The New Zealand Small Business Strategy

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The New ZealandSmall Business StrategyEmpowering small businesses to aspire, succeed and thriveJULY 2019

BISBN (ONLINE) 978-1-99-000408-7ISBN (PRINT) 978-1-99-000411-7

Contents1Foreword 2Executive summary Summary of recommendations Introduction 346Who is this strategy for? 6About the Small Business Council 6The shape of the New Zealand small business sector 8Challenges and opportunities facing small business 11Small Business Survey 13Small business support system 14Private sector 14Government support initiatives 14Strategy for empowering small businesses to aspire, succeed and thrive 15Underlying themes of the strategy 15Implementation 151. Understanding the needs of small businesses 17Understanding small businesses 17Review small business support 172. Easier access to finance 18Fuelling small businesses with affordable finance 18A digital lending and capital marketplace for fast access to finance and financial information 19Investing in growth through a dedicated Small Business Growth Fund 19Start-up grants to get new small businesses off the ground 20Removing barriers to equity investment 203. Building capability and skills 21Encouraging small business owners to invest in themselves 21The right skills for the job 22Going digital 234. Shifting from compliance to enablement 25Casting a small business lens over compliance requirements 25Protecting taxpayer rights 26Embracing diversity 26Ensuring prompt payment to small businesses 26Implementation of the Small Business Strategy 28

2ForewordThe Minister for Small Business, Hon Stuart Nash established the Small Business Councilfor a term of one year to provide strategic advice on the small business sector. Our maintask was to develop a strategy to enable the development of the small business sector inNew Zealand. We appreciate the Minister’s trust in us to complete this important work.New Zealand is a nation of small businesses and they make a vital contribution to our economy and our communities.This strategy sets out the key areas and initiatives we believe could make material differences for small businesses inthis country.This strategy has been informed by our engagement with small businesses and information provided by private sectorand government organisations that work with small businesses. We would like to thank all the small business ownerswho made the effort to meet with the Council and share their experiences. We are also grateful to the small businessowners and managers that completed our survey. Your contributions provided the immediate real world experience thatwas so necessary for the development of this strategy.We would also like to thank those that took the time to present to us and contributed to our understanding of the smallbusiness ecosystem.Finally we would like to thank the members of our Secretariat for all their assistance and hard work in producing thisstrategy.Tenby Powell ChairSmall Business Council membersTenby Powell Hunter Powell Investment Partners (Chair)Dr Deb Shepherd Auckland University (Deputy Chair)Terry Baucher Baucher Consulting LtdAlison Brewer Fonterra Shareholders’ CouncilRachel Brown Sustainable Business NetworkAntony Buick-Constable New Zealand Bankers’ AssociationNicole Buisson XeroJim Gordon Jim Gordon Tax LtdAndy Hamilton The IcehouseJerry He New Zealand Green Wave LtdAllison Lawton Avid Business AgencyTania Siladi Dragonfly RestaurantLeeann Watson Canterbury Employers’ Chamber of CommerceGovernment Advisor membersPaul Dansted Ministry for Primary IndustriesKaren English Ministry of Business, Innovation and EmploymentMatt Ritchie New Zealand Trade and EnterpriseKeith Taylor Inland Revenue

