While the pandemic and recession saw many businesses shut their doors for good, over 2000 SMEs in New Zealand will celebrate their anniversary in 2024.
Of the more than 2000 SMEs celebrating significant anniversaries in 2024, 60 will be celebrating 70 years in business.
Assia Salikhova, Managing Director of Smarketing Lab, says we often focus on business failures, but it’s time to celebrate the many SMEs that succeed and endure despite our small, open economy.
“Despite various economic challenges, more than 2,000 companies in New Zealand have shown remarkable resilience, celebrating ten or more years in business in 2024,” says Salikhova.
“Businesses that have endured the volatility of a small open economy have proven that they are adaptable, maintain strong customer relationships, and manage their finances wisely.”
For many SMEs, Salikhova says longevity in business is more than just survival but also age; which brings in experience and reliability – key aspects that customers trust.
Salikhova adds that longevity is a testament to resilience and positive business practices.
From adaptability, commitment to quality, and a willingness to learn from experience, these long-standing businesses are showcasing these features which are something to look up to for younger SMEs.
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Salikhova says there are three other factors that SMEs need to embrace for longevity:
- Embracing change: Adapting to market shifts and innovating continuously to stay relevant,
- Prioritise customer relationships: Building and maintaining strong customer connections to foster loyalty.
- Have a plan: Develop and regularly review business strategies to align with your business goals and market conditions.
“Longevity is not an accident,” she says.
The SMEs who are celebrating milestones in 2024 is a testament to long-term strategic planning of regular reviews and aligning with market demands.
“New Zealand companies that survive decades are an example to follow, and in tough times, we can draw a lot of hope and resilience from following their example,” says Salikhova.
