With a strong asset base, a growing talent pool and high levels of optimism, Māori businesses are shifting their focus to profit and prosperity, New Zealand’s most in-depth business survey has found.
The Māori Business Key Insights Report, Te Tirohanga Whānui, compiled from the findings of ANZ's annual Privately Owned Business Barometer showed that Māori businesses had significantly higher levels of optimism and stronger profit growth than non-Māori businesses.
ANZ’s Managing Director Commercial & Agri, Graham Turley says "Increased opportunities and a sense that Māori are in charge of their own future are some of the factors driving excitement in the Māori business community,”
“Māori businesses lead the way on so many fronts – they are building sustainable businesses, adopting new technologies, have a fast-emerging pool of talent, strong networks and a collaborative approach to business that’s so important in a small market like New Zealand.
“This year’s Barometer shows a change in perspective, from an often-adversarial period of asset consolidation, to working together with other businesses – Māori and non-Māori – to realise opportunities and grow profits.”
Key findings are as followed:
72% are optimistic about prospects for the next three years (51% for non-Māori businesses)
54% recorded an increase in profit over the past 12 months (46% for non-Māori businesses)
16% recorded a profit increase of more than 25% over the previous 12 months
72% expect profit to increase over the next 12 months
27% are operating internationally; 14% aim to be in the next 2 years
53% identified succession as an issue – the figure is even higher for iwi and hapū-owned entities and Māori trusts and incorporations (72%)
35% said a lack of skilled staff was having an impact on their business – compared to 25% of total respondents