New Zealand businesses are strong on day-to-day operations but often miss strategic opportunities that could boost long-term growth, according to Bank of New Zealand’s latest Growth Levers Insight Report.

The research, based on surveys from over 1,000 businesses and case studies of six high-growth companies, found customer focus (49%), operational efficiency (38%) and people and culture (35%) were the most common drivers of past success.

But only 13% credited innovation, and even fewer pointed to professional advice (9%) or market understanding (6%).

BNZ’s GM Growth Sectors Brandon Jackson says many owners are stuck “working in their business rather than on it,” limiting time for strategic thinking.

He warns this may contribute to New Zealand’s sluggish productivity growth, which has averaged just 0.2% annually over the past decade.

Strong foundations, untapped potential. Photo/Supplied

For Hibiscus Coast businesses, the findings are a reminder that while solid service and efficient operations keep customers happy, growth often comes from taking calculated risks, adopting new technology, and seeking outside expertise.

The report highlights examples like Spring Sheep, which created a high-yield dairy sheep breed to tap into the global dairy-intolerance market, and Auckland’s Independent Traffic Control, which improved productivity by restructuring operations and adapting to new markets.

BNZ is rolling out a five-step framework and expanding its Growth Academy programme to help business owners assess their own “growth levers” and prioritise where to invest for maximum impact.

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