Xero Digital Boost Astrolabe

We know New Zealand's small businesses are vital to the economy, constituting 97% of all firms and contributing over 25% of our nation’s GDP. 

Despite their significance, SMEs face challenges - particularly in productivity. At Xero, we know supporting small business digitalisation can boost productivity and unlock cashflow for our local economy.

To help support the small business economy, we recently developed a report in collaboration with Astrolabe to outline and highlight how the Government can make a difference for our small business economy in this challenging time. 

For example, more investment in digital and technological support will prove invaluable to removing barriers for small businesses to tap into their potential. 

We can take a leaf out of the playbook of countries like Singapore and their Go Digital scheme to give our Government a steer on how a holistic digital approach can improve economic outcomes for Aotearoa.

Further development of digital training and workforce upskilling is crucial to the growth of Aotearoa’s small business economy. This can be achieved by ongoing support for programs like Digital Boost and mentoring schemes. 

Additionally, enhancing access to finance through measures like open banking legislation and a Small Business Growth Fund could fuel expansion and innovation, while streamlining compliance processes for small businesses is imperative to alleviate administrative burdens. 

With small businesses pivotal to local communities and innovation, it's paramount for the new Government to recognise and act on the clear opportunities we have to enhance productivity by supporting these enterprises.