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New Zealand’s mid-market businesses form the backbone of the national economy. While making up just over a mere 2% of all businesses operating in the country, this particular business level contributes over $300 million in annual revenue to the nation’s GDP. Mid-market companies also record the highest long-term employment rates, and have proven themselves more agile than larger corporations in adapting to an increasingly volatile global business environment.
Yet, despite the last year seeing mid-market companies record business growth of over 30%, they still remain one of the least supported business levels in the country and have been left, for the most part, to their own devices when it comes to scaling their operations. There are also a number of hindrances that mid-market companies currently face that need to be addressed in order to ensure their continued advancement.
For one, while mid-market companies may attract high levels of talent, there is a limited pool from which to draw. It is necessary, therefore, to support mid-market companies through the better promotion of meaningful professional development and training so as to increase employee ability. For another, supply-chain blockages and compliance issues need to be addressed so that it becomes easier for mid-market companies to conduct their business. Finally, technology is proving a hindrance to mid-market companies in that while they are often at the forefront of new technology adoption, they also tend to underutilise such technology due to a lack of training and support. It is imperative, thus, that these companies gain the necessary support to enable them to harness technology most effectively and, thereby, simplify and grow their operations.
It is only once these hindrances are addressed that New Zealand will begin seeing more mid-market players and the better scaling of current operations that are vital for bolstering the New Zealand economy.
Contact Info:
Name: Tom McSherry
Email: Send Email
Organization: SSBG
Website: https://ssbg.co.nz/
Release ID: 89080315
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