Business Update – 23 September 2021

23/09/2021

Auckland Moves to Alert Level 3

Auckland has moved out of Alert Level 4 lockdown, but could remain in Alert Level 3 for months, according to experts.

Prime Minister Jacinda Ardern believes the outbreak can still be controlled under control under Level 3 as long as people stick to their bubbles.

Also, the PM believes that the country has the potential to hit the 90% vaccination mark over the next couple of weeks– just in time for people to enjoy more freedoms over Christmas.

Increased Fines for COVID-19 Rule Breakers

Last Friday, the government announced higher fines for those breaching COVID-19 restrictions amid concerns that the outbreak may spread beyond Auckland.

Intentionally failing to comply with rules such as travelling without permission will be a criminal offence and is now liable on conviction for a fine of up to $12,000 (previously $4,000) or 6 months imprisonment. Fines for companies can go up to $15,000.

On-the-spot fines for infringement offences like failing to wear a mask where it is mandatory will also be increased from $300 to now $4,000. These changes will be implemented in November, subject to the passing of the COVID-19 Public Health Response Amendment Bill.

Economy Surges in Q2

Economy The country’s economy grew at a much faster pace than expected in the second quarter, as GDP surged 2.8% in the three months through June, according to the latest data by Statistics New Zealand.

This figure beats the Reserve Bank of New Zealand’s estimate of 0.7% and the Reuters poll forecast of a 1.3% increase.

This improvement in the economy reinforces views that the central bank may start lifting interest rates despite the recent COVID-19 outbreak.

Tips for First-Time Business Owners

First-time founders often waste time and resources during the early stages of building their business because of the knowledge gap on how to efficiently start a company. In this Forbes article, seven tips have been shared for the successful launching and running of a business.

Create an online presence. Build brand trust by having a beautifully designed website and polished online presence that potential customers, investors, and staff can visit.
Find an organisation system that works for you. Have one place to store all your information, manage to-do lists, stay aligned on big-picture ideas, manage data, plan out product and content calendars, among other things, so you can run your business more efficiently.
Stay on top of your finances. You’ll become a more strategic business owner when you keep your finances on track and understand your cash flow.
Learn to block your time. Scheduling your time is key– block out hours of your time on your calendar to focus on certain projects.
Don’t skimp on HR and payroll. Ensure your HR and payroll are taken care of so you can have peace of mind. It’s recommended to invest in a platform that can help keep these aspects of your business running smoothly.
Remember that you don’t have to start from scratch. Helpful templates and resources are available everywhere– you don’t have to start everything from scratch.
Keep confidential information confidential. Limit who has access to proprietary information.

Your most precious resource is your time. So if you want to find more ways to save time and focus on building a thriving business, get in touch with our advisors today!

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