For the third month in a row, small-to-medium size businesses outside the hard-hit sectors of retail, tourism and hospitality are proving confident, optimistic and actively planning for their future beyond COVID-19.
Our September Pulse Check shows exceptional levels of confidence and optimism with business levels booming or the same as last year, relatively unchanged levels of employment and sustained sales.
More than 80% of you are confident you’ll make it through, more than half report sustained or improved business levels, nearly two-thirds are optimistic about the next twelve months and 65% are already working on future strategies and getting business plans in place.
On the downside, 2020 has taken a toll with business owners feeling exhausted and that’s a real concern. Government support and business advisors have helped get through the difficult days of 2020 but despite weathering exhaustion, lockdowns, alert level changes and varying levels of uncertainty, you’re not giving up and have your head down, planning your way to the future.
For some, the forthcoming election, mainstream media stories and government policy are reducing confidence, while for others, their own resilience drawn from past experience, government policy, and the thought of open borders is a confidence booster.
Stephen James observed: “Our members are, for the most part, outside the sectors acutely affected, such as retail, tourism and hospitality. It may seem that member confidence levels and optimism are at odds with other commentary but our small business owners are efficient and resilient because they have to be. Small business owners regard their employees as family, do their utmost to retain them and are able to adapt and evolve business practices swiftly with the right support, even among those hardest hit.
“It’s heartening – and speaks volumes for business owners – that so many have got through with relatively unchanged levels of employment, due in part to the government support people have turned to and a willingness to change where necessary.
“One of our priorities will be to help business owners cope with the high levels of exhaustion they’ve reported. We see this as a danger area as, no matter how resilient they may be, working through an ongoing crisis is hard and it is draining. Supporting our business owners helps them to help their business, so developing strategies and solutions to what we know will be an ongoing challenge is an area we will be working on with our boards and through our coaching sessions”.
Whether you’re in the midst of a crisis or simply crafting a continuity plan to protect your company against a potential emergency, these nine steps will help you safeguard your business for long term success.
We’re all caught in the flux of COVID19. Levels change, challenges arise and we rise to overcome them. Expert at adaptation, New Zealanders – and their businesses – have proved time and again their ability to manage change.
It’s timely to look at a few ways in which we can be prepared to grasp the opportunities and not be overwhelmed by the obstacles.
By downloading our Five Ways to Seize the Day white paper you will learn how to:
Confident and determined to get through – that’s the verdict from members this August when we checked in to see how you were all doing
Contrary to ongoing ‘doom-and-gloom’ commentary, there’s a strong, steady pulse beating in our small business sector with business owners like you displaying remarkable resilience, high confidence and a pragmatic approach to the challenges of COVID19.
Our 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” says managing director Stephen James. “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.”
Keeping in mind our 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.
Throughout all the upheaval we’ve seen in 2020, one constant has been the support of The Alternative Board, for and among its members. The majority of members who took part in August’s survey said they had looked to and received support from us and, rest assured, we continue to make sure we can deliver the support and resources you need.
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. You can download a copy of the results in full here and September’s Pulse Check will be opened to members on September 9 when we’ll check in to see how things are going.
A sudden slip into Alert Level Three, the blast of the emergency ‘COVID’ warning through our phones and once again we’re into the balancing act of keeping our businesses moving in exceptional circumstances.
Last month our Pulse Check results told us how adaptable and flexible New Zealand’s small business are, with business owners altering operations and changing practice in order to survive the challenges that 2020 has thrown at us all. Just as we have rolled out our August Pulse Check – which you can access here if you would like to participate – the beat has changed again and, in Auckland, we are facing at least three days at Level 3, probably more, with the rest of New Zealand parked up at Level 2 for the time being.
We asked our Auckland team for their thoughts on the current situation and their advice was simple — we’ve been here before, rely on past experience and know that it will pass.
The Alternative Board’s managing director Stephen James said: “Knowing it will pass, spend some time addressing a few scenarios. For example, if Level 3 lasts, as announced, for three days what do you need to do? Or, if it remains in place for two weeks or if Level 4 is declared and we have full lockdown for an indefinite period — what then? Develop plans of action for each scenario and communicate these to your staff and stakeholders.”