HomeOPINIONSMEs: What’s challenging your growth?

SMEs: What’s challenging your growth?

Recently, we’ve been spending time listening to local retailers and other businesses – spending time in their shoes and understanding what makes them tick.
The insights we’ve gathered from this have been invaluable and there have been a number of consistent messages coming through about the challenges they face in growing their business. The top 10 challenges include:
1. Attracting new customers
2. Using a website effectively to attract new customers
3. How to maximise social media
4. Updating the business plan
5. Marketing the business
6. Maintaining and updating a website
7. Accessing funds for growth
8. Access to affordable professional services
9. Adopting new technology for growth
10. Generating referrals from existing customers
We see SMEs as the backbone of the country, making up 97 percent of Kiwi businesses (Statistics New Zealand) – and so we wanted to help out.
We responded with our newly launched Westpac Business Growth Grant programme. Through this programme, we’re making cash investment, consultancy, and support available to selected New Zealand based businesses to help provide the springboard that they need.
Prizes include:
• 10 businesses will receive up to one day’s worth of free business consultancy across a variety of chosen topics
• The top six finalists will attend the Nurture Change business retreat in Fiji on 11-15 November where they can take time out to focus working on their business with a range of experts and business leaders including Sir Graham Henry and Xero’s Victoria Crone, MD
• The overall winner will also receive a $40,000 Westpac Business Growth Grant and $10,000 worth of advertising (GST inclusive)
Applications for the Westpac Business Growth Grant programme close on 31 July. More information can be found here: www.westpac.co.nz/growthgrant
Applications are open to businesses with an annual turnover of less than $5 million.
For full terms and conditions, eligibility criteria and more information, visit westpac.co.nz/growthgrant
Westpac New Zealand Limited.
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