Icehouse Releases Post-pandemic SME Pulse Check In Letter To Parliament

The Icehouse has delivered the results of a Pulse Check Survey to Parliament including insights from over 300 small and midsize businesses reflecting on the last 2.5 years.

The letter was sent to economic development leads across all political parties on Monday. Icehouse Chief Executive Liz Wotherspoon says the letter serves as a pulse check on midsize businesses, the second largest contributor of revenue to the NZ economy (Stats NZ, 2020).

“As a collective voice of established small and medium-sized enterprises, we see it as our duty to share the current thoughts and feelings of our alumni to help policy makers in the lead up to election 2023.

“The Icehouse Pulse Check is a snapshot from businesses in the engine room of our country. We acknowledge that it is not a thorough or in depth report but it is the start of a conversation that needs to be had.”

As a next step The Icehouse is inviting policy makers to engage participants from the survey to further understand what is and isn’t working for this group.

All survey respondents are Icehouse alumni from its flagship Owner Manager Programme and represent 25 major industries. 47% of these businesses are over 20 years old and 30% of these businesses employ more than 50 staff. Turnovers range from $2m - $50m.

“There are elements of the survey results that are very heartening,” says Ms Wotherspoon. “Equally, there are aspects that cause us concern and are worthy of consideration and action.”

Key findings include 58% of respondents reporting their annual revenue since COVID has increased, with 32% of these reporting a significant increase. 65% of respondents reported that the past two years have not resulted in financial losses for their business.

Meanwhile, 65% of respondents are concerned about the impacts of COVID on their business over the next 12 months compared to 2020/21, and 74% are feeling nervous for the New Zealand economy.

Other quantitative data covers the hardest aspects for businesses over the last 12 months, financial losses, growth, biggest fears and frustrations for the year ahead.

Open-ended questions invited answers on what a Government could do more of, less of, thoughts and suggestions for policy, and overseas policies that New Zealand could consider.

“We are in constant, close conversation with our SME owner-manager alumni. We felt a survey was needed to uncover a focused view of their perspectives so we can ensure their voices are represented and heard. Many respondents expressed their appreciation for this intent,” Ms Wotherspoon says.

“Small and medium enterprises have been our reason for being for over 21 years. We are committed to continuing our place in the small business ecosystem by giving a voice to our alumni.”

Full survey findings are available here.

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