Opportunity knocks after the lockdowns
Covid-19 tugged, yanked, pushed, pulled and tested Bay businesses’ ability to survive. Since the March 2020 lockdown, it has been survival of the fittest. Zoe Hunter speaks to the businesses that have not only survived the crisis but thrived.
Te Arawa Fisheries is thriving amid the pandemic and is now eyeing up a business venture that could create up to 1000 jobs. The Ma¯ori-led organisation posted a $1 million increase in total revenue post-lockdown and is developing new business opportunities to establish itself as an important player in the fisheries sector.
The 2020 Te Arawa Fisheries Annual Report, shared with members this month, highlighted the organisation’s business strategy and positive financial position.
While Covid-19 had an impact on Te Arawa Fisheries’ retail operation, the organisation was able to retain all its frontline staff and still delivered a net surplus of $591,000, nearly 30 per cent up on the previous year.
Te Arawa Fisheries achieved total revenue of $4.5m in 2020, up more than 20 per cent on 2019.
Chief executive Chris Karamea Insley said a lot of hard work went into achieving a positive result despite the lockdowns.
“We needed to do things differently . . . We have to change in order to survive and sustain our operation and our assets.”
Insley said they moved from a passive strategy to a more active and assertive one.
“That was a massive call to make: becoming active means you’ve got to take charge of everything you’re doing.”
That mahi is aligned with the organisation’s new business strategy — Ka pu te ruha ka hao te rangatahi (The old net is cast aside and the new net goes fishing).
“In practical terms, this means identifying and developing new markets and products to move up the value chain and mitigate our operation from increasing risks.
“It’s also about working smarter, using the technology and expertise that we have at our fingertips to enhance our operations, while at the same time ensuring we are steadily decreasing our carbon emissions.”
Insley said partnering with the “smart people”, including scientists, researchers, technologists at universities and Crown research institutes, had been instrumental in its more active strategy.
“We are now partnered with about a dozen leading institutes across New Zealand.”
The organisation partnered with the University of Otago’s food and
Welcome to this week’s edition of Money.
Unfortunately the hangover from Covid is still with us but it is wonderful to see some businesses who have not only survived but gone on to achieve even greater success.
Te Arawa Fisheries is a prime example of that can do, won’t give up attitude.
They are eyeing a business venture that could create up to 1000 jobs and have entered into a new joint-venture with Future Cuisine to produce smoked and flavoured mussels at Mount Maunganui.
In my view these achievements deserve high praise and it’s pleasing to know they are not alone as businesses across the region look to optimise opportunities.
On the flipside the Bay is also becoming home to more tertiary students as they look to gain qualifications and set career pathways.
Jimi Hunt graduated with a Bachelor of Management Studies earlier this month — and it only took him 20 years to get there.
I myself retrained in journalism as a mature student and I’m a firm believer in education at any age. It changed my life.
Meanwhile, Mark Lister talks us through inflation and how it can affect many parts of your life.
Have a great weekend.
— Carmen Hall