SMEs lack skills for growth

Last updated 13:26 19/11/2012

Relevant offers

Small Business

Hawke's Bay the perfect place to base Kiwigarden business Good Grazing snack box delivery business is 'My Food Bag of snacks' Papakura Configure Express members claim refund demands going unanswered Nelson bar named best Guinness pub in South Island Queenstown boutique Goddess closes as rent rises push small businesses out The power of influencer marketing for small businesses Government paper on retail payment systems out for public consultation Cafes baking up good results in people's choice cafe awards Google is taking on Skyscanner, Scotland's hottest startup New Hawke's Bay brewery to start producing 100,000 litres of beer a year

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



Special offers
Opinion poll

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



In some areas yes, others no

Vote Result

Featured Promotions

Sponsored Content