Section 3: A Vision for SMEs
We acknowledge the government's vision for New Zealand SMEs as well-run, innovative and world-class businesses.
Well-run businesses are those that:
- work closely with customers and suppliers, for example when developing new products and services, dealing with customer complaints and assessing customer satisfaction
- have good and productive relationships with stakeholders and employees, reward staff for good performance and protect them as a critical asset through good employment and health and safety practices
- are active in creating and developing business networks or linkages with other firms
- have management, human resources and financial systems that support day-to-day management
- enjoy leadership that provides them with a clear view of where they want to take the business in the future
- understand their legal obligations and have in place systems to ensure they comply.
Innovative businesses:
- seek to compete on innovation, for example with new and improved products, services and processes, rather than simply on cost and quality
- are one step ahead of the competition not just because they have good ideas but also because they have the ability to transform their ideas into marketable products or services
- recognise that what is in demand today may not be the same in the future and therefore are scanning the environment looking for opportunities to improve and grow
- are prepared to learn from others and invest in innovative activities, for example, in-house and external R&D, training, marketing related to new products, and new technologies.
World-class businesses:
- have a global mindset
- may export a product or service or they might exist to provide world-class intermediate goods and services to our export companies
- may endeavour to benchmark themselves against the best equivalent businesses in the world.
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