Kiwi companies have emerged from the Global Financial Crisis (GFC), fitter, faster and better able to take advantage of a growing economy according to a major survey from ANZ National Bank Ltd.
“The GFC really put Kiwi businesses through the mill. Most have come out the other side leaner, tighter and more focused,” says ANZ’s managing director for commercial and agri, Graham Turley. “They have adapted to the new normal, are ready for growth and their expectations are now more realistic and more sustainable long-term.
This is in stark contrast to other places, such as Europe, Asia, the US and Australia and is critical to New Zealand surviving the current international economic turmoil.”
Availability of staff, falling consumer demand and making red tape simpler and less time-consuming continue to concern business owners, as does opening new markets internationally and balancing family and work.
The ANZ has released the findings of its Privately Owned Business Barometer 2012, which provides insights into a key sector of the New Zealand economy. Now in its sixth year, it questioned 4,870 business owners from different parts of the economy, including agri-businesses, about the issues affecting them and their views on the challenges ahead.
Key points found:
- 88 percent of businesses expect positive growth in the next 12 months; 96 percent expect it in the next three years. Though just 14 percent of respondents expect growth of more than 26 percent over three years, compared to 55 percent in 2008.
- 39 percent of businesses turning over more than $1 million a year cited availability of staff as an area of concern
- 31 percent of non-agri businesses turning over more than $1 million a year are operating internationally and a further 11 percent aspire to.