Indholdsfortegnelse for March 2019 i NZBusiness+Management

We’re just two issues into the year, but already we’re turning the spotlight up on growth. Why? Because growth is what business is all about. Without growth, a business is on a highway to nowhere, stuck in a daily grind in which its owners can see no way forward. Growth is a big deal for business owners, which is why it is covered so often within the pages of this magazine and on our digital platforms. In preparation for this month’s Growing your Business feature, I typed the words ‘Growing your business’ into the search box of the NZBusiness editorial database covering the past 15 years. It produced no less than 1053 editorial items – proof that we regularly visit the subject of business growth, because growth is such an…

It seems everyone’s a foodie these days – when we aren’t ordering fresh meal kits to the door or Marie Kondo-ing our kitchen cupboards we are sourcing delicious, healthy, sustainable and locally produced products for our pantries. And it is this market of health-conscious, on-trend foodies that Mike and Chris Millar are targeting with the premium muesli and roasted seed topper products they manufacture under the brand name Something to Crow About. They focus on gluten-free, low-sugar, paleo-friendly muesli blends with options for vegans and those looking to avoid preservatives. The couple both formerly held corporate roles, with Mike working as a business development manager and Chris working in marketing communications, and were looking for better balance in their lives. “So, in 2014 Mike decided to hop off the corporate…

1 Data The answers are usually in the data, but you have to go hunting. The role of analytics is to give you insights, and your role is to interpret those and apply some forensics into actionable changes. Tools: Google Analytics is king here, but don’t discount other platforms such as Glew, Kiss, Tableau, etc. Ensure your team invests in a deep layered integration, capturing all engagement points. Set your benchmarks, build your funnels and utilise dashboards in Data Studios. 2 Test and measure Everything we do is a ‘best guess’ with the known information, but don’t assume your gut is always right. User experience (UX) patterns, conversion triggers, pricing methods and competitor differentiation is a constantly moving target. Always be learning. Try your best assumption, then plan B, then…

Electrician Mark Dudfield believes that if everyone knew about Business Mentors New Zealand (BMNZ), there wouldn’t be enough mentors to cope with the demand. And considering BMNZ currently have more than 2000 mentors, that’s saying something. Eighteen months ago Mark lacked the confidence or knowledge to move his business forward. But thanks to a newfound confidence he attributes to his business mentor Ross Kennedy, Mark is already looking to expand beyond his hometown of Cambridge. Now, as a result of Ross’s encouragement and advice he doesn’t let anything hold him back. “Before I wouldn’t have put out certain goals that I do now,” explains Mark. “I would have thought I wasn’t good enough.” After every meeting with Ross, Mark says he feels driven, encouraged and calmer. Ross, on the other…

• Really understand and know your market. The US works so differently to everywhere else, and a lot of Kiwis don’t appreciate that. When we started there, I’d just pick up the phone and call people. Networking, forming and maintaining really good relationships with people in the US is key. • Don’t go into the market underfunded. It will take you a lot of money to get the market up and running. For example, when we got into Kroger nationally (the largest grocery-store chain in the US), I estimate it cost us $100,000 just to get to the starting blocks. • Constantly look at new ways to re-invent yourself. Make sure your team are on board with that. I say to our team, “just because it worked that way last…

WHAT IF I told you there was a single lever that you could pull that would change the performance of your business and help you to grow? Would I have your attention? I thought so! The reality is that such a thing exists – in fact there are eight of them. But first, let me explain. I don’t mean a literal lever or magic switch here. But figuratively, if you’ll bear with me, there are eight levers that you can pull to grow your business. You just need to choose carefully to pick just one or two to have maximum effect. We’re almost at the end of the first quarter of 2019 and chances are your motivation and momentum towards those New Year resolutions you set are waning. Not only…

Financial unbundling; wearable technology, AI in the real estate industry and the value of intangible assets being recognised are all changes New Zealanders will experience in financial technology in 2019, according to FintechNZ general manager James Brown. He says there will be some amazing new developing trends this year, such as financial unbundling gaining momentum which will drive more competition and more transparency as New Zealand has witnessed in the life insurance sector. “It’s all happening this year. We will see new investment platforms emerge like Sharesies and Hatch, which now offers customers the opportunity to buy shares in the US Wall Street stock market, Brown says in a statement. Wearable technology, like smart watches, will advance and the younger generation are likely to be the early adopters. Visa is…

With the Fourth Industrial Revolution reshaping how the world lives and works, business leaders are facing the pressures of preparing their companies and their workforces for this new era. Deloitte’s second annual Fourth Industrial Revolution (Industry 4.0) Readiness Report: Success Personified in the Fourth Industrial Revolution, which came from a survey of more than 2,000 C-suite executives across 19 countries, identifies the traits that set apart the most effective leaders in addressing this shift. Deloitte New Zealand CEO Thomas Pippos says in a media release that last year’s survey report showed a significant gap between business leaders’ optimism around the possibilities presented by Industry 4.0 and their companies’ actual readiness to influence and harness those opportunities. “A year later, business leaders are more realistic about what it will take to…

