New Zealanders are proud of our sporting heroes and now Eliza McCartney has reached for the sky and grabbed a bronze medal at the Olympics.
But high jumping in the marketplace is not a great way for Australians running Kiwi businesses to go for gold.
A number of issues are causing concern for the NZ business environment in general and smaller businesses in particular including oil prices and the value of the NZ dollar.
Oil prices are also enjoying a bullish rush. Oil prices have soared 16% this month alone according to the NZ herald.
This means, of course, higher petrol prices and increased production and supply costs; higher freight costs can be a major blow for many small businesses. The forecast is for oil prices to stabilise a little but even small increases can have a major impact on your business financial performance.
Dollar For Dollar – it isn’t that simple
The NZ dollar is flying high at around 72 US cents and is still trading in the mid 90’s against the Aussie dollar. While the current high value of the NZ dollar is good news if you are selling in to New Zealand, it can make life a little more difficult for the average Kiwi who needs to fill their tank and still have enough money to spend on your product.
The aftermath of Brexit is also causing major headaches for the U.K financial market resulting in a degree of uncertainty for smaller currencies such as the NZ dollar.
We live in a time of massive global, social and technological change and with those changes come uncertainty. NZ businesses need to be prepared and be adaptable.
Just as an athlete looks to minimise every non-essential energy loss for optimal performance so you too need to make sure your business is fighting fit and going for gold. There are ways to protect your business against the highs and lows of the marketplace.
Now is a good time to review your business plans with your professional adviser and make sure your business is on track for Olympic performance.
The information in this article is indicative of NZ tax rules and changes and not intended to be complete for all intents or purposes and does not constitute advice. It is recommended that you obtain professional advice, suited to your particular circumstances, from us before acting on anything you read.