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10 tips for Kiwi businesses going into 2024

Business news 2024

For any business to survive in the dynamic and ever-changing landscape of the corporate world, it must be adaptable.

However, as we move forward into 2024, it is essential for New Zealand businesses – given the rapid increase in technological innovation, evolving customer demands and a volatile global economy.

As a Kiwi business owner, you can best achieve success by anticipating and proactively embracing these changes. Thankfully, from adopting sustainable practices and leveraging cutting-edge technology to fostering innovation and building strong customer relationships, there are several things you can do to expedite this process.
In this article, we will outline ten tips for Kiwi businesses going into 2024. If you implement any or all of these recommendations, it will go a long way towards driving your company towards prosperity in this coming year.

1. Embrace Sustainable Practices

In today’s modern business world, environmental consciousness has evolved from merely being a buzzword or a passing trend to a societal imperative that all businesses should embrace.

However, ensuring your company focuses on adopting sustainable practices is more than just a nod to its ecological responsibility. It is also a strategic move that resonates with an increasingly eco-conscious consumer base.

Kiwi businesses can seize this opportunity by reducing their environmental footprint, adopting renewable energy sources and incorporating sustainable materials into their operations.

Overall, embracing sustainability is about more than mitigating negative impacts on the world. It is also a commitment to responsible business practices that can enhance your brand reputation and attract environmentally conscious customers.

Subsequently, as we enter 2024, it should pay dividends for you to see understanding and integrating sustainable practices as an integral part of building a resilient and forward-thinking business.

2. Leverage Technology for Efficiency

The adage ‘innovate or stagnate’ should remain pertinent in 2024.

To navigate the complexities of the modern business world, Kiwi enterprises must actively leverage technology if they want to maximise the level of efficiency in which they operate.

Embracing cutting-edge tools and software can significantly streamline your operation and help it maintain a competitive edge. Additionally, automation tools can liberate valuable human resources from mundane -less profitable tasks, allowing them to focus on high-value activities that more positively impact your bottom line.

From data analytics offering profound insights to artificial intelligence optimising decision-making processes, the possibilities are vast. So, instead of being indifferent towards or distrusting new technology, you should be open to their potential and see to what new heights it can take your business.

3. Enhance Online Presence and E-commerce

As we move further into the digital age, businesses must prioritise enhancing their online presence and e-commerce capabilities to remain competitive.

A robust online presence is essential for most New Zealand businesses. So, companies should direct a significant amount of energy into investing in user-friendly websites, mobile apps and e-commerce platforms to meet the evolving demands of their customers.

Ensuring customers can easily navigate your website, optimising it for search engines and developing and engaging a community through social media are all fundamental for success.

Ultimately, the digital realm is more than just a space to occupy. It is a vehicle with massive potential for expanding your market reach and putting your business on your customer’s mental shopping list. So recognise the opportunity and go for it!

4. Prioritise Employee Well-being

Since COVID-19 hit and due to the increasing understanding of workplace-related mental health issues, businesses in New Zealand are expected to prioritise the well-being of their employees.

However, far from being just a compassionate gesture, companies should see it as a wise investment in people that can result in increased productivity, higher retention rates and a more appealing workplace to attract new talent.

Businesses should consider offering flexible work arrangements, striving to foster a positive company culture and investing in professional development opportunities to achieve this goal. By doing so, they can create a content, healthy and satisfied workforce.

5. Stay Informed About Regulatory Changes

Unfortunately, compliance and regulations can change at a moment’s notice. So, Kiwi enterprises must stay informed about regulatory changes to succeed in 2024.

Regular and thorough reviews of industry regulations, tax laws and other pertinent policies are prudent and crucial to ensuring compliance and avoiding legal pitfalls. Additionally, businesses must be proactive and well-versed in the legal landscape to protect themselves from potential fines, reputation damage and disruptions.

As regulations evolve, businesses must also do so with them. So, making sure yours adheres to the letter of the law and aligns with responsible and ethical business practices in 2024 should be a priority.

6. Diversify Revenue Streams

If world events within the last decade have taught us anything in New Zealand, it is that businesses must adopt a strategic approach to achieving resilience and growth.
One of the best ways to do this is to not rely on a single revenue source and focus on diversifying revenue streams. Doing this will help businesses to protect themselves from market fluctuations and economic uncertainties.

Companies should explore new markets, introduce complementary products or services, and forge strategic partnerships to diversify revenue streams. Overall, by embracing diversity in revenue streams, businesses can ensure financial stability and open doors to untapped opportunities.

