New Zealand is a bustling hub of small and micro-businesses. Embracing innovation and staying resilient are key for these businesses to thrive amid economic challenges.
Did you know that businesses with fewer than 20 employees make up an incredible 97% of all firms in the country? Despite their modest size, they’re no small players in the economy, contributing to 29% of employment and 28% of New Zealand’s GDP. These local heroes are the backbone of the NZ economy.
Fuelled by initiatives like “Buy Kiwi” and “ShopLocal” (by Retail NZ) that continue to champion small businesses nationwide, more Kiwis are embracing the sentiment of shopping locally like never before. More than half of Kiwis always or often purchase local products and services, whether in-store or online.
So, what’s the key message? As Jill Fryer, the Co-Director of Upshot, an accounting and small business support firm, tells us – it’s all about embracing innovation and seizing opportunities. By staying ahead of the curve and being open to new ideas, small businesses cannot only survive but thrive in the face of uncertainty. Here’s to a future filled with growth, success and endless possibilities!
Small business ownership can be incredibly rewarding if your business ideas succeed.
You get to watch customers enjoy your products or services and have their needs fulfilled. You also see the financial rewards of selling your product or service.
Ther are over 540,000 sole traders in NZ, making up 19.7% of NZ’s working population, including freelancers, contractors, consultants, gig workers and the self-employed.
The economy may be starting to pick up, but trading remains tough for many small businesses, with even those seeing healthy sales struggling to maintain equally healthy margins.
They need to keep a close eye on costs and retaining staff as the country moves into a new phase of its economic cycle. Also to have a good business plan in place and review it often.
In the meantime, resilience is key to remaining competitive during the recovery.
