FREQUENTLY ASKED QUESTIONS
How well does this data represent small business conditions?
We believe the statistics reflects what many, but not all, small businesses experience. There are roughly 5.7 million small businesses across the UK, based on figures from the Federation of Small Business. We’re in a unique position with over 250,000 British small business subscribers on Xero. We hope their experiences will help inform larger questions such as how long it takes for small businesses to get paid or how and when a business hires.
How is this different to insight already out there on small businesses?
Xero Small Business Insights gives extremely valuable insights into the experience of some of the UK’s fastest and most dynamic businesses, the small businesses and innovators on whom our future depends. Xero Small Business Insights is meant to complement other statistics, not replace them. For example, our analysis differs from ONS data in both frequency and focus. We focus solely on small businesses every month, while the ONS examines small businesses chiefly in a yearly count of entries and exits.
What is the goal of Xero’s Small Business Insights?
Our goal is to empower small businesses. They employ three-fifths of the British workforce (60%) and generate half of the UK’s turnover (51%). We hope that Xero insights will help policymakers and large enterprises make more informed decisions that help both small businesses and the broader economy.
How is your data collected?
We have rigorous controls in place to ensure our customers’ data is anonymised and aggregated before we analyse it for Xero Small Business Insights. Our customers entrust us with sensitive data, and we take that duty seriously. Their privacy is our foremost concern.