Executive summary3The Small Business Council was established to provide strategic advice to Government forthe development of the small business sector. One of the main tasks of the Council is thedevelopment of a small business strategy.Small businesses are the lifeblood of the New Zealandeconomy and the backbone of our communities.They make an enormous contribution to inclusive andsustainable growth for New Zealand and their value to theeconomy should not be under-estimated.The landscape in which businesses operate is in a stateof constant change. From climate change to increasingpopulation diversity to the massive impact of technology,small businesses are continually having to adapt to newways of doing business. With small size comes agilityto pivot and respond quickly to change. However, smallbusinesses can also be vulnerable to larger forces outsidetheir control.The Small Business Council has spoken to many smallbusiness owners, as well as private and public sectororganisations who work with the small business sector.We found that numerous private sector and governmentagencies currently provide information, advice and trainingon how to set up and run a small business. However, muchof this help is not coordinated and not widely known.Getting finance, finding and hiring the right staff, investingin training and development, keeping abreast of change,and a heavy compliance burden all pose significantchallenges to small businesses. A lack of options fordeveloping the confidence and self-belief of businessowners can also create limitations for the sector.To address these challenges, we have developed thisstrategy to shift the business landscape to one thatenables and fosters small business success. A regulatoryand business environment that empowers smallbusinesses to aspire to be the best they can be, rewardssuccess, and enables them to thrive will benefit allNew Zealand.The New Zealand Small Business Strategy is intended forbusinesses that are privately or family owned where theowner is significantly involved in the day to day runningof the business.A comprehensive understanding is neededof the experience of small businesses inNew ZealandIn order to establish an environment that empowers smallbusinesses, we must start with a deep understanding ofwhat it means to be a small business in New Zealand.Data is collected on and from small businesses by manydifferent organisations for many different purposes. Yetthere are still gaps, particularly regarding the experienceand needs of businesses with few or no employees.Data collection and access needs to be improved so thatpolicy and initiatives that impact small businesses can beinformed by a clear picture of the whole sector and itscomponent parts.Small businesses need to be able to getthe right finance when they need itMany small businesses need access to funding at somestage in their journey. Options for finance in New Zealandare limited and banks tend to be the main source. Thereare few alternative lenders offering finance at affordablerates and the equity and angel investment market is small.The major banks tend to view small businesses as riskyand often require property as collateral for lending. Aspatterns of house ownership change and new ReserveBank capital requirements for banks potentially comeinto force, small business owners may find it increasinglydifficult to get loans at affordable interest rates.We recommend a package of initiatives to deliverfunding to small businesses for the different stagesof their development. These initiatives include agovernment Credit Guarantee Scheme to remove theneed for property as collateral and make small businessesattractive borrowers for lenders.We also want to see a digital lending and capital marketplace established to enable small businesses to rapidlysearch and find funding options. A start-up grant schemewill help with the costs of getting a small business off theground and can be targeted to encourage particular typesof businesses. Growth ambitions would be boosted by adedicated Small Business Growth Fund to provide longterm fundingRemoving barriers to equity investment would also helpstimulate greater investment in New Zealand startup businesses. One such barrier, identified by the TaxWorking Group, is the tax loss continuity rules and theirimpact on expanding businesses.People with the right capability and skillsare key to small business successWe believe a key factor in the success of small businessesis owners investing in their own development as well asthat of their staff. However, they have limited resourcesto devote to increasing their own management capabilityand may miss opportunities to improve their business.We recommend a Small Business Capability and AmbitionProgramme to provide tailored, relevant, and affordabletraining opportunities to small business owners. The

4development programmes need to be easy to accessand delivered in a range of formats to suit the needs andlocations of business owners.Lack of appropriately skilled staff is one of the biggestchallenges for small businesses. We believe the educationsystem needs to be more responsive to the needs ofthe sector. Processes need to be put in place for smallbusinesses to have a say in the form, content and deliveryof training, to the people that will comprise their workforce.Small businesses need to be able to keep pace withchange and we recommend a number of initiativesto enable the sector to prepare for the future. Theseinclude a technology credit as an incentive for greateradoption of technology by small businesses. Forums andopportunities to connect with and learn from each otherand technical experts will provide small business ownerswith better access to information and expertise.The compliance burden on smallbusinesses needs to be reducedAll businesses have to comply with a range of rules,practices and legal requirements and these processescan take considerable time and resource. The compliancesystem is currently oriented to managing and minimisingrisk. We believe there needs to be a fundamental shiftaway from a focus on rules and the needs of regulators.The system needs to be business centric and focused onoutcomes.The rules, practices and contractual requirements of largebusinesses also impact the small businesses they dealwith. Small businesses have little bargaining power in thisrelationship and can be forced to accept unfavourableterms and conditions.The cumulative impact of compliance is a significantburden on small business owners. We recommend thata specific unit be set up to identify, quantify and mitigatethe burden from existing compliance measures, andfuture measures as they are developed.We recommend a range of measures to protect the rightsof small business owners and improve their complianceexperience. We support the Tax Working Group’srecommendation for a Tax Advocacy Service to assistsmall businesses in disputes with Inland Revenue.A proactive approach by government agencies indetecting and responding to non-compliance with taxand legal obligations would enable early and constructiveintervention.We want to see greater recognition of, and responseto, the diversity in the small business sector includinglanguage translation of key government content.Government also needs to lead the way in improvingpayment times to small businesses.Small businesses often find themselves shut out ofgovernment procurement processes by unnecessarilycomplex and lengthy processes even for relatively lowvalue contracts. Small businesses would have a fairer shotat government contracts if procurement practices weresimple, more business-focused and with requirementsand expectations that matched the size of the job.From strategy to implementationSmall business falls within the responsibilities ofmultiple government agencies. To oversee and driveimplementation of this strategy, we believe a dedicatedcross-agency small business unit needs to be established.The purpose of the unit would be to co-ordinate, align,and oversee all small business focused work acrossgovernment. A key part of the role would be to guide andmonitor implementation of this Small Business Strategy.

