Kiwi businesses have found product innovation contributing to increased profitability far more than cost-cutting measures.

And in following this course, New Zealand firms are up in the top end of the world league as measured by the Grant Thornton International Business report survey.

Among 27% of New Zealand businesses surveyed, product innovation was rated highest as the most successful initiative to increase business profitability – comfortably above the global average of 20% on this score.

Cost-cutting rated highest among only 9% of companies in New Zealand, well below the global average of 18% who had this as their highest profitability source among the 7,200 privately-held businesses surveyed internationally by accountancy and business advisers Grant Thornton

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