Small business

REMOVING THE BARRIERS TO UPSKILLING

Digital enablement is a key part of the puzzle when it comes to lifting New Zealand’s productivity. Research from Xero last year found the majority of small businesses in New Zealand want to increase productivity but feel that the cost of technology, the time it takes to implement and a lack of information about what to do is preventing them.

I’m stoked to see the Government’s Digital Boost initiative come to life to address these barriers to using cloud technology. The Digital Boost Skills Training and Support site includes hundreds of webinars, videos, learning modules, articles and resources to help small businesses learn more about using technology in their business. The initiative also provides a platform for small businesses themselves to share their experiences and share advice for others. 

The programme is free for any Kiwi small business, including their team members, no matter the size. All resources and courses are online to make it easy to learn where and when it suits you. There aren’t any big assessments at the end of modules, it’s purely designed to give business owners the freedom to discover the skills and resources that are going to be most useful to their business and their team. 

LIFTING THE NEW ZEALAND ECONOMY

If more small businesses around the country start using digital technology, the benefits don’t just stop with them. It has the potential to boost their local community, and ultimately benefit the entire economy. 

Research commissioned by Xero and conducted by the New Zealand Institute of Economic Research (NZIER) found that a 20% uptake in cloud-based technology would add up to $6.2 billion in annual GDP growth for New Zealand’s economy. That’s a lot of extra money that could be circulating round our economy. Lifting our country’s productivity could also give people more freedom and flexibility in their lives, having a positive impact on wellbeing.

HOW XERO IS SUPPORTING THE DIGITAL BOOST PROGRAMME

The Government’s Digital Boost programme is providing Kiwi small businesses with the means to upskill themselves and ultimately, improve their business in the long-term. Xero is getting behind the initiative with live webinars that offer useful tips and tricks for managing your business with Xero. You’ll also find a range of video content from Xero on the Digital Boost hub to help with all aspects of online accounting.

Starting with the fundamentals like bank reconciliation, invoicing and bill automation, to tips on how to stay on top of cash flow, stay cyber safe, and how to grow your online business. Xero wants to put the power back in small businesses hands, to educate them on the powerful online tools and features that will help save time and get paid faster. Helping them become more agile, and to grow and thrive.

I saw first-hand that the lockdown motivated quick thinking, fast innovation and made many Kiwis small businesses realise how rapidly they could change when they need to. But don’t take my word for it – have a look at the Digital Boost Spotlight series profiling businesses who have transformed digitally. Now I’d like to see what more we can do by harnessing this pace of change going forward. 

The benefits don’t stop at the individual level. Building a culture of wellbeing in the workplace creates more resilient, productive and happy employees. It means as a team they can better cope with setbacks, take advantage of opportunities, and contribute more to the business.

I’ve always believed that business success and wellbeing are linked. Positive staff wellbeing creates a solid foundation to drive better business outcomes. To quantify just how much of an impact wellbeing has on a business, we’ve launched new research that shows investing in wellbeing is not just good for your people, it’s good for your bottom line. 

A return on investment for wellbeing

New research commissioned by Xero and conducted by the New Zealand Institute of Economic Research (NZIER) shows investing in employee wellbeing can actually make a business more profitable. The research reveals for every dollar a small business owner invests in company-wide wellbeing initiatives for their staff, they can expect to see a return of up to 12x within a year.

This return on investment was measured through productivity improvements across two key areas:

1. Team wellbeing: Creating a wellbeing culture that supports the physical and mental health of your team. For example, wellbeing education programmes, fostering an environment that openly supports mental health, and organising activities designed to improve staff wellbeing. This approach has an ROI of 5:1, and up to 12:1.
2. Employee Assistance Programmes (EAP): Offering reactive support with professional counselling to help individuals with their mental wellbeing. This approach has an ROI of 3.6:1, and up to 5:1.

Much of this return on investment comes from avoiding the negative impacts of having employees with poor wellbeing. By creating a culture of wellbeing, we can de-stigmatise and address employee mental health issues before it starts to impact productivity.

According to the NZIER, poor wellbeing negatively affects a person’s decision-making and productivity for an average of 13 weeks a year. That’s three months of the year where that person’s ability to do the job is impacted. 

We spend more time at work than anywhere else, which is why we must make it a place where people feel valued and supported. If we can support our people so that they feel better when they leave at the end of each day they come to work, think of the impact that has on their wellbeing. They become more connected to the business, more productive and motivated to do more. 

Take your business to the next level

Last year, NZIER concluded that a 20% increase in the uptake of cloud technology could add up to $6.2 billion to New Zealand’s annual GDP. We now know the financial benefits of investing in technology, and now we have the numbers to show the same for investing in wellbeing. 

Small business owners can’t afford to not invest in wellbeing. 

We’ve put together a guide for small businesses to find out how to get started with wellbeing in their workplace. It also includes industry-specific apps that can help your business become more efficient and more profitable. 

Nearly half of all small business owners work six or seven days to keep their business running. What’s more, 88% of them miss out on family time because they’re distracted by the business. Don’t leave money on the table, or spend your weekends working. Read the guide to take your business to the next level.