Our business landscape is changing. What does this mean for you?
The BDO Business Wellbeing Index report is our twice-yearly study of business performance and wellbeing in Aotearoa New Zealand. This is our fourth edition of the report, conducted in the two weeks following the 2023 general election and offering a timely snapshot of sentiment among more than 560 business leaders nationwide during a time of change.
Read the November 2023 Report
To start the conversation, we spoke to panel of experts to explore the topic of business wellbeing and share insights for the business community. Watch the video panel featuring a discussion facilitated by business journalist Madison Reidy, with Kimberley Symon, BDO Advisory Partner, Iain Craig, BDO Tax Partner, and Tarunesh Singh, BDO Partner, Risk Assurance and Consulting.
As well as highlighting the priority issues for New Zealand business leaders and how they are feeling, our Index provides practical advice to help navigate the stressors of running a business. You’ll find guidance from our experts in business advisory, risk, and tax, with a range of tips to help address the pressures identified in our survey.
Report key findings
- Wellbeing spiked immediately after the election. New Zealand business leaders scored a record high 74 (out of 100) on the World Health Organisation’s WHO-5 wellbeing index, measured in the two weeks following the general election.
- However, wellbeing was at a record low in the six months before this. A record number of business leaders (58%) reported feeling less mentally healthy than normal in the last six months, showing a significant turnaround in wellbeing around the time of our survey.
- Business financial pressures are the leading driver of negative wellbeing in business lives. 49% of business leaders attribute their negative wellbeing in the past six months to business financial pressures, the highest across the four BDO Index surveys to date (launched April 2022). Looking ahead to six months’ time, this is likely to worsen, with 56% expecting to feel less mentally healthy in their business lives due to business financial pressures.
- Positivity is increasing around election issues. Sentiment is improving among business leaders regarding policy areas in the recent National Party election campaign - with 69% of business leaders feeling positive about regulations and compliance (including tax).
- Optimism is growing for the next six months. Despite a continuation of the underlying business financial pressures, the report highlights seeds of optimism emerging among business leaders since the election.
- All sectors apart from agribusiness are feeling optimistic about the future. This is likely due to a feeling of confidence and clarity following the election outcome, especially with both National and ACT campaigning heavily on economic policy direction and cutting red tape for businesses. The most optimistic markets and sectors are Māori business, retail, and tourism.
- Business leaders are taking steps to protect their wellbeing. 53% of business leaders set boundaries in their business lives to ensure they can switch off from work. 51% adopt flexible work practices and 32% use strong financial management processes.
Where to go for further support
We hope you find the BDO Business Wellbeing Index useful. It’s often said that small and medium-sized enterprises are the backbone of New Zealand’s economy. However, at BDO, we acknowledge that it’s the people like you running these businesses who are the real heart of the business sector - and only through supporting your business performance and wellbeing can we help you achieve your dreams and drive sustainable economic growth for Aotearoa.
Most importantly, it’s never too soon or too late to reach out for help. Please lean on your trusted team - whānau, friends, colleagues and professional advisers - for the support you need in managing your business and wellbeing. For wellbeing support, you’ll find details of useful contacts below.
View our previous reports
APRIL 2023 (WAVE 3)
NOVEMBER 2022 (WAVE 2)
JULY 2022 (WAVE1)