If the last three years have taught SMEs in New Zealand anything, it’s to be ready and prepared for everything. So what lies ahead for 2023?

The good news for Kiwi SMEs is that the market remains optimistic. Online sales and consumer expenditure are expected to increase steadily, something reinforced by the latest e-commerce data. According to NZ Post’s eCommerce Spotlight report, online shopping in New Zealand grew strongly in 2023, with consumers spending billions online.

However, supply chain pressures are expected to keep driving up costs and creating instability in availability and price. The key here is to have full transparency around what your supply chain looks like, and build in plenty of leeway for the unexpected (or expected) hiccups.

The big issues for business owners heading into 2023

1. Finding and keeping skilled workers

Aotearoa has faced labor shortages in hospitality, agriculture and healthcare, driven by closed borders during the pandemic and workers heading overseas. Now, with borders open and more skilled migrants arriving, 2023 could offer new opportunities for SMEs to hire new talent. Workers continue to demand more flexible working hours and location (including remote options). Businesses which offer balance and trust are likely to attracts and retain the best employees.

2. Keep up-to-date with technology and cyber security

For decades, advancements in technology have been rumbling along at a bellowing pace, and since the pandemic, this trend has only sped up. Innovation is every SME’s friend, and if you want to stay ahead of the curve, you must ensure your technology is not only up-to-date but also has the potential to grow (scale) alongside your business.

CERT NZ reported a rise in cyber incidents in 2023, costing businesses millions. In 2023, it’s essential to protect your customers’ and partners’ information by investing in robust cyber security measures

What are the trends to watch out for?

Mental health challenges

Workplaces in New Zealand are increasingly expected to support employee wellbeing. Businesses are now expected to take care of their employees’ physical and mental health. Make sure your business offers mental health support, and regularly checks in with employees, a healthy workplace goes a long way to improving mental health overall and ultimately affect the bottom line.‍

More COVID waves

We all want it to be over, but COVID looks like it’s here to stay. It’s in your best interest to have a good plan to accommodate absences when new COVID waves arrive, and to limit further spread where possible.

Cyber security heartache

As Kiwi businesses move more online, cyberattacks remain a key concern. Even simple steps like multi-factor authentication can save a lot of stress.

How can businesses minimise any negative effects and make 2023, their best year yet?

In short, planning for the worst and hoping for the best will serve you well in the year ahead. Plan for interruptions with both staffing and supply, plan for interest rates to rise and cost of living to continue to put pressure on your potential customers.

Remember, if you find yourself in need of fast cash, have a backup plan in place. Bizcap offers small business loans of between $5k and $4m, deposited into your account in as little as three hours.

If you need help accessing capital quickly, call 0800 249 227 or alternatively, apply online via our simple application form.