We are delighted to share with you our April 2023 report featuring the latest findings of the BDO Wellbeing & Business Performance Index – BDO Te Rangahau o ngā hauora pai. This is our third biannual report – a unique study exploring the relationship between business performance and mental wellbeing among over 500 New Zealand business leaders and owners. View our latest report insights and business tips below.
To start the conversation, news reporter Wilhelmina Shrimpton interviewed Kimberley Symon, BDO Advisory Partner, to discuss key challenges and what business leaders can do to alleviate them.
Unfortunately, wellbeing among New Zealand business leaders has declined since our first measure in May 2022, decreasing from 69 to 62 in March 2023. During this same period, the impact of business financial pressures has steadily increased. Business financial pressures are now the most commonly cited cause of negative wellbeing in our April 2023 results, overtaking COVID-19 for the first time. Meanwhile, business leaders now cite external economic pressures as the second most significant cause of negative wellbeing – a reflection of the ever-increasing economic challenges businesses are facing both here in Aotearoa and globally.
With economic and market conditions worsening for many, it’s important that business leaders focus on what they can control as a way to manage wellbeing. Strong financial management is an essential tool for business leaders to move through these tough times, and you will see a range of specific tips on this in the report – as well as broader advice covering the other key concerns for business leaders, such as supply chain planning, risk management and sustainability.
As a special feature of this edition, the April report includes the BDO Business Resilience Guide, sharing strategies and considerations for business leaders in preparing for the impacts of escalating economic challenges and potential recession. You'll find the guide at the end of the report here.