Cashflow is the biggest challenge facing New Zealand’s small and medium size enterprises (SMEs) this year, according the new research of 44,000 businesses conducted jointly by Bizzone (organiser of the upcoming nationwide Business Expos) and the National Bank.
“This year, facing challenging economic climate, it is even more vital that [we] stay tuned to the needs of business,” says Andy Somerville, GM National Bank business banking.
“It was the right time to take pulse check of what business was thinking and the Biggest Business Issue Survey enabled us to do just that,” Bizzone managing director Sarah Trotman says.
“The survey has enabled us to put in place business support mechanisms that meet current needs and help businesses plan and move forward even in difficult climate.”
The National Bank and Bizzone combined to brainstorm what additional support they could provide businesses. “We concluded that year ago we would have easily predicted the key challenges facing business, but the landscape has changed and if we were both to offer practical, relevant solutions then we would need to ask this question right now to get true picture,” Trotman says, explaining that Bizzone and the National Bank surveyed 44,000 business owners asking “what is your biggest business issue?”
Merged results from the Bizzone/National Bank Survey show the top 10 issues facing SMEs are:
1. Cashflow32.6 percent
2. Sales/Marketing13.6 percent
3. Other9.2 percent
4. Business planning8.9 percent
5. No issue8.3 percent
6. Current economic climate 7.2 percent
7. Investment/Investors6.3 percent
8. Business strategy4.1 percent
9. Employment/Staff3.6 percent
10. Compliance 2.5 percent
Forming partnerships with Māori business
Guest Contributor
November 18, 2024
Broadcaster and journalist Mike McRoberts (Ngāti Kahungunu) will be speaking to directors and the business community at an Institute of Directors’ event Te Ōhanga Māori: Connecting with the Māori economy.
