Business owners be warned – rather than seeing welcome profitable growth, many companies are at risk of being swamped by the coming economic growth in 2014. Key economic indicators and higher business confidence levels suggest the New Zealand economy is poised for a major growth wave, among the highest growth rates in the OECD. In addition, the unemployment rate has been steadily declining, down to 6.2% and forecast to be only 5.7% in 2015.
That data all sounds good news for Kiwi businesses so what’s the problem and why are so many companies at risk?
Business owners face two major looming issues:
Customer expectations have changed and unless your business has changed too, it risks being overwhelmed by the higher demands from the market. Without having the right tools and systems in place you will not be able to cope and will get swamped by that demand. Worse, firms face a high risk of being put out of business by their efficient competitors who do have tools and systems in place.
We all know of the success of McDonalds. All of that is built on their systems which mean an untrained 16 year-old can start work and the company still keeps growing. For more challenging businesses, the ability to attract and retain key skilled staff is essential to staying in business and then being able to grow your company. Skilled labour will have the choice and will choose to work for those companies that have a clear and strong future.
When working with businesses to achieve a clear and strong future, we encourage owners to think about three key questions which either grow or constrain a business:
- Are you tired and frustrated that your business is not meeting your hopes?
- Is your business sacrificing long-term value for short-term wants?
- Do you feel that you are ready and need to make your business produce the results you want?
The series of complimentary BusinessRISER events around the Auckland region explain the foundational cornerstones that grow businesses, how those key points can support your growth and how to attract the key staff to help you meet your targets.
To reserve your seat email or phone the Rise Team today 0800 747 323