Mid-sized businesses 'driven and primed for action' in 2024

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Nearly two-thirds (62 percent) of mid-sized businesses expected revenue to improve over the next year, along with economic conditions (65 percent).
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Mid-sized businesses appear to be heading into the new year with increased optimism and ambitious plans for growth over the next 12 months.

Accounting software firm MYOB’s survey of decision-makers in mid-sized businesses between 20 and 500 people indicated about half had seen an increase in revenue over the past year, while a third made about the same as the year earlier.

The survey also indicated nearly two-thirds (62 percent) expected revenue to improve over the next year, along with economic conditions (65 percent).

In addition to improved revenue, 41 percent expected to win new customers through expansion in the domestic market, with a significant majority (87 percent) planning to invest for productivity improvements.

MYOB’s Valantis Vais said mid-market businesses appeared to be the most ambitious of the business sectors.

“While the mid-market accounts for a small proportion of total enterprises in New Zealand, these businesses are incredibly driven and primed for action,” he said.

“From AI and automation, to integrated business systems – the mid-market has never shied away from investing in tools that help them to realise their potential, and this is unlikely to change as they chase their ambitions into 2024.”