Xero Signals will be updated regularly online. Insights will be presented in tabular and graphical format with advice on how to use it, implications and learnings for small businesses.
The report will be 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.
“For too long big data has been the domain of big businesses,” says Anna Curzon, Xero managing director, in a statement.Read more: How ‘secure digitisers’ compete to win
The release of Xero Signals democratises data for SMBs in New Zealand, she states. “By drawing insights from aggregated data, small business owners can use Xero Signals to make clearer business decisions and plan for the future."
The data shows how much opportunity there is for small business owners to tighten their operations, become more efficient and grow
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“It’s our responsibility to provide the technology tools to small businesses to help them thrive,” says Curzon. “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.”
For instance, the data indicates New Zealand’s small businesses should consider growing their online presence: 78 per cent of New Zealanders aged 18 years make online purchases, but only 15 per cent of small businesses have an online shop.
Other key insights from the data are:
●Seven out of 10 small business owners do not want to grow their business. However, the majority (83 per cent) wants to improve efficiency.
●Less than one in 10 small businesses have an accountant and only one in three small businesses have a business plan.
●Small business revenue declined compared to last year but profits are steady.
●Businesses should consider lower stock holding levels, so they don’t tie up money on products they can’t move.
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Join the CIO New Zealand group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.