What are the main challenges for small businesses in NZ at present, and how is ANZ helping small business owners face them?
Covid-19 has meant significant disruption and uncertainty for many, and the resilience, innovation and willingness to adapt we have seen right across our business community has been incredible.
During the Covid-19 pandemic, we’ve enacted special support measures, including reducing finance fees, improving access to capital, and allowing the restructuring of loans to help with things like cashflow.
We’ve also found that businesses appreciate feeling supported by their bank – that means proactively checking in with them from time to time to see if there’s anything we can do to help.
Industries like tourism have suffered from a lack of customers, and for some businesses solutions have been found by encouraging and supporting significant pivots in their business models.
For others, like the food service industry, we’ve done a lot of work in assisting customers with the digitisation of their payment systems, to allow things like online ordering and contactless pick-up.
As New Zealand’s vaccine rollout continues, and the country’s stance towards Covid-19 continues to evolve, our teams are monitoring the situation closely in order to have good advice available for businesses.
Our small businesses are also challenged by the growing importance of having sustainable business practices, and the demand by consumers to prove out these practices.