BDO’s Annual Māori Business Report has been completed for 2020, and the results give valuable insight into how the sector has been affected by and is responding to the COVID-19 crisis.
The report is holistically structured, aiming to avoid focussing solely on the state of Iwi entities in the post-settlement era, by also examining Hapū based entities and individuals in business. The annual report has been completed once before, as BDO released the first Māori Business Report last year in 2019.
Comparisons between the findings of the two reports have been heavily influenced by the pandemic. There are some correlations between reports, including strengths, key opportunities, and challenges, but until next years report at least, the pandemic must be factored into all comparisons.
This has proven to be valuable, as the report displays areas in which Māori Businesses lead—such as sustainability and community engagement—and how this has affected their approach to the current crisis.
In keeping with the findings of the 2019 report, the data shows that Māori businesses emphasise the importance of culture, society and the environment. It’s important to note that while these aims take top priority, profit is still a key consideration. This means that, moving forward, many Māori businesses and organisations will need to carefully weigh long-term plans and short-term financial targets.
Short-term cashflow is always relatively important, but it has become a heightened need during the ongoing COVID-19 response. This is vital to consider, as funding and access to capital have always been challenges for Māori Business.
To find out more about the report, visit the BDO website by following the link here: https://www.bdo.nz/en-nz/industries/maori-business/maori-business-survey