The latest Westpac Business Growth Monitor has been released, shining a light on the mood of New Zealand's small businesses as they settle into the new year. While sentiments expressed are far from unanimous, 49 per cent of the 500 SMEs surveyed are feeling confident about the coming 12 months. However, that confidence is not reflected in hiring plans.
Westpac Head of Specialists Business Steve Atkinson says that while there are some sectors where hiring activity is expected to remain strong, on the whole, the perception of an unsteady economy is making small businesses wary.
"One conclusion could be that most are looking to grow but their view on the economy is a red flag against hiring more staff," he said.
This looming drop in hiring activity will naturally leave more candidates in the market for employment, potentially making the recruitment process more difficult for those companies who are intending to hire. Figuring out how to attract only the best talent may get more difficult as the year rolls on.
Should your company be hiring?
Bringing in new people is a vital part of business growth strategy, so before you make any decisions about hiring it's important to come up with a realistic plan for your company's future. Including current and new employees in the planning process is a great way to secure their loyalty and keep them motivated.
When you're working out your business roadmap, it's vital you have easy access to your financial data. It can help in enabling you to calculate which areas of the business are performing well, and where there is room for improvement.
With CashManager small business accounting software by Accomplish, getting information about your company's financial performance is as simple and painless as possible. It allows you to quickly get the figures you need, and frees you up to focus on growing your business.