Xero, the small business platform, today released research revealing some of the most common learnings shared by Australian small business owners. The findings highlight that hiring the wrong or inexperienced staff and working for free or at low cost are considered the most costly business mistakes, impacting more than one in five (22%) small business owners.

The ‘Do Better Business’ research, which surveyed more than 1,000 Australian small business owners and leaders, not only sheds light on the challenges faced, but offers invaluable insights for businesses embarking on a new financial year, and provides helpful learnings for aspiring entrepreneurs.

“Small businesses make up more than 97 percent of all businesses in Australia and form an integral part of our communities. We know running a small business can be incredibly rewarding, enabling Australians to pursue their passions or achieve greater flexibility. But, as our research has highlighted, it also comes with its unique set of challenges, which have only been exacerbated by a turbulent economic climate,” said Will Buckley, Xero Australia Country Manager.

“As the new financial year commences, it’s a timely opportunity for business owners to reflect on the year that was and embrace key learnings that will pave the way for future success.”

Taking risks and learning from setbacks

Owning a small business is a constant learning process, with the majority (83%) of those surveyed admitting to making costly mistakes over the course of running their business. In addition to hiring challenges and working for free, working with the wrong partners, suppliers and investors (18%) and working with family and friends (12%) were other blunders. Additionally, nearly one fifth (19%) reported spending every dollar of their personal savings in the early years of running their business.

Among the biggest learnings was a need to implement strong financial management practices, with nearly three quarters (73%) of those surveyed rating this in the top three priorities they believed small businesses starting up should focus on. This was followed by building a strong network of industry contacts (63%), working with an accountant or bookkeeper (46%), and asking for help when struggling (46%).

Greater flexibility driving business ownership

There are many reasons driving Australians to business ownership, but the survey revealed a desire to be their own boss as the number one reason for 64 percent. This was followed by seeking greater flexibility (61%), and wanting to pursue a passion or dream (41%). Nearly three quarters (71%) of small business owners, however, admit to delaying starting their own business, with financial concerns being the number one reason holding them back (35%), followed by a fear of failure (21%). Despite this, 65 percent of business owners surveyed by Xero say there’s never a perfect time to start a business, but they wish they’d done it sooner.

Small business ownership is also not without its sacrifices, with one in five (20%) small business owners from the survey reporting they missed a significant life moment like the birth of their child, a wedding or birthday in the early years of running their business. The majority of those surveyed (86%) also wish they could prioritise their personal boundaries more while running their business, especially around their physical and mental health (43%) and spending time with their family, friends or partner (40%).

“Fostering an environment where Australians feel confident to pursue business ownership and are supported throughout their entrepreneurial journey is essential to ensuring a prosperous small business community and a resilient economy. We hope that by understanding some of the challenges facing small businesses, together with industry and governments, we can provide the right tools and technology to ensure businesses have the best possible chance to thrive this financial year and into the future,” said Buckley.

The generational divide and young small business owners holding back

The survey revealed it’s tougher for younger Australians to get into business ownership, with Gen Z reporting they were more likely to face negativity and discouragement from friends, family and associates about starting their own business venture (77%) compared to Baby Boomers (60%).

The fear of failure was also more common amongst young business owners and entrepreneurs with 29 percent of Millennials saying they delayed starting their business because they didn’t want to fail, compared to just 12 percent of Baby Boomers. Despite this, the flexibility of being a business owner was a central reason for 68 percent of Gen X business owners, with 60 percent saying they are now achieving this goal.

Paperform, the world’s most powerful online form builder based in Australia, today announces the launch of its e-signature product Papersign — helping businesses further streamline digital signatures while saving time and money on software.

Amid the economic downturn, which has forced businesses to reevaluate spending and streamline processes, Papersign enables businesses to save on their software budgets, while automating the process of spinning up and collecting signatures on company-branded documents.

Industry incumbents like DocuSign already claim to help businesses reduce the time they spend collecting signatures by up to 50%, while speeding up contract turnaround time by 85%. Papersign promises even better savings through its tight integration with Paperform’s online form-building software, helping businesses to draft, create and sign documents all via a single platform.

