advertising across different platforms;
- Training – such as upskilling staff to work with new technologies and strategies;
- Exporting – making the most of the recent upswing in the Kiwi Dollar.
How will they fund it?
Despite New Zealanders finding it easier than some other countries to access business finance, there is still a significant concern that there is a gap in the market when it comes to commercial lending. Not being able to make the most of these ideal conditions could be the difference between a business succeeding, and a business finding itself struggling.
Small business growth is critical to a nation’s economic health. Spotcap is proud to support entrepreneurs realise their goals.
Find out more about how we can help you make the most of 2017. Be part of the majority in being able to put those growth plans into action!
Originally published March 17 2017 , updated March 17 2017