Xero launches new programme to boost small business financial literacy

By
Pravesh Kumar Mishra
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Xero

Xero, the NZ-founded global small business platform, today launched its social impact initiative ‘Xero for Good’ in Aotearoa New Zealand with a free programme called ‘Know Your Numbers’.

The programme is designed to improve the financial literacy of Kiwi small business owners, particularly for those who don’t have the resources and networks to access support.

The ‘Know Your Numbers’ programme aims to empower small businesses with tools and support to help with their long-term success, especially considering the tough economic conditions many small businesses in Aotearoa New Zealand have faced over the past few years.

The programme has been designed in collaboration with Kiwi small business owners to fit in with their busy lives, and comprises two initiatives:
  1. The Know Your Numbers content hub: The expanding library of educational content democratises financial literacy and is designed to fit around business owners’ busy schedules. It has a focus on bite-sized, digestible videos and quick guides that can be viewed in less than five minutes via mobile. The library of content will grow over the coming months to address the needs of small business owners.
  2. Xero For Good Ambassador Programme: Offering free mentoring to small businesses from Xero accountants and bookkeepers to help apply their new knowledge and supercharge their businesses.
Xero Aotearoa New Zealand Country Manager Bridget Snelling says the programme will support small businesses on their financial literacy journey, giving them the tools to understand their finances, regardless of where they started or what challenges they’ve faced along the way.

“We know small business owners are driven by a strong desire to build something extraordinary, but financial management often becomes their biggest roadblock,” says Snelling.

“Aotearoa New Zealand is a country built on small business success stories, and this new social impact programme is another way for Xero to be an enabler so that more businesses can be writing their future success stories.”

Research conducted by the the New Zealand Government [1] identified many small business owners feel uncertain or underprepared when it comes to managing their finances, with just one-third of self-employed and small business owners answering all financial literacy questions in the survey correctly.
This is costing Kiwi small businesses dearly. Just 45 percent of businesses survive their first five years, according to Stats NZ data from 2018 – 2023.
“We know financial literacy can be a position of privilege and we want to level the playing field so that owning a small business is fair game to all. So the Know Your Numbers programme is open to all small business owners, regardless of whether they use Xero or not,” says Snelling.
“Through this new programme, even taking five minutes a week to watch a video or listen to a quick podcast could set Kiwi small business owners on the path to productivity and profitability.
“Tools like this are invaluable after the rough few years our small business community has had, and we’re excited to launch the programme and help support future growth.”
Xero CEO Sukhinder Singh Cassidy says Know Your Numbers is another step to deliver on Xero’s purpose to make life better for people in small business, their advisors and communities around the world.

“Having a good level of financial literacy is crucial for a small business to succeed in the long-term. But all too often, small business owners lack confidence in their financial skills and do not have enough time to upskill,” says Cassidy.

“As a New Zealand-founded company, we’re passionate about supporting our home market and contributing to the success of Kiwi small businesses. We are honoured to give back to the community that helped build Xero.
Additionally, the Xero For Good Ambassador Programme provides small business owners with free access to accounting and bookkeeping mentors to help them put their learnings into action.
The Ambassador Programme helps connect small business owners to free mentorship to gain valuable insights to help steer their business towards even more growth.

 

Manoli Aerakis, director and CEO of Go Accounting, member of the New Zealand Xero Partner Advisory Council, and a Xero For Good Ambassador, said: “Understanding your numbers is about more than just compliance. As an ambassador, my goal is to make financial literacy more accessible for more small businesses, helping them turn insights into action and build long-term success.”

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