Scoop has an Ethical Paywall
License needed for work use Register

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

 

SMEs Feeling The Squeeze

Several data points paint an unfavourable picture for small businesses in the lead up to Christmas this year:

  • Company liquidations are up 40% on the same period last year and online retailers currently have the highest rate of business failure (Centrix);
  • Just 57% of retailers are feeling confident or very confident that their retail business will survive the next 12 months (RetailNZ);
  • Small business sales figures have declined for the first time in two years (Xero); and
  • Just under 70% of New Zealand businesses think the next 12 months are going to be tougher than the last 12 months (MYOB).

A Buy NZ Made survey of small business has revealed 64% are struggling with rising costs and 30% are struggling with cashflow and inflation. Less than half are optimistic about the Christmas period and a quarter say just staying afloat will be their focus in 2024.

Buy NZ Made executive director Dane Ambler says small businesses are facing challenges far greater than those faced during covid disruptions.

"We are seeing more companies on the edge, or the last of their kind in New Zealand. A lot of the small business support we saw during covid has dropped off in the past year. Many are optimistic about what a new government will bring, but bringing down inflation won’t happen overnight.

"Many small businesses rely on the Christmas trading period to survive and thrive. NZ Made Day is tomorrow [November 21] and is a great opportunity to show some love to small Kiwi businesses and get them through this difficult time.

"Instead of sending your money overseas via big box retailers on Black Friday, why not make the choice to support local brands in our communities this NZ Made Day?"

Shop NZ Made offers and giveaways using the hashtag #nzmadeday

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
FMA: MAS To Pay $2.1M Penalty For Making False Representations

Following proceedings brought by the FMA, MAS has been ordered to pay a $2.1M penalty for making false and/or misleading representations to some customers. MAS admitted failing to correctly apply multi-policy discounts and no claims bonus discounts to some customers, failing to correctly apply inflation adjustments on some customer policies, and miscalculating benefit payments.More

IAG: Call On New Government To Prioritise Flood Resilience

The economic toll of our summer of storms continues to mount, with insurance payouts now topping $1B, second only to the Christchurch earthquakes. AMI, State, & NZI have released the latest Wild Weather Tracker, which reveals 51,000 claims for the North Island floods & Cyclone Gabrielle, of which 99% (motor), 97% (contents), and 93% (home) of claims have now been settled. More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.