It’s no secret that one of the best ways to learn is to learn from others.
Just as amateur sports players can learn how to improve their game by watching the professionals compete, or by reading articles detailing their training and nutrition, nascent businesses can also learn from other businesses that have already achieved certain successes.
But outside of publicly listed companies — typically huge corporations that may not have a lot in common with an emerging business — it can be difficult to find good information on small businesses that your business can learn from.
This is one of the reasons Deloitte runs its annual Fast 50 programme, which celebrates and ranks New Zealand’s fastest growing companies, recognising businesses that have experienced substantial revenue growth over the last three to five years.
This showcase of commercial high performance aims to encourage innovation and entrepreneurship, create networking opportunities, attract investment, and ultimately further economic development in New Zealand.
Challenges and successes for growing businesses
Past Fast 50 winners have gone on to become some of New Zealand’s most iconic businesses and greatest success stories, but their growth journeys are often less than straightforward. Each year our Fast 50 businesses are generous in sharing their stories, their successes, their mistakes and their challenges. From this, we are able to gain valuable insight into the key issues facing New Zealand’s fast-growing businesses, which we share within our Fast 50 e-zine, Insights from Innovators.
The 2023 indices revealed some notable year-on-year changes. Historically cited by business owners as the primary obstacle to growth for Fast 50 businesses, talent shortages were joined by regulation, along with access to capital and rising interest rates.
Within this challenging economic climate, our 2023 Fast 50 businesses were able to flex and adjust, and even for some, to thrive, with last year’s winner, NFT and digital collectables company Veve Digital, achieving a mammoth 1239% revenue growth in the three-year period to 2023.
Tax considerations for growing businesses
While start-ups and emerging businesses should rightly be focusing their energy and resources on creating a profitable enterprise, they don’t want to have all their good work undone by non-compliance with domestic and overseas tax obligations. Nor do they want to find out that the trading structure that was set up at the start is no longer fit for purpose or does not easily cater for the growth experienced.
Are you meeting your tax obligations?
Getting expert input at the beginning of your journey, from an adviser that has the experience and ability to cost efficient advice appropriate for your age and stage of operations, will be money well spent. You only have to look at the level of liquidations instigated as a result of overdue tax debt to see how quickly tax debt can get out of control.
2024 Deloitte Fast 50
Now into its 24th year, the Fast 50 is back for 2024 and is looking for Kiwi businesses, especially those based in the Bay of Plenty, who are pushing the limits, breaking records, and redefining fast growth. Learn more and submit your entry at https://bit.ly/3y4KcpS. Entries close 5pm, Friday 30 August.
We are hosting a Fast 50 information evening in conjunction with BNZ at their Partner Centre in Tauranga on Wednesday 7 August and we would love to see you there to answer any questions you have. Secure your spot at the event here: https://bit.ly/3YegDga