7. Foster Innovation and Creativity

All businesses need to foster innovation and creativity within their organisation if they are to survive and grow. Therefore, companies should position themselves at the forefront of their industries by cultivating a culture that encourages fresh ideas, embraces experimentation and values creative problem-solving.

One way to achieve this is by establishing innovation labs, organising brainstorming sessions and incentivising employees to think outside the boundaries of conventional wisdom. These can be successful pathways towards unlocking untapped potential.

In an era where the pace of change is unprecedented, any business that can foster innovation will be able to navigate any challenges they face more effectively and carve out a space for themselves as pioneers in an evolving market landscape.

8. Build Strong Customer Relationships

Building Strong Customer Relationships is a critical success factor for most businesses.
The marketplace has changed dramatically in the last decade to the point where customers are not just buyers but ambassadors and influencers. Subsequently, cultivating genuine connections with them is crucial.

Delivering exceptional service, tailoring experiences to individual preferences and actively seeking and valuing customer feedback may involve deep commitments on the part of your business. Still, they may have a profound impact on your bottom line.

Many Customer Relationship Management (CRM) tools exist, including Zendesk Sell, Hubspot and Salesforce, which businesses can use to understand and respond to customer needs. Harnessing their power should go a long way towards improving their overall satisfaction and customer loyalty.

9. Diversify Payment Solutions

All New Zealand businesses should consider diversifying the methods of payment they accept to attract more customers.

For instance, ensuring compatibility with widely adopted digital wallets such as Apple Pay, Google Pay and Samsung Pay is imperative, given the increasing reliance on smartphones for transactions. Additionally, integrating popular online payment platforms like PayPal and Stripe can enhance convenience for customers engaged in e-commerce. Meanwhile, Afterpay, Sezzle, Affirm and Klarna can attract sales from those who want to pay off their order in instalments.

Furthermore, should your business conduct sales outside its regular shopfront – for instance, at a market, exhibition or external venue – you should consider contactless payments (learn more about mobile EFTPOS with Smartpay here).

Depending on your business, Cryptocurrency, such as Bitcoin and Ethereum, should also be considered to attract tech-savvy customers.

Overall, by embracing as diverse a range of payment solutions as possible, New Zealand businesses can ensure they remain competitive and adaptable to the payment needs of their customers.

10. Invest in Cybersecurity

In this digital age, technology has become the backbone of most businesses in Aotearoa.

However, with an increasing reliance on digital platforms and data-driven processes, cyber threats pose a significant risk. Therefore, it is essential to take a proactive stance on cybersecurity to safeguard sensitive information, maintain customer trust and preserve the integrity of your operations.

As a result, Kiwi businesses should view cybersecurity as a priority. Robust security measures, regular audits and employee training on cyber best practices should all be invested in to protect against the evolving threat landscape.

Conclusion

2024 holds immense potential for Kiwi businesses willing to adapt, innovate and embrace change. By incorporating these ten tips into your business strategy, you can position your enterprise for success in a rapidly evolving economic landscape.

So as you are singing Auld Lang Syne on 31st December this year, why not make a resolution to yourself? Plan to stay ahead of the curve, prioritise sustainability and foster a culture of innovation to ensure that your business thrives in the year(s) to come.

Image credit: Tim Mossholder

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1 COMMENT

  1. Points 2-10 are all worthwhile endeavours.

    Point 1 is woke corporatist busybody nonsense, pursued most aggressively by overqualified, overpaid and overrated “consultants” and the top-tier managerial class with no actual work to do on a day to day basis.

    “Sustainability is becoming super popular”

    Sure it is 😒👍

    You can tell how popular it is by how we need to be constantly reminded and brow beaten about it.

    If you’re anything other than a mining concern or an offshore deep-core drilling operation, this sustainability stuff isn’t going to do much of anything for your business or your bottom line.

    And despite what they may tell you, the bottom line DOES MATTER. Making money is hands down the best way to “sustain” a business, it trumps all others. You can’t invest social brownie points or pay your staff in good feelings. Your workers need to make rent and keep their children fed.

    But yeah whatever, don’t listen to my deranged ramblings. I don’t even know what the hell I’m talking about. Listen instead to all those “expert” consultants, economists, hedge fund princes and mainstream media advisers who’ve done such a bang up job with the current state of the world economy.

    They’re definitely on the right track 👍

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