Diony McPherson, co-founder and COO of Paperform said: “At Paperform, we’re always looking for ways to free up time for business people, so they can focus on what matters. Companies like DocuSign have done a great job of digitising what used to be a slow manual process, but we wanted to take e-signatures one step further and change the way people think about e-signature software.

“Papersign is to digital signatures what Canva is to graphic design. We’ve built in features that will surprise and delight users, even on the free plan. It will make you think twice about how businesses can use software to change their entire operating model. And by integrating the e-signature process with our form builder, businesses can look to save even more time.”

Paperform’s latest move with Papersign, seeks to capitalise on Asia Pacific’s speedy uptake of digital signatures. According to Deloitte, the e-signature market will grow by over $14 billion USD by 2026 (up from $4 billion USD today) — with Asia Pacific and Europe expected to be the fastest-growing regions globally by 2026.

Dean McPherson, co-founder and CTO of Paperform adds, “As a product-led business, we had the idea to integrate digital signatures on Paperform when many of our customers needed to spend additional time and cost to have their forms signed. Papersign solves these challenges in one fell swoop, making it as seamless as possible for them to get their documents signed.”

Paperform was founded in 2016 by Diony and Dean, a husband-and-wife duo, with a vision to facilitate a world where business leaders spend less time on work and more time on the things that matter in life. Having seen first hand the detrimental impact startup’s hustle culture has had on its people and business, Diony and Dean decided to take on a sustainable growth approach to bootstrap Paperform and have the autonomy and leadership to grow the business.

What started as an online form-building company quickly turned into a ‘digital swiss army knife’ for companies, enabling them to create and automate registration pages, payment pages, ecommerce sites, restaurant order forms, surveys, quizzes, application forms, proposals, project scopes, onboarding forms, invitations, and more. Now, Paperform has over 10,000 paying users — without any venture capital or other external funding whatsoever.

A significant number of Australian retailers (44%) are either investing in or planning to invest in artificial intelligence (AI) and automation, according to recent research conducted by Shopify. These technologies are being employed for various purposes, with the top five use cases being: improving employee experience, enhancing the customer online experience, predictive analytics, handling customer service inquiries, and content creation.

Australian businesses are implementing automation and AI in areas that consume more resources than necessary. Almost two-thirds (64%) of retailers plan to utilise automation technology to enhance employee experience and manage lower-value tasks. Furthermore, 40% of retailers are looking to adopt AI and automation in the next year to assist them in handling customer service inquiries, while 32% are considering these technologies for improving logistics and delivery processes.

To answer this demand and accelerate the innovative AI opportunities for retailers today, Shopify Founder and CEO, Tobi Lütke, provided a sneak peek into some of the AI product offerings that Shopify is working on. One of these offerings is Sidekick, a first-of-its-kind natural language interface that makes every user a power user. With Sidekick, merchants have an AI-powered digital assistant that will do everything from time-sucking administrative work to complex creative tasks. 

As the first AI-enabled commerce assistant, Sidekick allows entrepreneurs to harness the power of AI to increase productivity, improve workflows, make smarter decisions, and dedicate more time to growing their businesses. Sidekick can comprehend and interpret questions or prompts, enabling business owners to generate new ideas or accomplish tasks using regular, everyday language.

“We’ve only just scratched the surface on AI’s real-world application for small businesses and entrepreneurs,” said James Johnson, Director of Technology Services & Enterprise, APAC at Shopify. “As entrepreneurs face new challenges everyday – often alone – doing more with less is critical to success and AI technology has the power to increase productivity, improve workflows and make smarter decisions without the need for a technical skillset. This kind of innovation is set to revolutionise what it means to run a small business, and support Australian retailers to get ahead.”

Business owners can ask clarifying questions or prompt Sidekick to shorten, rewrite or give feedback. It understands context in real-time, and can help people make smarter decisions that propel their business forward by simply asking things like “how to set up a discount for a holiday sale” to “help me segment my customers so I can better engage them in my marketing.” 

