Cloud accounting company Xero today unveiled Xero Small Business Insights, providing a comprehensive picture of the conditions and economic health of small businesses in New Zealand.
Updated monthly, the data covers five major pillars - cash flow, getting paid, hiring people, trading overseas and cloud adoption.
It is based on anonymised and aggregated data drawn from more than 300,000 New Zealand subscribers using Xero.
Xero Small Business Insights serves to deepen the understanding of New Zealand’s small business economy.
The metrics rely on all Xero subscribers that meet the criteria for each pillar, making it more comprehensive than many private surveys, which are often drawn from a far smaller sample size.
The data is also updated more frequently than most small business data pools.
The findings were launched by the Minister for Small Business Stuart Nash, Xero country manager craig Hudson, and economist Cameron Bagrie at an event in Wellington this morning.
The Minister highlighted the importance of tracking the health of small businesses, especially when it comes to cash flow and payment trends.
He previously noted that “timely payments are essential for good cash flow, and for small businesses, cash flow is commonly a number one concern.”
Hudson says, “Small businesses play a crucial part in driving the Kiwi economy, so understanding what makes them tick is essential.
“That’s what is so special about the size and nature of our data sample - Xero Small Business Insights builds a comprehensive picture of the economic health of small businesses in New Zealand, to a level of detail not previously seen before.
“It’s our hope that with this data in hand, policymakers, large enterprises and even small businesses themselves will be able to make better-informed decisions that ultimately benefit both the small business economy, as well as the wider New Zealand economy,” Hudson says.
Bagrie says, “Xero Small Business Insights represents a big step forward in the availability and potential use of information to add value and provide intelligent customer insights on small business trends.
Xero Small Business Insights can be found on the Xero website.
Key metrics unveiled at the launch of New Zealand Xero Small Business Insights include: