Outlook improves for Taranaki small businesses

MYOB offers SME makeover for local business

The economic outlook looks good for local business according to leading accounting software developer MYOB.

The latest MYOB Colmar Brunton Business Monitor research reveals that 42 per cent of SMEs in the Taranaki region believe their revenue will improve during the over the next year while just 4 per cent expect it to decline.

MYOB Head of Small Business Ingrid Cronin-Knight says this is likely underpinned by an increase in work in the pipeline over the next quarter, with a third of local business operators saying they have more orders or bookings for the next three months.

“It’s great to see local businesses are so optimistic about the year ahead. We know things have been tough recently, but you can sense things are improving,” says Ms Cronin-Knight.

In the Taranaki region, 20 per cent of local SME business operators report an increase in revenue in the last 12 months, while 37 per cent have seen their income decline. This is a slight improvement on the March 2016 Business Monitor, when 41 per cent reported falling revenue.

That compares to 39 per cent of national SMEs that reported increased revenue, up from 37 per cent in March and 31 per cent a year ago. Just 17 per cent of SMEs saw revenue fall over the period, down from 21 per cent in March and 25 per cent in August 2015.

“Taranaki’s small businesses have tracked behind their national counterparts when it comes to revenue in the past 12 months. Those businesses who are doing it tough should talk to their business advisors and accountants about options for getting through. The good news is that there is a growing sense of positivity spreading across the region,” says Ms Cronin-Knight.

In terms of employment, 15 per cent of Taranaki businesses are looking to take on more employees in the next year while just 3 per cent are planning to cut staff. In addition, 22 per cent are planning to increase pay, 6 per cent are projecting pay reductions, while 64 per cent do not foresee any changes.

“At MYOB we understand how hard-working small business operators are. So often they can get caught up in day-to-day operations, they don’t have time to even think about upgrading their systems let alone improving their customer-facing parts of the business, even though doing so can help with productivity and profitability,” says Ms Cronin-Knight.

“MYOB has worked alongside Taranaki small businesses for more than 25 years. We’re celebrating that connection and the positive outlook ahead with an initiative to makeover a local small business.”

“The inaugural MYOB SME Makeover will take place in Taranaki in mid-October and we are looking for the most deserving SME to receive it. We will transform the winning business – streamlining its administration systems by upgrading them to the latest cloud-based software, and giving staff the training and support needed to succeed.

“On top of this, we’ll transform its front-of-house – whether that be by giving the shop a new lick of paint, sign-writing their work vehicles or refreshing the website. We’ll also throw in a treat for the business owner to get away from work for a bit while we are at it.”

To nominate, business owners or their customers should email SMEMakeover@myob.com and say, in 200 words or fewer, why the business deserves to win. Nominations close on Wednesday 28 September, full terms and conditions can be found here: www.myob.com/nz/SMEMakeoverTerms.

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For further comment or other information please contact:

MYOB PR Consultant Rebecca Huang

M: 021 112 2720 / E: rebecca.huang@myob.com
 

Gerard Blank, The Agency Communications Limited Director

P: 03 341 5841 / M: 0275 243 629 / E: gerard@theagencynz.co.nz
 

About MYOB

MYOB (ASX:MYO) is a leading cloud based business management solutions provider. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally.  For more information, visit myob.co.nz or follow @MYOB on Twitter.
 

About the MYOB Business Monitor

The MYOB Business Monitor is a national survey of 1,000+ New Zealand small and medium business owners and managers, from sole traders to mid-sized companies, representing the major industry sectors. It has run since 2009, commissioned to independent market research firm Colmar Brunton. This most recent survey ran in August/September 2016. The Monitor researches business performance and attitudes in areas such as profitability, cash flow, pipeline, technology usage and the government. The weighting of respondents by both geographical location and sector is based on overall market proportions as established by Statistics New Zealand and is drawn from an independent survey group, which includes both MYOB clients and non-clients.