Welcome to The Pivot Pod, where we'll figure out together what's next for small business. Hosted by Frances Cook, with a new expert on each episode. Today it's entrepreneur Josh Comrie on the need to embrace change, and how to find the right one.
It's no secret that many businesses are feeling the pinch after lockdown, and some have already announced they'll be closing their doors.
But what's more surprising is that some are doing just the opposite, and looking at a future that's bright.
Listen to the podcast episode here
Entrepreneur and investor Josh Comrie sponsored a survey that found 24 per cent of businesses are expecting to increase their revenue post-Covid 19.
His survey covered 262 NZ businesses, with $1billion of revenue between them.
For the 24 per cent feeling positive, they're acting early, and looking for opportunities in this new normal.
Comrie said there was a clear mood to embrace change.
"If we combine a couple of different answers from the survey, one being 'we've created a new product or service offering', or the second being 'we're pivoting our business into a new arena', those two areas together show 47 per cent of New Zealand businesses fitting into that category.
"So in essence, they believe that growth is going to come from doing something either different from what they're doing today, or building a different business line, or completely pivoting their business."
Comrie said some businesses would only need to introduce a new product or service in order to adapt, while others would have to make wholesale changes and pivot their entire business.
He said working out what changes could be made to an individual business would require business owners to seek advice and feedback from others in the industry, and those close to them.
"People are seeking support from a huge variety of different sources. Life partners, professional advisers, board of directors, those sorts of folk.
"I believe this needs to continue, because resolving problems in a vacuum is a very difficult thing to do for the great majority of people.
"Innovation isn't something that tends to come about in a vacuum, for me personally. It comes about through conversation."
Comrie points out that even though it's a surprising number of businesses feeling positive, it's still far below normal.
"Ordinarily in New Zealand around 57 per cent of companies grow over the course of a calendar year. And so while the 24 sounds good, it's markedly less than ordinary."
For the full interview, listen to the podcast on the player above.