Summary of recommendations5The Council makes the following recommendations.Recommendation 1: Improve data collection andcollation to ensure it is representative of the whole smallbusiness sector, including micro businesses, to provide acomprehensive understanding of the experience of beinga small business in New Zealand.Recommendation 2: Review the policy intent, purposeand scope of the Regional Business Partner Networkto identify opportunities to extend its services to smallbusinesses.Recommendation 3: Government introduce a CreditGuarantee Scheme to facilitate lending to smallbusinesses.Recommendation 4: Government facilitate theestablishment of a private sector led digital lending andcapital marketplace platform to quickly and efficientlymatch small businesses with appropriate lenders andcapital providers.Recommendation 5: Government require capitalproviders that decline small businesses for finance torefer them to the lending and capital marketplace so thatthey can access other finance options.Recommendation 6: Government facilitate theestablishment of a private sector led Small BusinessGrowth Fund to provide long-term funding in the form ofdebt and non controlling equity investment.Recommendation 7: Government establish a smallbusiness start-up grant scheme with criteria targeted topriority groups.Recommendation 8: Government adopt the Tax WorkingGroup recommendation to relax the tax loss continuityrules to better facilitate investment in start-up businesses.Recommendation 9: Government fund a Small BusinessCapability and Ambition Programme to provide tailored,relevant and timely capability development programmesto small business owners and managers.Recommendation 10: The education sector establishongoing engagement processes for small businesses tohave meaningful input into the development and deliveryof training to support their workforce needs.Recommendation 11: Government introduce atechnology credit to enable small businesses to purchasedigital business tools and software services to driveincreased productivity.Recommendation 12: Government facilitate the deliveryof a series of regional ‘train the trainer’ sessions to equipindustry associations and regional bodies to help smallbusinesses increase their digital capability.Recommendation 13: Establish digital forums andlink into existing regional infrastructure to enable andfacilitate connections between local businesses.Recommendation 14: Government establish a SmallBusiness Transition Fund to support small businesses tosustain their businesses through major change.Recommendation 15: Establish a ‘Burden Hunter’ unittasked with identifying and mitigating administrativeburdens, costs and other compliance impacts for smallbusinesses.Recommendation 16: Establish a Tax Advocacy Serviceto assist small businesses in disputes with Inland Revenue.Recommendation 17: Government lead the wayin recognising and embracing diversity in the smallbusiness sector and ensure compliance requirements arecommunicated effectively to all including the languagetranslation of key content.Recommendation 18: Government lead the way inimproving payment practices to small businesses by: requiring all government agencies pay invoicespromptly proceeding quickly with imposing maximum contractpayment terms requiring all government agencies to be able toreceive e-invoices by the end of 2020 holding large businesses to account if necessary.Recommendation 19: Government agencies adopt apositive, early intervention approach to non-complianceby small businesses with the aim of resolving issuesconstructively and quickly.Recommendation 20: Ensure government procurementprocesses and practices are commensurate with thecomplexity and value of the purchase and encourageparticipation of small businesses.