CHOOSING THE best potential path is challenging for setting strategy. But with deep disruption the most important question may be the first one you consider – what business are we in today and what are the key skills and resources we have? Get this wrong and the best strategy in the world might not be enough. I have recently read the fascinating story of how Kodak failed, and Fuji Film managed to survive and thrive during the huge disruption to the photographic industry with the rise of digital photography. This was largely based on how they approached this key question. (I won’t cover the whole story, but is in itself worth reading here: https://petapixel.com/2018/10/19/https://petapixel.com/2018/10/19/why-kodak-died-and-fujifilm-thrived-a-tale-of-two-film-companies/why-kodak-died-andfujifilm-thrived-a-tale-of-two-filmcompanies/) The key to the differing results is that facing a precipitous downturn in their version of…

WITH THE 2018 scandals around social media platforms many are questioning whether the golden age of social media has passed. This shift in sentiment toward social media is a good indication that it’s time to rethink your strategy. According to the Edelman Trust Barometer 2018, in the US, trust in social media has fallen 11 points, and on a global scale only 41 percent of people indicate having any trust in social media platforms. This seems like bad news for the industry, as well as for many of the businesses that rely on social media platforms to provide the space they need to communicate directly with their audiences. Yet despite these findings, social media can still provide a strong platform and voice for your business, it just needs careful handling,…

YOUNG, AMBITIOUS AND WITH THEIR EYES ON THE PRIZE NEW RESEARCH HAS REVEALED THE TRUE NATURE OF NEW ZEALAND'S FEMALE SMALL BUSINESS OWNERS. FIVE NON-FINANCIAL INCENTIVES TO HELP RETAIN STAFF ONLINE EMPLOYMENT MARKETPLACE SPECIALIST SUGGESTS FIVE NON-FINANCIAL INCENTIVES TO REWARD YOUR WORKFORCE AND HELP ENSURE STAFF RETENTION. RECRUITING IN THE POST-TRIAL-PERIOD WORLD KARYN GOULD HAS SOME WORDS OF WISDOM FOR EMPLOYERS HAVING TO ADJUST TO THE LEGISLATIVE CHANGES ON ‘TRIAL PERIODS’ WHICH KICK IN ON MAY 6TH.…

LAST MONTH I looked at how buying a franchise can enable someone with no previous experience to create a business that is not just successful but world-class. The example I used was that of Kevin and Sheryl Jones, the Taranaki couple who are the current Westpac Supreme Franchisees of the Year. Their Speedy Signs outlet was judged by international quality standards, making it one of the best-run small businesses on the planet. Although Kevin and Sheryl can take the credit for the hard work, commitment and vision they have put in to growing their business, they are quick to acknowledge the training and support provided by their franchisor. After all, that’s the role of a franchisor: not just to provide the opportunity, the brand and the systems, but also the…

IF I HAD a $10 note for every time I’ve heard a phrase to the effect that house prices in New Zealand can only go up, I would have been able to buy a second home by now. Ever since CER was signed with Australia the two economies have become more closely tied to the point that when Australia catches flu the very least that can be expected is that New Zealand gets a heavy cold. Both economies are closely connected to commodity production, both are heavily invested in housing and both addicted to debt. The banks are shared, albeit with ‘smoke and mirrors’ separation and property remains the largest investment sector in both economies. It therefore follows that when house prices have dropped in the two largest cities (Sydney…

Could paying a living wage to your staff and contractors improve business efficiency? Westpac NZ is the first bank in New Zealand to be accredited as a Living Wage Employer in a move that sees cleaners, security guards and other workers employed through contractors and suppliers on a regular and ongoing basis will be paid no less than the Living Wage, currently $20.55 per hour or $4.05 more than the minimum wage. Westpac NZ GM of consumer banking and wealth, Simon Power, said the organisation was committed to helping improve New Zealanders’ financial position. “We want to lead by example. We already pay our staff a living wage and we now we want to extend that to contractors and suppliers. “Ultimately, we think it will benefit the economy and our…

Business entrepreneurs have been known to harbour over-optimistic growth predictions. But when you hear the grand plans of Overdose.Digital’s co-founders – Group CEO Todd Welling and creative director Ryan Delaney – you just sense they’re right on the money. That’s because 2018 was such a stunning year for the business. The runs already on the board are impressive to say the least. Let’s examine those runs. In November the rapidly growing digital commerce ‘anti-agency’ won Best Emerging Business, Central, at the Westpac Auckland Business Awards. In a mere two years the team has grown from just Welling and Delaney to 85 staff across Auckland, Melbourne, Sydney, Singapore and the Ukraine. Early this year they’re opening in Wellington and expanding their Auckland head office – while offshore the focus is on…

