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

 

Small Business Council report "a decisive plan for change"

The release of The New Zealand Small Business Strategy could be the turning point for the New Zealand small business sector, according to Canterbury Employers’ Chamber of Commerce Chief Executive Leeann Watson.

Developed by the Small Business Council and Minister for Small Business Hon Stuart Nash, the strategy includes 20 recommendations aimed at empowering small businesses to aspire, succeed and thrive.

Ms Watson, who is a member of the Small Business Council, says the recommendations target key areas, including access to finance, having people with the right capability and skills, and reducing the compliance burden, which are crucial in helping small businesses to grow and increase productivity and performance.

"The driver of this body of work was to first understand the needs of small businesses and the challenges they face, then to create a decisive plan for change that would make a tangible difference to the small businesses that play a crucial role in our country in terms of both economic and social outcomes," says Ms Watson.

"What has become clear is the very real need to reduce the financial and operational burdens on business and the barriers to growth for those businesses looking to expand - or barriers to productivity, for those businesses content to stay small but looking to become more time-rich.

"In Aotearoa New Zealand, 97% of businesses employ less than 20 employees and contribute over $66 billion to GDP. The small business sector is also by far the largest net creator of jobs, employing 29% of our workforce, so the value of nurturing this sector cannot be understated."

Ms Watson says these interventions could fundamentally transform the environment in which small businesses operate in and the way in which they conduct business.

"Through our engagement with small businesses, we know that cashflow and late payments are often a challenge, so it is positive to see that the Government is taking the lead by setting prompt payment targets across 34 core government departments.

"We also know that small businesses can be weighed down - and can be overwhelmed by - the shifting landscape of compliance and regulation, which has a disproportionate impact on small businesses. In addition, they have limited access to capital and are often time-poor, which can result in a lack of planning for the future, including vital areas such as capability building for themselves and their people, while also keeping an eye on future disruptors including the future of work and climate change.

"Yet we also know that small businesses are 30% more likely to be productive and successful if they utilise tech tools or seek external advice, so it is pleasing to see the emphasis in the report on the government working in partnership with the private sector and existing networks on potential delivery, rather than assuming that the Government is best placed to fill any gaps when it comes to implementation.

"Ideally it would also be great to see a ‘burden hunter’ role set up within central Government to find and minimise or remove the burdens that restrict and limit small business operations, and create a systemic shift from an environment of compliance to one of enablement."

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>

ALSO:

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

REINZ: Million Dollar Plus Property Sales Increase 11.7% Nationally

The number of properties sold around the country for one million dollars or more during the first half (H1) of 2020 increased by 11.7% compared to H1 2019, with 5,426 million-dollar plus properties sold (up from 4,858 in H1 2019) according to the Real ... More>>

Waste: Government To Regulate Plastic Packaging, Tyres, E-Waste

The Government is stepping up action to deal with environmentally harmful products – including plastic packaging, tyres and e-waste – before they become waste. As part of the wider plan to reduce the amount of rubbish ending up in landfills, ... More>>

ALSO:


Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO: