Small business owners may soon need to adjust how they handle debit and credit card transactions. The government has indicated it is considering imposing caps on the surcharges that consumers pay when using their cards. This initiative aims to alleviate financial pressures on households and bring New Zealand in line with recent changes in Australia, which plans to ban debit card surcharges altogether. What's Happening? Commerce and Consumer Affairs Minister Andrew Bayly announced that over...
As small business owners, we often find ourselves navigating the unpredictable waves of the economy. Recently, there's been a significant shift that's worth our attention: inflation has slowed to its lowest level in three and a half years. This development could have meaningful implications for our businesses, from cost management to pricing strategies. A Welcome Slowdown in Rising Costs The consumer price index (CPI), a key measure of inflation, has risen by only 0.6% in the last quarter,...
Recent changes to the CCCFA, while welcome, are unlikely to significantly improve Kiwi access to finance because New Zealand’s capital market remains insular, with limited capital funding sources compared to other countries. Meurig Chapman, CEO of Happy Prime, a leading specialist in credit risk within the corporate banking and financial services sectors, says that while the amendments proposed by the Coalition Government are positive, they “don’t go far enough.” “The bigge...
The Commerce Commission's call for a more competitive New Zealand banking sector is little more than lip service because it is almost impossible for banks to offer better deals or diversify their products in this country's highly regulated financial system—Kiwis need fewer traditional banks and greater exposure to innovative nano banks if they want a better deal. Meurig Chapman, CEO of Happy Prime, a leading specialist credit risk firm in New Zealand's corporate banking and financing se...
Many Kiwis fear they may not have enough to retire because of the doom-and-gloom prophecies that have swept the finance sector for years, but this scenario couldn't be further from the truth. The author of New Zealand Retirement Planning Secrets, head of insurance and senior financial adviser at The Advice Hub, Victor Kolkur, says that while planning for retirement is essential, the amount of money you will need depends on the kind of lifestyle you want in retirement. You may want ...
Statistics suggesting that grocery prices have increased 7 -20% over the last year do not reflect the reality, with many Kiwis reporting that their food bills have almost doubled—a scenario some predict will lead to deteriorating health conditions for New Zealanders. Financial coach Shula Newland, who works with struggling families across New Zealand, said that after she noted her grocery bill had doubled, and that many of her clients were in hardship, a poll of more than 200 Kiwis confirme...
Investing ethically to build a sustainable future and legacy requires overcoming complexities and obstacles like greenwashing. As a result, many investors put it in the too-hard basket or choose funds that will not meet their needs. Ethical Investment Week from 1-7 October aims to encourage people to invest ethically by helping them understand how to navigate the complexities and overcome greenwashing. Sarah Wood, Co-Chair of the Co-op, said research from financial market regulators ...
More needs to be done to educate Kiwis about alternative investment options if the country is to succeed in shifting the focus of middle New Zealand from onerous debt-burdened residential property investment as the only path to financial security. Director of wholesale Commercial Property Investment firm Mates Invest, Ryan Impson, says that while politicians may promise to wind back property taxes and reinstate the ability to offset interest paid on home loans...
As global finance markets experience significant challenges, local wholesale commercial property investment firm Mates Invest has launched a timely approach to investing that maximises upside potential in the current investment cycle. By championing the concept of zero-debt investing, Mates Invest presents a blueprint for a sustainable, community-centred investment market in New Zealand. Director Ryan Impson says recent financial pressures underscore t...
Scammers are not just calling or emailing Kiwis 'out of the blue' anymore; they are waiting in ambush with highly sophisticated schemes using elaborate profiles on LinkedIn, Google AdWords and legitimate looking websites to trap New Zealanders. Author of the book 'She'll Be Right (Not!)—a cybersecurity guide for Kiwi business owners—expert consultant on 'You've Been Scammed' by Nigel Latta and Tech Tuesday with Daniel Watson on Radio New Zealand, SMB cybersecurity expert Watson warn...
The social shaming of property investors by politicians is one reason ordinary Kiwis are nervous about investing. Prominent Wellington Property Coach Steve Goodey says two critical pillars of the New Zealand economy are farming and property investment--food and housing--and both are under attack by politicians such as the Greens. "Politicians and activists are using the power of envy to shape public opinion and to leverage votes, without thinking through the long-term consequences ...
