Have you ever wondered how you perform against other small businesses?
If so, Xero has released a new feature, which will be of interest to you if you’re based in the UK. It’s called: Small Business Insights.
This new feature gives some helpful answers to that question: as well as some business benchmarks.
What Is The Xero Small Business Insights Page?
The Xero Small Business Insights page is the company’s own observations of their 250,000+ UK subscriber database – and it presents data on how these businesses are performing.
This webpage is updated on a monthly basis – and is made up of anonymised, aggregated data from a sample of their small business subscribers based in the UK.
This means it’s far more broad and in-depth than most studies, as it’s made up of data from hundreds and thousands of subscribers.
Why Has Xero Created A Small Business Insights Page?
Their reason for creating this page, besides giving you a sneaky insight into how you’re performing against the average UK small business, is to help the small business economy in the UK.
Xero’s aim is to show how the UK’s small business sector is performing – so that policymakers and large enterprises can use the analysis to make decisions that will benefit the small business economy.
It will show the trends of 5 different areas of business, including cash-flow and also business hiring rates. This will reveal where the average business is struggling and succeeding – and how they should be best supported.
Below is a short synopsis of each of these 5 areas of focus.
Xero’s 5 Areas Of Focus
Cash Flow: The percentage of UK Small Businesses have a positive cash flow.
Getting Paid: The average number of days for a small businesses 30-day invoice to be paid.
Hiring People: The percentage change in the amount of staff small businesses hire from month to month.
Trading Overseas: The percentage change in the value of import vs export for small businesses (Sterling).
Cloud Adoption: The amount Xero has grown in UK Subscribers over a 1 year period.
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