6IntroductionSmall businesses are the lifeblood of the New Zealand economy and the backbone ofour communities. From our sole-traders to the next high-tech innovative start-up, smallbusinesses provide the drive that keeps New Zealand growing. The contribution that smallbusinesses make to inclusive and sustainable growth for New Zealand should not beunder-estimated.The world is rapidly changing and facing unprecedentedchallenges. Climate change, dwindling environmentalresources, increasing population diversity, and theincreasing dominance of technology all mean the way wedo business has to change. Because of their size, smallbusinesses have the agility to swiftly adapt their businessmodels to respond to these changes.A thriving small business economy is good for NewZealand. Small businesses play a vital role in sustainingcommunities, particularly our regional and ruralcommunities, and they provide meaningful opportunitiesfor people to engage with the economy.Our small businesses achieve great things with very littleand, with the right environment, they can aspire to evenmore. A supportive system dedicated to empoweringand enabling small businesses will see the sector growin confidence, develop in capability and continue torepresent New Zealand on the world stage.Our business environment has an enviable internationalreputation with the World Bank ranking New Zealandnumber one in the world for ease of doing business.It is easy to start a business here and our regulatoryenvironment is favourable for operating a business inNew Zealand. But we can do better to reduce costlycompliance and red tape that slows small businessesdown.People start businesses for a variety of reasons, whetherit is to follow a passion, be their own boss, escape the 9to 5, make a living or make a fortune. Most small businessowners start with a dream, however, many find that it isnot plain sailing and the dream may not match the reality.By their nature, small businesses can be vulnerable tolarger forces outside their control. They will invariablyface obstacles and barriers that will test their resolve, but,backed by a business environment that supports success,they can thrive.The New Zealand Small Business Strategy recommendsa government strategy for empowering New Zealand’ssmall businesses to be the best business they can andwant to be. It sets out a framework for transforming to anenabling environment that can inspire the sector to evengreater performance over the next 10 years and beyond.Who is this strategy is for?There is no official definition of small business inNew Zealand nor is there an internationally recognisedor universally used definition. What constitutes a smallbusiness varies widely between countries depending onthe size of economy, relationships to other markets, andthe size profile of businesses in that country.In New Zealand and Australia, small businesses aregenerally understood to be those with fewer than 20employees. Those with fewer than 6 employees are oftenreferred to as micro-businesses. Medium sized businessesare considered to be those employing 20-49 people.Businesses employing 0 to 49 employees are collectivelycategorised as small to medium-sized enterprises, orSMEs. Businesses that employ 50 or more people aregenerally described as large.These traditional categorisations reflect different levelsof management, ownership and business operationprocesses that commonly come into play as a businessgets bigger. However, a degree of flexibility in definingdifferent categories of business is important to ensure thetarget group is identified correctly for the purpose of theparticular discussion or intervention.This strategy is intended for businesses that are privatelyor family owned where the owner is significantly involvedin the running of the business. Small business is notfurther defined in this strategy so that implementation ofthe recommendations can be targeted to the best effect.About the Small Business CouncilThe Small Business Council (the Council) was establishedby the Minister for Small Business in August 2018 for aninitial term of one year. The role of the Council is to advisethe government on strategic opportunities for supportingand developing the small business sector.The Council consists of 13 members from across the NewZealand business world that work closely with the smallbusiness sector. Along with small business owners, theCouncil includes members from business representativeand service organisations, sustainability and tax experts,financial institutions, academia, and education providers.There are also four government advisors from theMinistry of Business, Innovation and Employment (MBIE),Inland Revenue, the Ministry for Primary Industries, andNew Zealand Trade and Enterprise (NZTE).

