Kiwi SMEs Press On Despite Soft Economic Outlook

New Zealand's small and medium-sized businesses (SMEs) are bracing themselves for a challenging spring season, but they're not letting economic uncertainty hold them back. According to a recent survey by MYOB of over 500 SME operators nationwide, confidence remains soft, with only one-third expecting the economy to improve in the next 12 months.

However, despite these concerns, many businesses are pushing ahead with sales and investment plans. More than half (54%) of operators are making changes to lift sales over the coming months, including discounting, increased advertising, and expanding product or service ranges.

A similar share (56%) plan to invest in refreshing their business, with staff training and development (25%) and software or technology upgrades (24%) being top priorities. SMEs are also tackling overdue 'spring clean' tasks, with clearing out old inventory and tidying physical space topping the list (32%).

MYOB's chief customer officer Dean Chadwick noted that while global and domestic factors are weighing on sentiment, there is reason to feel positive about how spring is shaping up. He emphasized the importance of getting finances in order, saying that it gives owners a clearer picture of their business heading into the busy summer trading period.