Starting a small business, building it to a certain level and becoming successful is a process which is filled with pitfalls, but it can be eminently achievable.
However, there is a sense in small businesses across New Zealand that there is a glass ceiling which is stopping them from growing exponentially.
The latest study from CPA Australia has found that small businesses in New Zealand are being well supported by the economy and confidence in them is at a sufficient level, but wider growth has still not been achieved across the last calendar year.
However, it isn't all doom and gloom as the projections for small businesses across the country in 2015 are incredibly positive. Fifty per cent of companies are expecting some form of growth across the next 12 months, the highest result since 2011.
According to the Ministry of Business, Innovation and Employment, small businesses account for nearly 30 per cent of New Zealand's overall GDP, so keeping them in good health over the next year or so is key.
If you're worried that your small business may not fall into the half of those which expect growth, keep these points in mind:
Utilise social media
According to the CPA Australia research, over half of New Zealand's small businesses have no presence on social media. Being savvy on Twitter, Facebook, etc can show potential customers that you're ready and willing to engage with them. If you don't implement these tools for your company, generating more business could be difficult and in turn could stifle any growth potential.
Up your use of technology
If you don't have an online presence for your businesses services, then vital sales could be slipping away. If you can commit to offering your output online, you can then use small business software such as CashManager from Accomplish to keep track of any potential sales and continually assess the finances of your business with ease.
CPA Australia maintain that 66 per cent of New Zealand's small businesses aren't utilising technology and the online space well enough. With the potential for growth in 2015, can you afford to be in that negative minority?