Council members were appointed on the basis of theirexperience and expertise in working with the smallbusiness sector rather than as a group representative ofthe sector. As a result, we acknowledge that some voicesmay not be well represented in the work of the Council,for example youth and other population groups, socialenterprises, and regional businesses.The primary task of the Council was the development ofa small business strategy for New Zealand. We engageddirectly with small business owners to hear about theirissues and ideas for how the business environment couldbe more empowering to the sector. We conducted asurvey of small businesses, which received over 1,000responses, and we met with small business owners aspart of our regular meetings. In developing this strategywe heard from a wide range of organisations withan interest in small business, including private sectororganisations, government agencies, the Tax WorkingGroup, the Productivity Commission, the Prime Minister’sBusiness Advisory Council and diversity experts. Fromthese discussions we gained valuable insights on theissues affecting small business and the range of initiativesunderway to provide a more supportive environment forthe sector.7

8The shape of the New Zealand small business sectorNumber of enterprises by number of employees0 employees376,7851–5 employees101,3886–9 employees22,44010–19 employees 18,24320–49 employees 10,32350–99 employees 3,193100 employees2,562Data source: New Zealand Business Demography StatisticsFebruary 2018, Statistics New ZealandEthnicities of self-employed peopleEuropeanMaoriPacific PeoplesAsianOther EthnicityData source: Household Labour Force Survey June 2018,Statistics New ZealandThere are a total of 534,933 businesses in New Zealandand 97 per cent (or 518,856) are small businesses withfewer than 20 employees.Small businesses contribute over 66 billion to our GrossDomestic Product (GDP) and are a significant force in theeconomy.Small businesses employ 29 per cent of employees inNew Zealand. 376,785 businesses, or 70 per cent of allbusinesses, have no employees.Demographic information on small business owners is notreadily available. However, there is data for self-employedpeople from the Household Labour Force Survey.In terms of ethnicity, 77 per cent of self-employed peopleidentify as European, 12 per cent as Asian, 6 per cent asMaori and 2 per cent as Pacific Peoples.More men are self-employed than women, at 62 per centand 38 per cent respectively.The small business sector is by far the biggest net creatorof jobs in New Zealand. In 2017, the sector producedan additional net 71,220 jobs. The small business sector(1-19 employees) created net 13,290 jobs more thanbusinesses with 50 or more employees in 2017.The number of small businesses per region tends toreflect the population size. Auckland has the highestnumber of small businesses with over 100,000. Gisborne,Marlborough, Nelson/Tasman and the West Coast havethe lowest number of small businesses, with less than10,000 in each of these regions.Small businesses are spread across all industries and thetop ten are shown below. The biggest industry by numberof small businesses is rental, hiring and real estate,followed by agriculture, forestry and fishing.

9Number of people employed by business size100 employees48% 1,069,00050–99 employees 10% 217,10020–49 employees 14% 307,40010–19 employees 11% 244,7006–9 employees7%162,4001–5 employees10% 238,200Note: Data is not available for sole operatorsData source: New Zealand Business Demography StatisticsFebruary 2018, Statistics New ZealandNet job created (jobs created minus jobsdestroyed) by business sizeNet number of jobs 20–4950 Data source: Linked Employer-Employee DataDecember 2015-2017, Statistics New ZealandBusiness size by number of employeesTop 10 industries by number of small businesses (0-19 employees)22% Rental, hiring & real estate services(113,940 small businesses)5% Retail trade(26,520 small businesses)12% Agriculture, forestry and fishing(64,437 small businesses)5% Other services(23,727 small businesses)12% Construction(60,510 small businesses)4% Accommodation and food services(20,334 small businesess)11% Professional, technical& scientific services(59,232 small businesses)4% Manufacturing(19,392 small businesses)7% Financial & insurance services(38,313 small businesses)4% Health care & social assistance(18,480 small businesses)Data source: New Zealand Business DemographyStatistics February 2018, Statistics New Zealand

10Number of small business locations per regionNORTHLANDAUCKLANDBAY OF PLENTYWAIKATOTARANAKIGISBORNEHAWKE’S BAYMANAWATU/NELSON/TASMAN WANGANUIWELLINGTONMARLBOROUGHWEST COASTCANTERBURYMore than 100,000 small businesses per region50,000–100,000 small businesses per region10,000–50,000 small businesses per regionLess than 10,000 small businesses per regionOTAGOSOUTHLANDData source: New Zealand BusinessDemography Statistics February 2018,Statistics New Zealand

