Beyond resilience: unlocking growth in the regions

The sun is coming out for small businesses in the regions. While the economic climate has been particularly tough, those outside the main centres can start thinking beyond resilience to seize the opportunities that lie ahead.

A gap in skills means a gap in growth

In New Zealand, small businesses recognise the importance of resilience. The research shows that as owners, our primary motives are to provide for our families, improve work-life balance, reduce stress, and ensure our businesses endure. The challenge has always been the constraints of time and resources.

An initiative to strengthen the country's economic resilience identified several priorities. These include actions such as:

• building a cash buffer
• diversifying your supply chain
• having appropriate insurance
• boosting digital capability
• nurturing innovation.

These all help insulate businesses against the unexpected.

Resilience is key in the regions

In many ways, businesses in the regions naturally incorporate resilience into their everyday operations. For instance, digital capability is vital in connecting the regions to the world, so it's where some of the earliest adoption happens. The same drive that keeps regional businesses connected to global markets also builds their natural resilience to bounce back faster when challenges arise.

Similarly, supply chains to the heartland need to be exceptionally robust, simply because of the distance to alternatives and the lack of quick fixes. Enduring relationships are essential when working from a smaller hub.

The regions must be remembered

Of course, working in the regions can present its own pressures, such as competing with larger centres for talent and policy. Fortunately, the value of the provinces has not been forgotten. New government initiatives ensure that regions receive both infrastructure investment and targeted support for talent and development.

Investment is on its way

The government has several funds to provide small businesses with access to talent and technology. These are tangible supports that regional businesses can access right now to build their competitive advantage. For example, an R&D Career Grant provides funding towards six months' salary; up to $30K for a Master's graduate and up to $35K for a PhD graduate. Further opening access to talent are fast-tracked visas and skilled trades residence pathways. These will both help regional skills needs.

Freeing up progress

Regional Deals aim to encourage collaboration between central and local government. They streamline the process for councils to gain central investment in their projects. For regional suppliers and contractors, this means work can be underway more quickly and easily.

Over $550 million in new infrastructure funding is flowing into water, transport, and energy projects across 14 regions—bringing more customers and new business-to-business opportunities for enterprising locals.

There is less red tape for those in the construction and building industries, as well as those with commercial property. Recent reforms now guarantee faster building inspections, with 80% completed in just three working days. A new self-certification scheme will shave weeks off build times for small construction, tourism, or retail operators planning renovations ahead of peak season.

Simplified regulatory compliance will benefit all businesses. Too often, business owners spend time and resources on a mountain of paperwork rather than focusing on growing profits. Small changes, such as linking to an NZ Business Number (NZBN), make record sharing and management much easier. In fact, over 1 million businesses have now registered, showing its value.

The right expert guidance

The Regional Business Partner network is a boon for small businesses in New Zealand. It's where you can find tailored advice, connections and networking opportunities. There are 15 regional partners in the network, each of which provides access to government-funded programmes and resources. Critically, they take a special pride in your region, and love to see it succeed.

If you're ready to shake off the cold of winter and set your business up to shine over summer, it's your time. The economic winds are shifting direction, and regional businesses are well-positioned to capitalise on them. Your resilience has been tested and proven - now it's time to put it to work building new success.

With bold reforms, record infrastructure investment, and digital transformation, regional businesses have every reason to approach summer with confidence and energy.

The right expert guidance

The Regional Business Partner network is a boon for small businesses in New Zealand. It's where you can find tailored advice, connections and networking opportunities. There are 15 regional partners in the network, each of which provides access to government-funded programmes and resources. Critically, they take a special pride in your region, and love to see it succeed.

If you're ready to shake off the cold of winter and set your business up to shine over summer, it's your time. The economic winds are shifting direction, and regional businesses are well-positioned to capitalise on them. Your resilience has been tested and proven - now it's time to put it to work building new success.

With bold reforms, record infrastructure investment, and digital transformation, regional businesses have every reason to approach summer with confidence and energy.

If you need help with your approach, make your Business Mentor your first point of contact. Business Mentors New Zealand has experienced volunteers ready to provide practical guidance tailored to your specific situation and industry challenges. If you’re ready to find your Business Mentor, start with our registration form now.