By Cam Wallace, BNZ Development Partner Corporate & Commercial.
Every year, the Deloitte Fast 50 shines a welcome spotlight on the achievements of New Zealand’s fastest growing businesses and BNZ is very happy to play an important role in this programme. And, as always, this year provided some valuable insights into the current trends in the fast growing segment of companies.
One trend that was readily apparent this year was a rise in socially motivated business ventures. This is an area that BNZ has had a real focus on which has, in part, been driven by our relationship with Eat My Lunch – a Rising Star in the 2016 Fast 50.
The values-based business model creates a clear point of difference in the market as well as a huge feel good factor for both the customers and suppliers. That’s one of the reasons we use Eat My Lunch ourselves. Knowing that each purchase gives back to the community is a strong motivator. Creating a business that allows customers to feel good about where they’re spending their money is not only common sense – it’s great business.
So what can we learn from this year’s winners? Well one of the things I took away from it was the breadth of different businesses that were a part of the festival. The enormous variety of business types shows that you don’t need to be in the latest bleeding edge industry to achieve the fantastic levels of growth needed to make the Fast 50 list.
On top of that, the Fast 50 winners should inspire many other small businesses that are looking to grow. The critical step is making the shift from working in the business to working on the business.
Most importantly, business owners need the ability to step back from the day-to-day running of their business to take advantage of opportunities – something that is much easier said than done. This is one reason why a number of New Zealand SMEs grow, expand to a certain size and scale, and then plateau without finding further success.
So, and at the risk of a shameless plug, the successful Fast 50 companies remind us of the importance of selecting the right partners to enable business growth. Making the right choices when it comes to your bank, accountant or business adviser will help ensure you have the support to take your business to the next level. And, of course, 21 of the Fast 50 this year are BNZ customers!
Well done to all winners and those who entered.