If you want a shining example of a deliberate and disciplined growth strategy, look no further than Hamilton-based software specialist Company-X. Founded by David Hallett and Jeremy Hughes in 2012, “a ferocious appetite for growth from day one”, as Hallett describes it, has grown the business to more than 50 team members. Staff numbers doubled in a little over two years. “Our strategy is both deliberate and disciplined, but it moves at the speed of a bullet train.” Company-X ranked in the Deloitte Technology Fast 500 in 2017 and 2018 due to “defined goals well understood by the business’s leaders, who ensure those goals are communicated company-wide”. Growth comes through collaboration and teamwork. As Hallett says, “Everyone on the team has the same goals – to grow the business by…

Back in 2001, when Jan Meyer and her husband Russell Coventry bought Wellington-based food business Rutherford and Meyer from her mother and business partner, it was a very small cottage industry. Making fruit pastes to complement cheese, it was really only being sold in the gift market category, so Jan asked the question, “How can we expand our market?” “We started looking outside New Zealand. Firstly, to Australia where we dabbled in a similar market, but then realising that the bulk of our sales would have to come through supermarkets,” says Jan. After being put in touch with a contact at Australia’s National Foods, who wanted to private label their products, things started to step up a level. “At this point everything was made by hand, we were tiny, but…

THE FEELING your customers get after they leave your store will be a huge decider when it comes to how they perceive your business or brand. And if they walk away feeling like you don’t care about them, it’s unlikely they’ll be visiting your business again anytime soon. Keeping your customers loyal is all about making them feel heard – and special. At the end of the day, it's the simple details, and the soft stuff, that keeps your customers coming back for more. Here are four to go on with: 1. HIRE STAFF WHO CARE Whether it’s remembering a customer’s name, what coffee they usually order, or just a greeting at the door as they enter or leave, it isn’t all that hard to make an individual feel valued.…

There is a plethora of research around issues such as whether remote workers are more productive (the consensus seems to be yes); whether flexible hours make workers more productive (it seems to); and whether open plan offices hamper productivity. And this time last year New Zealand business leaders were agog with the news that estate planning company Perpetual Guardian was undertaking a trial whereby its workers worked four days and were paid for five. After a successful trial, where productivity actually went up, the board signed off on it in October. Qualitative research after the trial by Helen Delaney, of the University of Auckland Business School, threw up some interesting ideas on how staff made themselves more productive. She reported, at the time, on practical micro-initiatives included automating manual processes,…

The 2019 World Economic Forum Annual Meeting convened under the theme Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution with participants “focusing on new models for building sustainable and inclusive societies in a plurilateral world” according to the forum’s media statements. Here is a taste of some of the thinking that coloured the four-day thought-fest. See www.weforum.org. A rise of 3°C will wipe out 25 percent of global GDP The risks posed by climate change topped the discussion in the closing session of the World Economic Forum Annual Meeting. Surface temperatures have already risen by nearly 1°C and are not stopping, with the five warmest years on record occurring since 2010. A rise of 3°C will wipe out 25 percent of global GDP, while…

THE FINDINGS of the Life Insurer Conduct and Culture Report, recently released by the Financial Markets Authority (FMA) and the Reserve Bank of New Zealand (RBNZ), is yet another reminder for all boards of the importance of governance of conduct risks. It is easy to say “I’m not in the life insurance industry, so this doesn’t apply to me”. But there are some real warning signs in the report for all boards, particularly around setting codes of conduct, tone and culture from the top. So while this report may not be for your industry, there are some important themes that all organisations can learn from in this review. After all, boards should be looking at what’s happening elsewhere to see what the trends are and how these could be applied…

THE SUMMER holiday period was a time for me to tackle tasks around home that had been piling up over the previous year. While the list of things needing attention seemed to grow rather than shrink over the Christmas break, there was a sense of quiet achievement as I ticked off each job, working at my own pace, to my own timetable. Even though the body might be feeling the aches from overly long days in the garden, the uncomplicated, generally linear nature of the work provided some much-needed mental downtime. The days of operating in the workplace like this – moving through a checklist, rolling out a strategy, ticking off tasks on the path to a clearly defined end goal – seem long gone. Disruption across all industries has…

I ATTENDED a great webinar where high-performance expert and author Todd Herman talked about secret identities and creating an alter ego. He posited that we can use an alter ego to show up for the parts of our lives that we felt we were falling short. He gave the example of a salesperson thinking, “I really want this guy’s business,” but being unable to actually say that. That’s a time where you could bring out your alter ego – the part of you that can say that to a prospect. Herman talked about how we can step into our alter ego by simply choosing something to wear. He wears glasses that serve no optical purpose because he feels he steps into his alter ego when he puts them on. Martin…

I was lucky enough over the summer break to stay in a bonafide tiny house in gorgeous Raglan, and having been an avid watcher of the many television and streaming programmes on tiny houses, it was fascinating to stay in one. It was small, but perfectly formed, with top of the range everything in just a few square metres. And it was as tidy as any house Marie Kondo (see Netflix) has had her hands on. Which got me wondering about how this trend to re-appraise the way we live and the footprint we leave, translates in a business sense. Maybe it is around business standing up and taking the lead around sustainability; around ensuring everyone has their fair share of the necessities of life and on giving back to…