Small business in New Zealand will have access to an “unprecedented level of data” unveiled by Xero, in the form of Xero Signals.
According to the Kiwi cloud accounting firm, the initiative is based on aggregated data from almost 10,000 businesses across New Zealand and surveys of approximately 500 nationally representative small businesses and 1300 Xero customers.
Xero Managing Director, Anna Curzon, says this data can help small business owners understand how they’re faring, compared to a larger segment of the market.
“For too long big-data has been the domain of big businesses and today’s release democratises data for small businesses in New Zealand,” Curzon says.
“By drawing insights from aggregated data, small business owners can use Xero Signals to make clearer business decisions and plan for the future.
“It’s our responsibility to provide the technology tools to small businesses to help them thrive. These insights will enable New Zealand’s small businesses to assess their own business using comparative insight from thousands of other similar sized businesses.
“It’s also valuable for advisors, helping them see how their clients are navigating business challenges and opportunities.
“The data shows how much opportunity there is for small business owners to tighten their operations, become more efficient and grow.”
While there is a dearth of data available, Curzon says during the first rollout, findings report that seven out of ten small business owners do not want to grow their business - however, the majority (83 percent) want to improve efficiency.
Delving deeper, less than one in ten small businesses have an accountant and only one in three small businesses have a business plan with small business revenue declining compared to last year, despite “steady profits”.
In addition, Curzon says New Zealand’s small businesses should consider growing their online presence - 78 percent of New Zealanders aged 18 years make online purchases, but only 15 percent of small businesses have an online shop.
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