Entries open for Fast 50 awards

Business

Deloitte opens entries for Fast 50 awards to find New Zealand's fastest growing businesses; Open for firms with annual sales over NZ$300,000

12th Jun 12, 3:42pm by Andrew Patterson

Deloitte opens entries for Fast 50 awards to find New Zealand's fastest growing businesses; Open for firms with annual sales over NZ$300,000

Deloitte has opened entries for the 2012 Deloitte Fast 50, the index for New Zealand’s fastest growing businesses.

The index is in its 12th year and Deloitte is inviting businesses from throughout the country have been invited to benchmark their business growth over the past three years against each other.

National leader of the Fast 50 programme, Deloitte partner Stephen Nicholas, says the Fast 50 has been celebrating New Zealand’s business heroes for over a decade, showcasing entrepreneurial companies that innovate and grow.

“This year in particular, we are searching for those inspirational stories not only of growth, but courage, tenacity and entrepreneurial spirit across our nation,” Nicholas said.

“The Deloitte Fast 50 programme is still the leading barometer of the country’s most successful and the Fast 50 sets the standard for emerging businesses to aim for. It continues to be on the wish-list of a number of entrepreneurs setting up new businesses around the country because recognising their revenue growth is the best way to truly celebrate their success," he said.

Nicholas welcomed all businesses to enter the 2012 Deloitte Fast 50, by spending 10 to 15 minutes filling out the simple online entry form at www.fast50.co.nz.

“We’ve refined the entry process to make it even easier but the rewards from making the list still remain innumerable. Businesses will receive considerable local and national media attention, raising their profile among the wider business community but also, and perhaps more critically, from investors looking for destinations for capital. And not to be overlooked is the huge boost to staff morale from making the Deloitte Fast 50."

Here are the criteria:

You must have an operating revenue of at least NZ$300,000 in 2009/10 (FY10).
You must have a New Zealand registered business that has been operating for at least three years.
You must submit verified revenue information for FY10, FY11and FY12.
Your revenue must be related to core trading income, excluding related party transactions. Interest may be included if it is not greater than 10% of trading income, or is your core business.
All qualifying entries received are automatically entered into the Fast 50 benchmarking index.

Entrants are ranked by percentage revenue growth for the three-year period surveyed (FY10 to FY12) with the top 50 announced as the 2012 Deloitte Fast 50, at gala events around the nation on Wednesday 24 October.

The 50 businesses with the highest recorded revenue growth percentage will become our 2012 Deloitte Fast 50.

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5 Comments

by speckles | 12th Jun 12, 9:11pm 1339492299

Yeah Revenue growth rather than profit, really sums up the quality of NZ small business. They have to make it revenue to get the number of entries. In the Netherlands they have a award for profit per employee...more substance.

by Bernard Hickey | 13th Jun 12, 8:32am 1339533124

Speckles

Judging a company on profit per employee makes sense for mature businesses.

But this competition is all about finding the growth businesses. Google didn't make money for years. The same with Xero. Yet both are incredibly successful businesses.

Why are New Zealand investors and business people so conservative about this stuff?

We can't all be rental property investors or own mature monopolies. If that was the case the banks would be the companies with the highest profit per employee... and our economy wouldn't grow much.

http://www.interest.co.nz/news/59280/bnz-nz-bank-highest-annual-profit-employee-about-nz155284-followed-asb-anz-and-westpac

New Zealand needs growth businesses generating export revenue and great jobs. Early in their life cycle they are going to need investment.

Let's celebrate that and help it happen.

cheers'

Bernard

by Stephen Hulme | 13th Jun 12, 9:19am 1339535985

Interest

If you invest (or lend) you will be quoted an interest rate your investment will earn (or pay). This quoted rate will be expressed as a percent per year (or per annum, means the same thing). However, what you will be interested in will be the amount of cash you earn for the period you invest for, and this will be affected by whether you have your interest paid out regularly (usually monthly or quarterly), or if it stays in until maturity. Even more importantly, some institutions credit interest monthly, some quarterly or annually, and some do it at maturity. The more often interest is credited, the better your return. The combination of 1) when interest is paid out, and 2) how interest is credited, will have an impact on how much you receive. You may not be able to tell some of these things from the information in this web site, so when you have selected a short list of investments, you will need to check these things with the institutions themselves, or your Adviser. Institutions are under disclosure obligations to tell you this information.

If you borrow, you may be subject to additional costs other than interest. Such costs could include Loan Fees, Credit Insurance, Brokers Fees, Documentation Fees, and the like. You should also check the basis on which interest is charged. For example, is it compounded on a daily or monthly basis? Since the introduction of the Credit Contracts and Consumer Finance Act 2003 (see CCCFA), the finance rate is no longer required to be disclosed on the contract. Instead, the interest rate, how interest is calculated, and how often interest is charged, must be disclosed on the contract. If there is more than one interest rate - for example as with a contract showing an 'interest-free' period, the contract must disclose what interest rate applies for what period.

The effective interest rate is not what is posted on this web site - only your lender can give you this information when all the specific details of your loan are brought together. Also, check this very good backgrounder from the ASB here >>>"> may be included if it is not greater than 10% of trading income, or is your core business.

Usury is your core business? - it's the dominant growing business in New Zealand and it fails to generate exports and in fact quite the opposite - wasn't GE capital calling an end to the lending recession just the other day on these same pages. It sucks the life out of any young business.

by speckles | 13th Jun 12, 9:24am 1339536275

I have had clients that have placed well in this competition that still five years later have not made a cent..

Yes celebrate and at least Deloitte are doing something.... but there is too much emphasis on top line growth. These same clients celebrated too early and found this as reinforcement when actually it was misplaced.

My largest web site client here is making 6 million USD bottom line profit a month from here after three years...that is three years since being launched. The business model was making a profit from the third month like it should. That is smart business.... including subcontractors has less than 15 people involved. Actually every web site (successful) business model that has I have involvement with has made profit within the first 12 months.

Smart businesses attract smart money.

As someone who has worked with funders including venture capital funds, they want to see these ventures as mature within five years... given current innovation and competetion... with less staff the better. Lets get the expecations out there so people are aiming for the right targets and developing the right business models.

I agree... NZ does need businesses generating export revenue and great jobs although it starts with the right business model. This is particular more acute given our position in the world. If google had been set up here it is highly unlikely it would have been given the time line and funding as it has had in the US...

I'm not even going to comment on zero...:-)

by Stephen Hulme | 13th Jun 12, 9:35am 1339536900

Those that assiduously searched and analysed Facebook's 10 Q submissions found more anuual borrowing than income over the life of the company, if my understanding of the news is correct.