Xero, the NZ-founded global small business platform, has launched its Xero for Good initiative in New Zealand with the free Know Your Numbers programme.

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

It will also empower small businesses with tools to help with their long-term success, especially considering the tough economic conditions many small businesses in 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.

It comprises two initiatives: The Know Your Numbers content hub and the Xero For Good Ambassador Programme.

Know Your Numbers

The Know Your Numbers content hub expands its library of educational content and helps democratise financial literacy.

It also fits around business owners’ busy schedules, offering bite-sized, digestible videos and quick guides that they can view on mobile in under five minutes.

The library of content will grow over the coming months to address the needs of small business owners.

Xero For Good

The Xero For Good Ambassador Programme offers free mentoring to small businesses from Xero accountants and bookkeepers to help apply their new knowledge and supercharge their businesses.

Xero New Zealand country manager Bridget Snelling says the programme will support small businesses on their financial literacy journey.

It aims to give 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.

New Zealand is a country built on small business success stories. This new social impact programme is another way for Xero to support that legacy – helping more businesses write their own future success stories, Snelling adds.

Financial literacy is key to growth

Research by the New Zealand Government found that many small business owners feel uncertain or underprepared when managing their finances.

In the survey, only one-third of self-employed and small business owners answered all the financial literacy questions correctly. This is costing Kiwi small businesses dearly.

Acording to Stats NZ data from 2018 – 2023, only 45% of businesses survive their first five years.

“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,” says Snelling.

“So the Know Your Numbers programme is open to all small business owners, regardless of whether they use Xero or not.

“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,” Snelling explains.

“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.”

Supporting the home market

Xero CEO Sukhinder Singh Cassidy, pictured at the top of the story, says Know Your Numbers is another step to deliver on Xero’s purpose.

Its goal is 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 gives small business owners free access to accounting and bookkeeping mentors to help them apply what they’ve learned, Cassidy adds.

The Ambassador Programme will connect small business owners with free mentorship, offering valuable insights to help guide their business toward even greater growth.

Manoli Aerakis, CEO of Go Accounting, New Zealand Xero Partner Advisory Council member and Xero For Good Ambassador says: “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.”