SMEs lack skills for growth

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

Relevant offers

National business

Time to ban glitter - it's just as bad as microbeads, experts say On the trail of the missing KiwiSavers Shamubeel Eaqub: Why are we not unleashing productivity? Meet the Australians who work just a few months a year Employer to pay $57k for failure of keeping wage and time records Taupo District Council proposed freedom camping bylaw has been re-written after legal concerns Arcane new rules prohibit restaurants grilling medium-rare burger A Team New Zealand win could put a $500m wind in our economic sails Nelson craft chocolate conquers international awards Budget Buster: The science of pocket money

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

Featured Promotions

Sponsored Content