Contrary to ongoing ‘doom-and-gloom’ commentary, there’s a strong, steady pulse beating in New Zealand’s small business sector as owners display remarkable resilience, high confidence and a pragmatic approach to the challenges of COVID19.
The Alternative Board’s August Business Pulse revealed 95% of small-to-medium size enterprises are confident they’ll get through. More than a third of small businesses have benefited from government support with only a small percentage anticipating job losses once the wage subsidy ends. Banks have been understanding, helping where necessary or carrying on with business as usual, and jobs are holding steady.
Sales and orders remain buoyant with supply lines and international transportation links for exporters seemingly intact.
“Given we are awash with negative commentary, the results were heartening” said Stephen James of The Alternative Board. “I think, in part, the focus has been on the hit taken by more visible sectors like tourism and hospitality but our members are involved in many other activities and their perspective hasn’t necessarily been reflected to date.
“The strong Pulse Check was even more remarkable as the change to Alert Level Three for Auckland and Alert Level Two for the rest of New Zealand occurred during the consultation period.”
On the down side, mainstream media is reducing confidence levels and the wish-list of things that would help business owners get through the remainder of 2020 includes more customers, more government support – and a rest, as business owners report they’re feeling exhausted.
“It is understandable that business owners are exhausted. Although confidence is high and business steady, they’ve worked extremely hard to achieve stability in our tumultuous times. I would anticipate this pace will continue as they adapt and adopt new approaches or innovations. While things may change and outlooks darken, business owners are pragmatic in their determination – the Kiwi ‘can do’ approach to adversity and an unwillingness to be beaten is certainly in evidence. They are ‘COVID courageous’ and I think their confidence level reflects this.
The Alternative Board’s members and associates are primarily involved in industries that make, supply, service, fix, invent or build things and the results may reflect that this group has been under-represented to date, with focus falling on hospitality, retail and tourism in other surveys.
The Alternative Board supports small to medium sized businesses and their owners through advisory boards consisting of other local business owners, expert one-on-one coaching, a suite of business planning tools and business mentoring.
The Alternative Board conducted the August Pulse Check survey of 275 of its members and associates was conducted between August 7 – 19 with a confidence level of 90% and a 5% margin of error.