NZ Business confidence soars: how to ride the wave

Business confidence soared in August, rising 23 points to +51, the highest level in a decade! Against the backdrop of dire economic outlooks and the Survive to ’25’ mindset that’s been so prevalent in business circles, this jump in New Zealand business confidence is a genuine boost for small business owners and the economy in general.

But with tough times potentially still ahead, what can your business do to ride this ongoing wave of positivity?

4 business strategies to ride this wave of  confidence

With business rents on the rise, and inflation still failing to dip, there’s not been much good news to focus on. But the recent drop in interest rates may be a driver of this renewed confidence.

So, with things looking up, what are the key things your business can do to seize the moment? Here are some business strategies for you to consider.

Bring down loan repayments

The drop in interest rates has meant a fall in monthly repayments that may have a positive impact on your expenditure and cashflow position.

Reduce your other underlying costs

It’s a good time to look at spend management, by negotiating better prices with suppliers and looking for areas where costs can be cut.

Underline the customer value you deliver

Part of your pricing strategy is to understand clearly where you’re adding value for customers. Be aware of key customer needs and how you can solve them, and focus on these in your marketing. We have a great article covering this here.

Reinvest in the business

Once revenues begin to rise, this is a golden opportunity to reinvest in the business, by bringing in new assets, expanding the team, or ramping up your marketing etc.

Talk to us about achieving your business potential

With a renewed sense of purpose and positivity in the air, the foundations are there for your small business to rise out of the dark times and start a new, brighter chapter.

Getting your revenue generation and cashflow management under control is a must, though, and our team of experienced business advisors are ready and waiting to help you out with your financial planning and strategic thinking. Get in touch!

Together we can achieve more.