This survey asked small and medium-sized companies (defined as those with annual revenues of $1million to $100 million) what their unique needs and challenges were in the current operating environment.
- The most significant challenges for NZ small and medium-sized companies include sales growth, managing cost base, availability of key skills, regulation and tax environment, succession and customer experience.
- Companies are optimistic in their own ability to grow but are uncertain about future operating conditions, with a gloomy economic outlook – these were their biggest concerns.
- Compared to European peers, digitalisation was not prioritised by many of the New Zealand private businesses surveyed. This implies that leaders in NZ private businesses may still be underestimating what a digital future means for their companies and are underestimating its potential, as well as the disruptive forces it is unleashing.