At Xero, we’re committed to helping make the lives of small business owners better, so we’re really excited about Westpac’s Business Growth Grants which give Kiwi businesses a chance to accelerate.
We recently presented our Xero Small Business Insights data at the Westpac Growth Grants launches in Wellington, Rotorua and Queenstown, giving us a chance to connect with small businesses that are eager to grow.
The prizes include a grant valued at $50,000 ($40,000 cash and $10,000 of advertising), expert business mentoring (across accounting, legal and HR advice), as well as attendance at the Nurture Change Business Retreat in Fiji to connect with leading business coaches, and a $2,500 Quest business accommodation package.
Utilising tech and advisory services
Many business owners with growth ambitions get to a point where they need a break from pushing themselves too hard. A fresh set of eyes on their business can really help reinvigorate their vision, and help them figure out what the next steps are. Through Westpac’s initiative they could do exactly that – while relaxing in Fiji!
Our research has found that only 31 percent of Kiwi businesses have a documented business plan, and 34 percent don’t have a business advisor. That’s a large chunk of our business owners who aren’t getting the best out of their business – be it their own work-life balance, working towards an exit strategy, or inspiring their staff with a clear vision of the future.
Advancements in technology can help save time and give business owners a clear understanding of where their finances lie. Using a cloud based technology platform that they can work on with an advisor can really make the difference when making decisions around growth planning.
This is why it’s so important for accountants to connect with their small business clients regularly to understand what their goals are, and whether they are a tangible reflection of where their business is headed.
What you need to know
Applications for Westpac’s Business Growth Grant will be considered based on factors including growth opportunity, planning proposal, sustainability, and business acumen^. They are open for all regions across New Zealand so if you or your client has a business that has been operating successfully and wants to grow, then check out the online application process.