SMEs lack skills for growth

JASON KRUPP
Last updated 13:26 19/11/2012

Relevant offers

Small Business

Hogarth Craft Chocolate puts New Zealand 'on the map' at global awards Hogey 'hangs up his jandals' after 12 years of business in Nelson Genuine Camembert cheese from France on brink of extinction A little bit of Willy Wonka to visit Queenstown's Remarkable Sweets during Winter Festival Black Dog Brew Co, Havana Coffee Works team up to create new beer Gym owners quit fitness business to cook fish and chips When the people of South Christchurch come together Law firm Fitzherbert Rowe owes former client as much as $1.5m Tomcar: Australia's last remaining car maker Auckland beer Urbanaut has roots in New Zealand 'malt country'

Owners of small and medium sized businesses are more confident about their prospects in the year ahead but say they're worried they lack the skills to fulfil their potential.

That's according to BNZ's latest nationwide SME survey which found that 70 per cent of businesses in this category are looking to pursue growth now or in the year ahead.

The survey showed SME business owners were hands on, with only 5 per cent employing managers, and rated their overall skills as 6.5 out of 10. Three in five said they were working harder than a year ago

However marketing, finance and money management were still major challenges they needed to overcome to achieve this growth.

"While businesses are growing or looking to grow, many are not confident that they have the marketing and finance skills in-house to sustain growth over the long-term," said Andy Symons, head of retail banking at BNZ.

He said business owners were increasingly looking to build these skills either through new appointments or upskilling existing staff.

The survey found a quarter of respondents were considering new staff appointments in the next 12 months, and businesses in Christchurch were even more bullish with one in three planning to increase staff numbers.

They were also looking to upskill existing employees.

Small businesses report they are more likely to consider training their marketing and finance staff, while owners of medium-sized businesses were focusing on people management skills.

Ad Feedback

- BusinessDay.co.nz

Comments

Special offers
Opinion poll

Do you feel better off than at this time last year?

Yes

No

In some areas yes, others no

Vote Result

Featured Promotions

Sponsored Content