Challenges and opportunities facing small businessDespite their differences, our small businesses face common challenges and opportunities.Some of these are size-related and shared by small businesses across the globe, and othersare due to New Zealand’s distinct business environment, size of market and geographicposition far from all other markets.Small is differentSmall businesses experience the world very differently totheir larger counterparts: Small businesses can struggle to compete with largerbusinesses and multi-nationals, affecting their abilityto get and keep market share, and attract goodemployees. Many costs associated with running a business,including compliance and regulatory costs,are not scaled for business size and can have adisproportionate impact on small businesses. Many small businesses do not invest in capabilitydevelopment and are slow to seek advice. Thiscan impact their regulatory compliance, growthaspirations and preparedness for change. Small businesses typically focus on domestic marketsand do not plan for exporting. Small businesses can have limited capital and cashflow, and more difficulty accessing finance onreasonable terms. Limited cash flow results in a focuson the short-term and can be a cause of stress andpoor mental health outcomes for owners. Small businesses have less time and resources toconsider and plan for wider environmental andeconomic drivers and processes such as the changingnature of work, climate change and the transition to alow emissions economy.Being small in New Zealand is differentOur small businesses face a specific set of challenges thatare unique to operating in New Zealand: The physical distance between New Zealand andother markets restricts knowledge and technologytransfer, makes exporting physical goods difficult andreduces competition. Our small and insular domestic markets limit business’opportunities to specialise and develop economiesof scale. While our small businesses are good at innovation, manylack the resources and knowledge to commercialise theirinnovations and take them to market at scale. New Zealand is in a labour productivity slump withaverage income around 30 per cent lower than theOECD average. Due to high real interest rates and small insularmarkets, New Zealand small businesses tend toinvest less in new technology and other productivityenhancing assets1. As a result businesses can be slowto embrace new technology. It can also compound thedifficulties that small businesses have when accessinginternational markets. Big businesses in New Zealand can easily disadvantagesmall businesses with unfavourable trading terms andcontrol of the market. Small businesses typically havelittle bargaining power and resources to negotiate.Opportunities for small businessesSmall businesses benefit from policies that suit allbusinesses, such as comparatively high quality regulation,availability of skilled labour, stable macroeconomicpolicies and good infrastructure. By comparison withother countries New Zealand stacks up well across allof these measures – we are ranked first in the worldfor ease of doing business, first equal for least corruptcountry, fourth for transparency and thirteenth forcompetitiveness. Our business environment providesopportunities for small businesses and, with the rightenvironment and incentives, New Zealand’s smallbusinesses can be the best in the world.The New Zealand business environment presents a uniquemix of opportunities for small businesses: The can-do kiwi approach sees small businessessolve their own problems and make their ownopportunities. There is significant scope for many small businesses tolift their performance and productivity by increasinginvestment in new technologies and human capital. Technological advancements mean that smallbusinesses are becoming less constrained by distancefrom other markets and have more opportunityto scale up and, for some, internationalise. This isparticularly true for weightless exports. There continues to be opportunities for New Zealand’ssmall businesses to focus on value-add. New Zealand’s clean green reputation gives exportingbusinesses, such as tourism and agriculture Many small businesses in New Zealand struggle to recruitand retain staff and rely heavily on migrant workers.1 Conway, P. (2018). Can the Kiwi Fly? Achieving productivity lift-off in New Zealand. International Productivity Monitor, Centre for theStudy of Living Standards, vol. 34, pages 40-63, Spring.11

12businesses, a competitive advan

Strategy for empowering small businesses to aspire, succeed and thrive 15 Underlying themes of the strategy 15 Implementation 15 1. Understanding the needs of small businesses 17 Understanding small businesses 17 Review small business support 17 2. Easier access to finance 18 Fuelling small businesses with affordable finance 18

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