SME owners' New Year's resolutions

SIOBHAN LEATHLEY
Last updated 10:16 21/01/2014
Xero

Rod Drury on small business in 2014

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Growth, overseas expansion and finding good staff are among the New Year's resolutions small business owners are making for 2014. 

Powershop chief executive Ari Sargent said his main resolution for 2014  was to focus on sustaining and maintaining last year's growth.

Since entering the market five years ago, his power company has got bigger and more complex, he said.

"Therefore, the main challenge will be maintaining focus and keeping things simple."

Investment firm Milford Asset's managing director Anthony Quirk said his main resolution was to focus on sustaining last year's success.

This included a run of good investments, and doubling in size in terms of funds.

"We set a high bar in 2013, so we aim to achieve this in 2014."

Aside from this, Milford Asset is expanding to Australia in February, which will be a key focus on the year ahead. 

Xero chief executive Rod Drury said in 2013 the focus was on hiring good staff, so this year the firm will focus on scaling the US.

"The business changes focus year-to-year, so this year we will focus on becoming a global brand." 

He said the main challenges for small business owners include using and harnessing technology.

He said there were two groups of owners: "the haves and have nots". 

"Those who understand and use technology have an unfair advantage. The main challenge and opportunity lies in beginning to understand technology and using it to increase market share." 

Accounting software company MYOB's chief executive, Tim Reed, suggested owners began by planning their resolutions, and then setting specific goals relating to key areas of their business.

"Begin by asking yourself what you will stop doing as well as start doing in 2014."

MYOB's suggested New Year's resolutions for SMEs:

1. Learn from last year's wins and losses

2. Stay on the business track

3. Don't try to be all things to all people

4. Grow to love your numbers

5. Don't be afraid to embrace technology

Small Business owners can send thoughts and comments through to siobhan.leathley@fairfaxmedia.com.

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- Fairfax Media

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