With almost 40 percent of SME business operators in the hospitality and retail industry reporting a revenue growth increase in the past year the SME growth isn’t looking to slow down and is expected to grow substantially in the year ahead. Following several challenging years, MYOB New Zealand general manager James Scollay said the retail and hospitality sector has had a solid 12 months.

Competitive activity is the greatest concern for operators in the industry over the coming year with pressures on price margins and profitability. Attracting new customers is another key concern with owners feeling pressure from cash flow.