As Australian retailers face mounting economic pressures, AI and automation have emerged as crucial tools for enhancing efficiency and doing more with less. Shopify merchant Vincent Lebon, Founder, CEO, and Designer, from Rollie Nation agrees that AI is a game changer, saying “I see AI as revolutionary as the internet. I think AI is going to play a huge, huge role in the future, whether that’s through material science, design, helping make more informed decisions and prediction analysis. I think, right now, people are looking at operational efficiencies, and that’s a very surface level aspect of what AI is going to provide.”

This unveiling marks the introduction of a new suite of AI tools offered by Shopify. On July 26th, Shopify will be announcing its 2023 Summer Editions, unlocking unprecedented capabilities for their merchants. These advancements aim to boost creativity and productivity among entrepreneurs, empowering them to scale their businesses while saving time and streamlining operations.

While some small Australian retailers are surpassing performance expectations in the face of significant challenge, many say they are failing to meet their financial benchmarks, the inaugural ARA & American Express Small Retail Index has revealed.

The report reveals 17% of SMBs have remained resilient in the face of a consumer spending slowdown and rising costs of doing business; performing above (15%) or far above (2%) their expectations for the FY23.  On the other hand, 41% of SMB retailers are performing below (33%) or far below (8%) their FY23 financial forecasts.

Unsurprisingly, more than 91% of SMBs have seen cost increases in their businesses across the past 12 months, however around one-third (32%) say their costs have increased more than 10% – which is above the level of inflation.

As economic conditions become more challenging, retailers are increasingly prioritising the acquisition of new customers and building customer loyalty.

Key findings of the ARA & American Express Small Retail Index:

• An equal number of businesses feel somewhat confident (23%) or very confident (11%) to those who feel somewhat concerned (25%) or very concerned (9%) about the financial year ahead – both totalling 34%.
• Uncertainty is also a key theme with 32% of SMB’s feeling uncertain about the year ahead. This will impact growth, employment and investment decisions.
• The consumer spending slowdown and rising wage costs are the most pressing concerns for SMBs in the year ahead.
• Acquiring new customers and encouraging customer loyalty are top SMB priorities for the year ahead.
• The rising cost of doing business is a consistent concern with wage pressures, the cost of goods and services and cash flow management high on the list of concerns.
• SMBs are absorbing cost increases by passing higher costs onto customers (24%), with 19% of SMBs reducing margin and looking for cost savings in the business (16%). Furthermore, 12% have reduced staff and 7% have reduced stores or store hours.
• SMBs say among the measures they would like to see from government are: tax breaks, reduced inflation and relief for utilities, leasing and wage costs.

ARA CEO Paul Zahra said the index – which is the first to focus exclusively on SMB retailers in Australia – highlights the unprecedented pressure small retailers are under.

“I cannot recall a period of more significant challenge for our retail community – with our small retailers disproportionately affected by ongoing revenue and resource pressures,” Zahra said.

“2023 ushered in the perfect storm for retail – a spending slowdown, coupled with the rising cost of doing business, all taking place alongside the largest set of government reforms in decades and a retail crime wave that is impacting the wellbeing of workers and the bottom line of companies.

“We are concerned about the outlook for small retailers in these tumultuous economic conditions and the toll these pressures are taking.

“Small businesses are the cornerstone of our economy and it’s vital that they receive adequate support.”

Emily Roberts, Vice President and General Manager of Consumer and Commercial Services at American Express said the index serves as a vital barometer of the wellbeing of Australia’s small retail sector.

“Following years of consumer uncertainty, supply chain constraints and economic pressures, this research commissioned by the Australian Retailers Association and American Express paints a picture of an industry that is bracing for more challenges ahead,” Roberts said.

“Despite this, history has shown that no industry is more resilient and better positioned to emerge from adversity.

“Retailers that adapt how they build, market and sell their products to meet new consumer behaviours will be best placed to acquire new customers, secure their loyalty and navigate the challenges to come.”