As SMEs across New Zealand face pressure from various adverse conditions such as rising interest rates, labour shortages, and declining sales, it's now urgent for SMEs to take proactive steps to prepare for the coming storm. Vijay Nyayapati, an EOS facilitator who works with big and small clients across New Zealand, says some clients have noticed declining sales, some as high as an 80 per cent drop. "Interest rates are rising, and businesses that are not prepared will f...
Fancy having your university fees covered by your customer loyalty scheme? University fees, divorce legal fees, shiny orthodontic braces and a new driveway are just some of the more unusual customer rewards Kiwis took home in 2022. Colin Samson, who is chief executive and Certified Loyalty Marketing Professional of Incentive Solutions—which provides data-driven initiatives for B2B loyalty, consumer loyalty and employee engagement to some of New Zealand’s biggest companies—said tha...
As interest rates rise and house prices start to come down, the market is seeing a rise in mom-and-pop property investors contemplating whether to sell their investment properties in the expectation that times may get tougher, said Ray White Mairangi Bay agent Drew Miller. New data from the CoreLogic House Price Index showed home prices might dip a further 15-20% in the second half of 2023. On top of that, while increases in the Reserve Bank’s official cash rate (OCR) are forecast...
The “R” word is being whispered more often, but while the direct impacts of a recession are largely out of a person’s control, the mindset, planning, and tools needed to weather the coming economic storm certainly aren’t. Recent floods and slips in Auckland and elsewhere, only exacerbates cost of living and post COVID issues for Kiwi businesses and families. Shula Newland, who is Founder of Full Balance Financial Coaching and social enterprise A...
A New Zealand eCommerce expert is worried that the art of retail may be lost to the cookie cutter approach currently dominating local online shopping sites. Mark Presnell, managing director of eCommerce Integration Specialists Convergence—a company that integrates eCommerce sites with backend software and processes— believes New Zealand’s eCommerce retailers could be more successful if they stopped boring shoppers and instead rediscovered the art of both the ‘theme’ and the ‘sho...
With the bulk of Baby Boomers expected to sell up and retire between 2022-2037, the lax property compliance practices of the last 40 years are coming back to bite many who are at risk of losing all the value in their actual houses—buyers are only prepared to pay for the land—because they don't have Code of Compliance Certificates (CCC). Ray White Mairangi Bay licensed real estate agent Drew Miller warned he is seeing a rising number of boomers who—wanting to sell up because they want to...
Being a Generation X person myself I can reflect on my habit-forming school years and see some of the big gaps in education, in particular financial management. I have to wonder if this is a major contributor to the generally ‘lacking’ of financial management in SME’s today. Or is the problem originating from a mindset that this is boring, distasteful ‘chore-like’ tasks? If so, I get it, I really do. In the corporate world, it is normal to have an annual budget, which is then ...
Higher house prices contributing to the rapid gentrification of suburbs across New Zealand pose yet another challenge for small businesses owners, who may find the products and services that served them well a year ago no lo [caption id="attachment_10913" align="alignright" width="300"] Alister Siew[/caption] nger meet the changing neighbourhood's needs. BetterCo Business Advisors and Chartered Accounting firm director, Alister Siew, says his firm is working with some small businesses w...
An Auckland chartered accounting firm is pouring cold water on political noises from both the Government and the opposition that encourages Covid-19 unemployed to go into business because, for most, it's likely to end in disaster for most. "Like many things, there's the romance of becoming your own boss, and then there's reality," says BetterCo Business Advisors and Chartered Accounting firm director Peter Prema, who has seen more than his fair share of broken dreams. "The World Bank says New...
In the current pandemic world where SMEs must make snap decisions and pivot fast, one accounting firm is upending the local financial services industry – which it describes as too stuck in old ways – by scrapping its fees for outdated annual financial reports. "There's no value in annual financials in a Covid-19 environment because, by the time the information is ready, it's almost useless. We cannot in good conscience justify charging fees for it," says Niran Iswar, director of BetterCo ...
Remember, when you were a kid, and you would gather with other kids for sport or play, and a couple of nominated children in the group would get to choose their teams? Do you recall the feeling of dread you had that you would get picked last or even not at all? That same insecurity may be hampering your business success. The dread or anxiety of being left out of the loop is today known by the nomenclature FOMO – fear of missing out – and affects everybody, regardless of temperament. Tax ad...