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Business optimism essential

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As the business year starts in earnest on Monday, setting priorities and goals for the year ahead become important.

New Zealand has enjoyed nearly nine years of economic growth, but not all of society has felt the benefits.

While many people perceive it as just wage and salary earners not receiving pay rises, there have been other casualties.

Small and medium-sized enterprises (SMEs), in some cases, have found themselves at the mercy of their larger clients who have been slow to pay their bills.

The ability to hold off paying bills for three months or more gives larger companies extra cash, leaving their suppliers to either borrow, struggle to keep the doors open or, in the worst cases, close up.

A recent survey by online accounting firm MYOB identified putting a timeline on business goals early in the year as the best way to hit targets. Whether it is plans to increase revenue, introduce a new product, better manage compliance costs or reorganise operational structure, the start of the business year is a good........

© Otago Daily Times