Enabling small businesses to grow and prosper
Published: 04 December 2019
The Government is backing the recommendations in the Small Business Council’s Strategy and has unveiled 3 initiatives to begin implementing.
The Small Business Council was set-up last year to develop the Small Business Strategy and consider key issues such as how to define small businesses and appropriate support structures for the Small Business sector.
The Council has now completed this work and has reported. The government has released their initial response to the report.
The initial response highlights the work already underway and the new actions started in response to the Small Business Council Strategy.
Three new initiatives were announced this week:
- The government will take the lead on good payment practices with a target for all departments to pay 95 per cent of domestic invoices in 10 business days by June 2020. The prompt payment initiative will be supported by the use of e-Invoicing, which enables the direct exchange of invoices between different finance systems.
- Access to finance will be facilitated via, a new business.govt.nz Funding Explorer tool that helps identify the right funding options for business owners.
- Efforts to build capabilities and skills amongst small business owners through a new collection of strategy resources on business.govt.nz, which connect businesses with global best-practice advice on business strategy.
These activities will progress four key themes; understanding small business owners’ needs and experience; ensuring access to affordable finance and capital; building capability and skills; and shifting the regulatory focus from risk and rules to enabling compliance.
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