Mentoring for NZ start-up businesses

Start-up business owners will receive free mentoring and advice from some of New Zealand’s brightest business leaders, thanks to a new partnership between BNZ and Business Mentors New Zealand.

The initiative aims to prime Kiwi start-ups for growth, and offers a specially designed package with the tools they need for the critical make-or-break years.

BNZ Director, Retail, Andy Symons says this newest offering caters to the specialist needs of New Zealand start-ups.

“Small businesses are the backbone of the New Zealand business landscape, with 90% of all New Zealand enterprises having five or fewer employees. That’s why they need all the help they can get in their formative years, to help drive the country’s financial future prosperity.”

Along with free access to a business mentor for up to two years, BNZ’s new offer for start-ups includes

•       a 24 month fee waiver on MyMoney for Business

•       Global Plus Business card at 2.99% for 12 months on balance transfers and purchases,

•       free use of Xero for three months

•       a Telco package from Telstra which caters to small businesses needs at $75 a month,

•       new business plan diagnostic tools for starting and growing a business.

International studies of business mentoring programmes found a number of benefits for small and medium sized enterprises directly attributable to the scheme, including increased sales turnover of 3.3 per cent, increased after-tax profits of 17.9 per cent and increased employment of 6.1 per cent.

Business Mentors New Zealand CEO Ray Schofield says, “We now have 1,800 independent volunteer business mentors who provide their skill, knowledge and experience for the benefit of SME clients. They are dedicated to supporting the implementation of knowledge and solutions that meet their particular client’s circumstances. They remain independent and objective, focus on growth opportunities and export, build their clients’ business capabilities, help generate wealth and employment as well as support businesses in crisis and recovery.”

Mr Symons says this new offer adds to the already strong proposition for small business that saw BNZ awarded Canstar Cannex best small business bank in 2011.

Last year the bank extended its TotalMoney product to businesses, which has saved New Zealanders more than $110million since its launch five years ago. It provides complimentary access to the small business Edge centre located in the Auckland CBD, and has seven-days-a-week access to specialist small business bankers, who are also available via video conference.  

Business Mentors NZ gains on average 250 new clients every month, with another 1,500 clients continuing to work with a mentor each year, having assisted over 60,000 businesses since 1991.

A small business is classified as usually having fewer than five employees, and less than $1million turnover per annum. More than 3,700 start ups are launched in New Zealand each month.