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NZ’s small business owners look to invest but face cashflow squeeze

A quarter of New Zealand’s small business owners intend to expand their business over the next year, with many also looking to improve their technology and hire staff.

 

The ambitions are despite concerns about cashflow and an uncertain economic forecast. The insights are revealed in Canstar’s annual small business survey, part of the analysis to find SME owners’ best banking partners.

 

In a remarkable sweep, ANZ bank won:

 

  • Bank of the Year, Small Business

 

  • Bank of the Year, Business Credit Cards

 

  • Most Satisfied Customers Merchant Services, Small Business

 

Canstar’s Bank of the Year awards use a unique methodology that assesses product and banking services provided to small business customers across New Zealand. The judging panel also takes customer satisfaction into account.

 

The Most Satisfied Customers award for Merchant Services is based on customer feedback and considers satisfaction with customer service, online reporting, device functionality and reliability.

"“We value the trust placed in us by our customers and it is wonderful to see our support for small businesses recognised with these three Canstar awards."

Lorraine Mapu, ANZ Managing Director for Business Banking 

 

 

Jose George, Canstar New Zealand general manager, said the sweep of awards showed ANZ was a highly valued partner for small business owners in New Zealand.

 

“Through this time of stress and uncertainty, ANZ clearly stepped up for small business. Our research shows how incredibly difficult the last few years have been, but many small businesses are now looking to the future and how they can evolve and thrive in this changed world.”

 

ANZ Managing Director for Business Banking Lorraine Mapu said ANZ was committed to supporting and helping grow New Zealand businesses.

 

“We value the trust placed in us by our customers and it is wonderful to see our support for small businesses recognised with these three Canstar awards.

 

 “Covid-19 had been tough on many businesses and their owners and we’ve seen real strength and resilience from the sector.

 

Over the past year our team of business bankers have pro-actively engaged with over 10,000 small business customers, to understand what support they need as we emerge from Covid.

 

“We found a significant number had outgrown their existing arrangements and were eager to scale up. Confidence is coming back and we are seeing that translate into investment,” Ms Mapu said.

 

Canstar’s research showed a quarter of small business owners say they intend to expand their business in the next 12 months, with 14% looking to hire. One in five small business owners intend to invest in technology over the same time frame, rising to more than a quarter of businesses with up to 50 staff.

 

However, cashflow is “always a problem” for nearly a quarter of small business owners, with 43% also saying they are worried about inflationary pressures. Both concerns skew higher among those businesses with fewer staff.

 

Overall, however, the feedback from 700 small business owners showed remarkable resilience. Nearly half (49%) said they were ‘optimistic’ about the future of their business, while 16% were negative. The remainder said they felt neutral.

 

The responses come in the context of broader economic surveys showing business confidence in the economy remains negative in the wake of pandemic lockdowns and disruptions, and amid ongoing economic pressures.

 

For further details please visit the Canstar NZ site here and here

 

For further information, contact: Irene Chapple, PR Manager Canstar NZ, 027 403 1533

 

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CANSTAR provides Australia and New Zealand's only fully interactive online research service in retail and business finance. Founded in 1992, CANSTAR Pty Limited (formerly CANNEX) is Australia and New Zealand's premier researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients. CANSTAR researches, compares and rates a  suite of banking products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories.  Please access the CANSTAR website at www.canstar.co.nz if you would like to view the latest star ratings reports of interest.  © CANSTAR New Zealand Limited (3225469), 2008-2013. The recipient must not reproduce or transmit to third parties the whole or any part of this work, whether attributed to CANSTAR  or not, unless with prior written permission from CANSTAR, which if provided, may be provided on conditions.  To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR New Zealand Limited (3225469) FSP 200146 and does not take into account your individual investment objectives, financial circumstances or needs.  Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such.  CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser.  A Product Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance.

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