Recent surveys in December 2023 show a significant rise in business confidence across New Zealand. As we enter 2024 with optimism, small business owners may notice a different landscape. Here, we outline key strategies for growth and resilience in the dynamic year ahead.

Keep an eye on the economy:

Stay informed about New Zealand’s changing economic conditions like inflation rates, interest rates, and GDP growth. Your business advisor can help you apply this knowledge to your unique business and industry, aiding decisions on pricing, investments, and financial planning in 2024.

Integrate technology to streamline your business:

Enhance your business’s efficiency and competitiveness by embracing technology. Tools like Xero use OCR, AI, and machine learning to automate receipt digitization and transaction reconciliation. Your business advisor can review your processes, software, and productivity goals to find where technology and AI can make a difference.

Adapt to Post-Pandemic Realities:

The ongoing impacts of the COVID-19 pandemic influence consumer behaviour and business strategies. Adaptability is key! If your business still feels the effects of the pandemic, talk to your advisor about diversifying revenue streams.

Consider Sustainable and Socially Responsible Practices:

Respond to the increasing demand for sustainable and socially responsible practices. Align your business with environmental and social goals for a positive impact and to meet evolving consumer expectations.

Make Your Supply Chain Resilient:

Evaluate and strengthen your supply chain by identifying and mitigating potential risks. Fostering strong relationships with local suppliers and diversifying sourcing options ensures a robust supply chain.

Manage your workforce effectively:

Surveys show that businesses have been finding it easier to find labour. So, consider attracting and retaining skilled talent in 2024 by prioritizing an attractive workplace culture. Offering professional development opportunities and staying attuned to employee needs contributes significantly to your business’ success.

How we can help

Ready to get started? Our experienced team of business advisors can provide strategic insights, financial guidance, and a fresh perspective. Their expertise helps you make informed decisions, identify growth opportunities, and navigate challenges in 2024.

Contact us today for a personalized consultation and discover how together we can drive your business towards success.

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