Digital Boost Alliance’s Post

Great insights from the latest Xero report. Scary to see how the productivity of SMEs is dropping in this environment but only shows again the real need to help SMEs take up digital tools to help them grow their businesses and their productivity.

This week, Xero released a new report on small business labour productivity. The report, ‘Small business productivity: Trends, implications and strategies’ is based on data from over 240,000 Xero small business customers and provides a clear read of how small businesses are faring across Australia, NZ and the UK. Here are three things I took away from the report: → Small businesses are keeping pace with their big business counterparts, with small business productivity growth equal to or higher than national level productivity growth. → The findings demonstrate how powerful digital adoption can be in boosting productivity. All businesses in the data set use digital technology to help run their business. → Small business labour productivity still remains below pre-pandemic levels, but there are ways to be more productive: better work tools, smarter methods, skilled workers, and entrepreneurship. You’ll find a link to the report in the comments, along with a guide for small businesses looking to uplift productivity.

Xero data reveals that small business labor productivity is matching national levels, but it remains below pre-pandemic averages. The report, Small business productivity: Trends, implications and strategies, is based on anonymised and aggregated data from more than 240,000 Xero small business customers and looks at the current state of small business labour productivity across Australia, New Zealand and the UK. https://lnkd.in/g7YEJp2y

UK small business productivity is equalising across regions, but this is largely due to declines in traditionally higher performing, according to a new report from global small business platform, Xero.   Xero data shows a productivity drop in London and the South East; and the gap narrowing, as typically poor performing regions improve.   What impact could this have on the UK economy?   https://bit.ly/4cmlWxM

UK small business productivity is equalising across regions, but this is largely due to declines in traditionally higher performing, according to a new report from global small business platform, Xero.   Xero data shows a productivity drop in London and the South East; and the gap narrowing, as typically poor performing regions improve.   What impact could this have on the UK economy?   https://bit.ly/4cmlWxM

Navigating Challenging Times: Insights from Xero's Small Business Report! Louise Southall of Xero shares vital data from the latest Xero Small Business Insights (XSBI) report, revealing a tough quarter for Canadian SMEs. Amidst rising payment delays—now averaging 29.4 days—and a slight decline in sales, the resilience of small businesses shines through as the downturn shows signs of stabilizing. Louise urges the importance of harnessing localized economic data to tailor strategies that enhance productivity and streamline operations. It’s a call to action for SMEs to seek expert advice and adapt in these fluctuating times. Read more at https://lnkd.in/gSwdxUZh #XeroInsights #SMEChallenges #BusinessResilience

With small businesses representing 97% of all firms in New Zealand, there’s no denying they play an integral role in our economy. This makes it crucial that all our small businesses are productive – not working long hours with little to show for it. We recently shared the first Xero Small Business Index (XSBI) labour productivity data, revealing New Zealand’s small business productivity remains below pre-pandemic levels. Xero Country Manager Bridget Snelling shared some great insights with Newstalk ZB Breakfast, painting a concerning picture of the productivity issue in New Zealand, while touching on how small business digitalisation is an important part of the solution. https://lnkd.in/g49xgSK2

Productivity is more important than ever... how is your business performing? For small businesses, the past 12 months has likely put even more pressure on business profits, and made it harder to raise wages for staff while keeping prices inline with customer expectations... Here are 4 tips to improve productivity in your business that can be read in more detail via Xero: https://lnkd.in/gmYHj8aV #ProductivityBoost #businessmanagement #businessleadership

Today’s Xero Small Business Insights release reveals the largest decline in Australian small business performance since the beginning of the pandemic, amid softening sales and wages growth.  The Xero Small Business Index averaged 115 points in the December quarter, down 10 points from the September quarter. A significant shift was seen in December when the Index fell 37 points to 89 points, its lowest level since September 2020 and the first time in a year the Index has dropped below 100. After faring reasonably well in 2023 despite challenging economic conditions, the data reveals a tough period for small businesses. In the face of ongoing headwinds in 2024, small businesses are needing to get creative when it comes to key issues such as finding new customers, staying productive, and addressing staff shortages. What’s critical is that small businesses leverage their support networks, particularly accountants and bookkeepers, during challenging periods to determine some of the actionable steps they can take. 

Sales is down with wages and jobs on the rise. Good news is that small business is still collecting well at 22.2 days! How does your small business compare to the index results?