More NZ SMBs now in the half million club

One in four (28%) New Zealand small businesses are now turning over more than half a million dollars annually, up almost 14% on 2011.

"We know that scale plays a big role – that the bigger the business the higher the chances of success are and the smallest shift in the environment can have a marked effect on smaller operations.

"By being alert and aware of the challenges and constraints small businesses face we can work to manage and help mitigate these together."

According to Xero's own analysis, Crone says these “smaller” businesses under the $30,000 threshold look just like every other business – just with a smaller annual turnover.

“What’s really encouraging is that Kiwis are out there giving it a go with 13% of small businesses generating a turnover of less than $20,000," she adds.

"In time, some of these small operations will be reaching half a million plus in turnover and becoming great New Zealand success stories in their own right.

“We’re seeing the smaller businesses taking advantage of technology too, despite the size of their business, and using tools like Xero to manage their finances."

Backing up Crone's claims, independent global research shows that 61% of Xero customers have experienced revenue growth in the past 12 months, compared to just 33% of the total small business market.

Furthermore, according to the 2014 World Bank Doing Business Report, New Zealand is ranked first in the world for starting a business and investor protection.

"So there really is no better time to think about starting your own business,” Crone adds.

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