NZ SMEs are thriving post-pandemic shows new survey
A new study by ANZ online payments provider Pin Payments has revealed that SMEs in New Zealand are excelling post-pandemic and have plans to expand, despite concerns over the global economy. The results represent a unique look into the current state of play for SMEs in New Zealand.
There were over 300 participants in the survey, with respondents either being business owners or those employed at a management or executive level within an SME.
What did the survey reveal?
The survey results showed that compared with other countries globally, New Zealand is a digitally savvy nation, with over 80% of respondents indicating that they currently use online payments.
Over 82% also reported using digital tools to manage their business, including accounting purposes (70%), operations (45%), marketing (40%) and sales (44%).
New Zealand also seems to be absolved from the ongoing redundancies that SMEs around the globe are facing due to inflation and the rising costs of living, with 75% of respondents stating that they didn't have to retrench staff in the last year.
"The results are very interesting and truly reveal that the New Zealand small-to-medium business market is different from any other country right now. For starters, SMEs appear to be largely unaffected by the volatility of recent global events and the economic uncertainty of inflation and increased living pressures, all of which affect market confidence," says Chris Dahl, Co-CEO, Pin Payments.
"Whilst neighbouring countries like Australia have seen mass redundancies, employee dissatisfaction and changes to working-from-home policies, New Zealand businesses have retained staff, emphasised workplace culture and have plans to expand locally or overseas."
Looking at other results, over 57% of NZ businesses surveyed said that they had future growth or expansion plans, highlighting that NZ SMEs are looking to invest in growth in the coming 12 months.
As for company culture, 60% of SMEs still work from home or in a hybrid capacity, with workplace flexibility remaining of utmost importance to businesses and their staff. Over 88% of staff also said that their working style had not changed in the last 12 months.
This openness is also applied to the retention tactics that businesses surveyed are using, with many utilising bonuses, increased leave policies, flexible work, training and higher wages to keep staff positive.
"New Zealand is a nation of small and micro businesses, with SMEs totalling 546,000 and making up 99% of all businesses, and it's clear to see how important it is to maintain a positive culture around this industry to New Zealanders," added Dahl.
"These results showcase and celebrate what makes this nation unlike any other in the world, when it comes to operating a small-to-medium sized business, and we're excited to share and showcase these findings."