The ARA & American Express Small Retail Index survey was conducted online nationally during May – June 2023. Almost 400 retailers were surveyed, with retail turnovers below $50m.

Most of the survey participants had retail turnovers below $5m.

Download the ARA & American Express Small Retail Index here.

New data shows Australian companies are improving staff retention rates by up to 39% by offering their workers flexible pay.

Australian Earned Wage Access (EWA) provider Paytime has analysed the staff retention rates of companies using their platform and found an average increase in staff tenure of over 18% and as high as 39% in some industries.

“With the cost of living being a major pain point for employees at the moment, more and more employers are looking at what will help alleviate the financial stress of their staff,” says Paytime CEO, Steven Furman.

“Giving workers access to their earned wages before payday is a simple, effective and proven way for companies to increase the average tenure of their staff,” he says.

“Forward thinking companies are realising that a focus on financial wellbeing is critical in the current economic climate and with a tight labour market,” says Mr Furman.

Earned wage access allows employees to access a portion of their pay when it suits them so they do not have to rely on-demand pay advance apps, BNPL schemes or payday loans to make ends meet between pay cycles.

In the US and UK Earned Wage Access is already a commonplace offering with Bupa, Amazon, McDonalds, KFC, Virgin Active, Target, Unilever, Hilton Hotels, Paypal, Tesla and many other companies which have this in place for their staff.

Paytime has seen a 600% surge in enquiries over the past year as more Australians live paycheque to paycheque, struggling with rising interest rates and the cost of living. 

“Even those that are on higher salaries are using Paytime to put their salary into their mortgage offset accounts on a weekly basis to save on interest, fees and charges, in order to pay down the mortgage quicker,” says Mr Furman.

“The number of earned wage access requests we’re processing through the app has increased by more than 340% over the past 12 months,” he adds.

“We’ve also found implementing flexible pay improves staff morale, with 73% of users stating they feel more in control of their finances after implementing and using the app,” he says.

Aussies spend less online on average, nearly $600 less than they were a year ago, according to the latest Digital Economy Index from leading global financial platform Airwallex.

The Airwallex Quarterly Digital Economy Index records year-to-date spending per adult, as well as quarter-by-quarter snapshots of the digital economy by state and industry.

The latest Index highlighted green shoots in the online spending growth of Victoria, Queensland, Tasmania and WA, despite a nationwide dip of 1.82% worth $523.3 million for Q2 this year compared to Q2 2022. Online spending is estimated to have dropped $587 per adult across the 12-month period up to and including Q2 2023, compared to Q2 2022.

The Index also recorded strong upticks in online education and travel spending; however, these were overshadowed by a decline in retail, insurance and self-managed investments.

Aussies spend less online key figures

Full data tables of digital spending per person for each state, as well as digital business turnover by state and industry, are available at the end of this media release.

• NSW: Overall decline in revenue turnover compared to last year (-7.93%) driven by a steep drop in online subscriptions (-17.75%) and travel spending (-9.15%). However, digital travel businesses have seen a rebound compared to Q1 this year (+15.11%).
• VIC: Victoria’s digital businesses saw a nearly 6% lift in revenue turnover (vs Q2 2022) on the back of a jump in e-commerce spending (+8.28%) and education (+4.24%). Digital travel spending continues to drag however, dipping -1.91%.
• QLD: Queensland’s digital economy rose +3.90% compared to last year, influenced by a 5.2% increase in online travel spending. Queensland is seeing declines in spending in online education (-5.55%) and e-commerce (-5.60%).
• WA: Western Australia’s digital economy grew at 2.81% for the year, thanks to a surge in online technology and digital content spending (+5.22%) and travel booked online (+6.77%). WA e-commerce businesses have seen an overall 7.71% drop in spending compared to last year, and down 4.9% compared to Q1 this year.
• SA: South Australia had the worst performing digital economy this quarter, according to the Index, with online spending shrinking 16.77% and declines recorded across all industries in the digital economy for both time periods (vs Q2 2022 and vs Q1 2023). 
• TAS: Tasmania’s digital economy continues to be a powerhouse, with revenue turnover increasing 12.8% compared to last year. However, there are signs a contraction is looming with a -4.89% drop compared to Q1 this year. Tasmania’s online travel sector is driving the growth, spiking 15.01% for the year.

