The power of data for small businesses
Some small businesses and advisors have been quick to use data to their advantage, but many don’t have the time or resources. Find out more about responsible data use for your business.
Data can transform the way your business operates. However we know that many small businesses just don’t have the time, resources or network to understand all the pieces of the puzzle when it comes to data use. This includes consent for data sharing, data protection and privacy as well as the important notion of responsible data use.
At Xero, we believe that education is the key to helping small businesses understand the possibilities surrounding data use, from how to retain control of data, to taking advantage of responsible data use to deliver value to your business.
Helping you harness the power of data
We want to educate and inform small businesses about the benefits of responsible data use.
These pages are dedicated to sharing content, resources and best practices to enhance small business owners and their advisors’ knowledge on the challenges and benefits of responsible data use.
You’ll find everything from how to retain control of data, to how responsible data use can deliver benefits and help you run your business better, reduce manual toil, grow and thrive.
To help us share relevant content and keep it helpful and practical, we’ve formed a global advisory council of subject-matter experts and thought leaders from within Xero, and externally from our community and the industry.
We know we don’t know everything about this ever changing subject so our advisory council will help us bring the most up-to-date topics, insights and best practice information in the area of small business and responsible data use.
Xero Responsible Data Use Advisory Council
Just under two metres tall stands the owner of Tall Books. Sam is passionate about small business and enjoys the role he plays in assisting business owners to succeed. Sam is a member of the Institute of Certified Bookkeepers & the Institute of Public Accountants. When he’s not working Sam enjoys playing the piano, gaming, and learning new languages.
A self-described ‘geek who moved into management’, Aaron Wittman is passionate about making life easier using technology. With a Bachelor of Information Science and extensive experience working in Australia, the UK, the US and India, this passion has enabled him to build and patent software running in the top 10% of the largest financial institutions in the world.
Eli worked as an accountant and auditor before starting WE Accounting with his wife Wyndi in 2011. From the early days of just doing basic accounting for companies, they now also coach small businesses, provide virtual CFO services, sit on multiple governance boards, roll out financial literacy packages to communities in need and do everything they can towards their higher purpose – to improve the statistics of Māori and Pacifica people.
Wyndi is the CEO and co-founder of WE Accounting – with her husband Eli. Proudly Āti-Hau-Nui-A-Pāpārangi and European, everything Wyndi does is to further her mission, to improve the statistics for Māori & Pacifica people. Wyndi’s happiest place is helping people run purpose-driven businesses that positively impact communities. She truly believes every business owner can be who they want, do what they love, be present for their family and still thrive financially.
Maribel is the founder of Lopez Research, a market research and strategy consulting firm. She’s also the founder of the non-profit, Data for Betterment. Maribel is the author of the John Wiley and Sons book “Right-time Experiences” and a contributor to Forbes. Prior to founding Lopez Research, Maribel gained her expertise by working at Motorola, International Data Corp., Shiva Corporation and Forrester Research.
Laura Jackson is the co-founder of Popcorn Shed, an award-winning gourmet popcorn brand established in 2016 in the UK. Now exported to 20+ countries, the business began as a kitchen table start-up. Before the draw of being a true entrepreneur and starting something from scratch, Laura had a career as a management consultant for a large worldwide consultancy firm consulting for a number of FTSE 100 companies and her own successful consultancy company.
Dr Kendra Vant is EGM of data at Xero where she heads a global team building data-driven products that harness AI and machine learning to solve complex problems for business and industry. With a career spanning four countries and eight industries, Kendra has worked in bespoke systems development, in generating business insights from data, and is now focussed on applying machine learning to create personalised experiences in an increasingly connected world.
What the research says
In April 2021, we surveyed over 2,600 small businesses across seven countries to discover what small business owners know about responsible data use, data sharing, privacy, and security.
The research found that less than a quarter of small business owners say they ‘understand completely’ how their tech providers use their company’s data. And well over a third said their own customers likely do not ‘fully understand’ how their business is collecting and using data from them.
Small business owners say the main advantage of sharing data with partners is ‘improved technology for my use/development of new products’. However, nearly a third globally see no advantages – and in the US and UK, almost half of owners say they see no benefit.
The majority of small business owners across all regions surveyed don’t know the basics regarding key aspects of data use and protection, including privacy protection, purpose of data collection, data storage, third parties’ access, terms and conditions of use, and how their data is used.
Data being sold/shared without permission is the #1 issue small business owners are “extremely concerned” about. And on average, two-thirds of respondents feel that their tech providers do everything they can to keep their businesses’ data secure.
Responsible data use survey: our findings
When we asked over 2,600 small business owners about their thoughts on key aspects of responsible data use and protection, it was clear there’s a significant knowledge gap on this important topic. Find out more about why we surveyed small business owners on this topic.Learn more
Why is responsible data use important?
Data creates new business opportunities and provides lots of benefits to you and your customers. But using it responsibly is more important than ever. Find out what responsible data use is and how it's beneficial for your business.Learn more
Five steps to create a responsible data use policy
Xero Responsible Data Use Advisory Council Member Maribel Lopez defines what responsible data use means and how to create a framework for your business.
All articles and podcasts about responsible data use
Demystifying resonsible data use. September 2021
Data: a superpower accountants and bookkeepers should explore.
With more data comes great responsibility and a need for education.
Cloud stories podcast - Heather Smith small business. November 2021