Stormy Spring shifts Business Focus to Covid Consequences
When it comes to employment there is a sharp divide, with some reporting they are fully staffed and working well while others say staff shortages are causing the biggest headaches. To mitigate staffing issues, some have increased pay, while others have offered additional training and development to staff.
A stormy spring sees business owners shifting their focus away from COVID19, concentrating instead on navigating the economic fallout from the pandemic.
While COVID19 is still of concern, the majority of owners say they have learnt to live with the virus and its ongoing effects and are now concentrating on managing the triple threat of inflation, staff shortages and supply chain issues.
They are approaching each challenge with pragmatism and resilience but hope that government support will be forthcoming to help them tackle the strong economic headwinds predicted for 2023.
Most owners say that personally, they are coping well with the stresses and strains of the last two years but many could do with a rest.
When it comes to employment there is a sharp divide, with some reporting they are fully staffed and working well while others say staff shortages are causing the biggest headaches. To mitigate staffing issues, some have increased pay, while others have offered additional training and development to staff.
Top of the business owners’ wish list was more sales followed by an increase in government support either through easing regulatory frameworks and compliance, moving the dial on immigration settings or leading the way by buying from New Zealand businesses before overseas suppliers.
Alfredo Puche of The Alternative Board said: “We’ve been running our Pulse Check since the pandemic began and business owners have demonstrated strength and resilience throughout. Confidence levels have waxed and waned but in our latest check, owner confidence in the future is holding steady and they’re maintaining a balanced view.
“The fallout from the pandemic and deterioration of global conditions is inevitably having an effect and there is a genuine wish for more government assistance as the economic headwinds lean towards hurricane force in 2023.
“Perhaps one of the biggest challenges is exhaustion – the permacrisis is taking its toll as business owners navigate uncertainty and change. A small number of owners are considering selling up or doing something completely different with the majority saying that they really need a rest”.
You can download the full results here and access all the Pulse Checks here.
The Alternative Board supports small to medium sized businesses and their owners through advisory boards consisting of other local business owners, expert one-on-one coaching, a suite of business planning tools and business mentoring.
The Pulse Check is run as a regular monitor of the sector. Members and associates completed the latest edition between 25 – 31 October 2022. Results have a confidence level of 90% and a 5% margin of error.