Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


What Makes NZ's Small Businesses Tick

9 May 2006

Vero Reveals What Makes New Zealand's Small Businesses Tick

On the eve of the opening of the second annual Small Business Expo in Auckland, leading New Zealand insurance company Vero is sharing fresh insight into this important part of our economy.

Vero Chief Executive Roger Bell says, "96 percent of all New Zealand businesses have fewer than 20 full time equivalent staff and almost 65 percent define themselves as sole traders, meaning the Small to Medium Enterprise (SME) sector is without doubt the backbone of New Zealand business."

"As a major sponsor of the Small Business Expo and part of our goal to become a truly world class business we've undertaken research to better understand the needs of our SME customers and their business drivers."

The focus groups that included in depth interviews nationwide found that most owners are 'emotionally invested' in their businesses. This means they tend to be self- resourcing, and experience long hours and considerable stress. Often there is no buffer to protect them if they make a bad business decision and they can be so close to their business they are cautious about handing over control to others. However, on a positive note they report enjoying freedom and flexibility and like having control of their own destiny.

Some of the common challenges facing our SME sector include:

* Finding and retaining the right staff
* Juggling cash flow
* Compliance and paper work
* Finding new customers - but not growing too fast
* Technology - both the expense and its constantly changing nature
* Dealing with multiple suppliers

Roger Bell says when it comes to insurance, SME can also find it difficult to accurately assess their risks and may end up under insured. "This is where the role of the broker can be vital in helping identify appropriate products to ensure the SME is free to get on with the business of doing business."

The Small Business Expo opens tomorrow at the ASB Showgrounds. Vero will present the full findings of its research to its intermediary partners at a business breakfast that morning. It is also sponsoring the Vero Business Support Zone and is the naming rights sponsor for the second annual Vero Excellence in Business Support Awards. Winners will be named at a gala dinner at the Logan Campbell Centre on Thursday evening.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news