Business challenges affect every business in every country. Therefore, it’s no surprise that in a country renowned for just getting things done, that the number one reason why people want to own their own business is a desire to be independent. That independence comes with a number of challenges that can test the emotions of even the most successful owners.
Business owners are faced with a wide range of challenges, each day often different ones rise to the surface. Most of the more pressing challenges are financial
related. Whether it be funding or getting access to capital, cash flow
problems or challenges to do with profitability, the size of the debt linked to them or their business, they can all consume some businesses and owners.
While NZ is built on an environment where SME’s dominate the landscape, these issues impact all businesses of all sizes and while they can be over bearing they are not at all insurmountable.
Other common issues that business owners in NZ face include things such as the size of the NZ market, NZ labour laws, and the fluctuating exchange rate. While from a selling perspective, the fact customers often want something for nothing or are not prepared to pay for quality, the difficulty in attracting customers and related to that, the intensity of competition.
Quite often business owners feel that there just isn’t enough hours in the day to get everything done. I can certainly relate to that. That in itself often means there’s little time for strategy or planning.
Quite often too business owners are embedded in the business, too busy working in the business to work ON the business and that can impact their ability to plan for growth. It’s certainly hard work being an owner of a business but it’s far from being all doom and gloom.
Are you struggling to make your business work?
Insight CA Limited is a team of experienced Auckland-based chartered accountants and business advisors who can help. We’ll give you the power to see what’s really happening in your business, so you can take control and start making progress. Click here to learn more about how we can help you achieve your goals.