Airwallex Director of Strategy for Australia and New Zealand, Amelia Hamer, said the Index showed the spending downturn was uneven across the country as different parts of Australia felt the effects of the broader uncertain economic environment.

“Across the digital economy, we see Australians are holding back on their discretionary spending,” Hamer said.

“As interest rates have climbed and cost-of-living pressures have increased, it’s no surprise Australians are being more selective about where they spend online.

“We see several bright spots in Australia’s digital economy, with the technology, education and travel sectors seeing the most upside.

“There are still lingering effects of the travel bounceback post-COVID in this data, with the surge in online travel particularly benefitting destinations like Queensland, Tasmania and WA.

“However, the data shows that NSW is bearing the brunt of the change in how Australians are spending their money online. This downturn is something we’re seeing in the quarter-by-quarter comparisons in other states too.”

Many businesses are hit with price hikes across the board in a high inflationary environment, including AusPost price hikes. The higher cost of doing business is placing an incredible amount of pressure on small businesses, who are already pressed for margin or do not have the scale to command strong negotiating power like their larger competitors. This puts small business owners in a precarious position – absorb the margin hit or pass this cost onto consumers with the risk of impacting demand? At Shippit we strongly believe that a retailer’s delivery proposition is the most effective way to drive customer loyalty and repeat purchases outside of selling great products. It has never been more important for retailers to deeply understand their delivery experience and how to price it effectively.

There are two primary ways to save money on shipping; either renegotiate with your existing carrier or implement a multi-carrier strategy (ie, leverage rate structures across multiple providers). Putting your eggs in one basket in a high inflationary environment exposes your operations to significant risk. From our experience, retailers that implement a multi-carrier see 2x faster growth and save up to 20% on freight spend while maintaining service quality.

Distance and the uncertainty around successful on-time delivery drive up costs in the delivery process. With this we have seen retailers move their inventory closer to their customers through their physical store footprint or micro-fulfilment hubs. A cost effective method for small businesses that are unable to do this can look at offering a click & collect proposition through PUDO  (Pick-Up Drop-Off) providers. 

Finally cost recovery on shipping fees is becoming more common – taking a portfolio based approach to pricing is critical. For example, paying for on demand delivery or imposing a fee on customers that live in regional or rural locations whilst offering free and fast delivery for set basket thresholds. 

Given the growing presence of foreign marketplaces that prioritise free, fast, and dependable delivery, we strongly encourage all Australian retailers to prioritise and invest in enhancing their delivery experience during this era of uncertainty.

Contributed by Rob Hango-Zada, Co-Founder and Co-CEO of Shippit

While signs show that the post-pandemic “Great Resignation” era may have passed its peak, with job advertisements declining in the second half of 2022, vacancy rates still remain at levels not seen since the GFC. ^[1] New concerning research commissioned by business loan comparison site Small Business Loans Australia reveals that the labour-shortage struggle is not over, with more than two-thirds of businesses grappling to find staff. 

The survey comprised an independent panel of 210 business owners or senior decision-makers across the full SME spectrum of micro, small and medium-sized businesses.

Almost 80 per cent of micro-businesses are unable to find staff.

According to Small Business Loans Australia, businesses of all sizes have been significantly impacted by the difficulty of finding suitable staff. Among them, micro-businesses have faced the greatest challenges, with 79 per cent of respondents struggling to fill job vacancies. Although 21 per cent of micro-businesses believe that 2023 has been comparatively easier for staff recruitment compared to the previous year, the survey results present a different picture for small and medium-sized businesses. In fact, the findings indicate that the situation has continued to worsen for a significant portion of these businesses in 2023, with 29 per cent of small businesses and 27 per cent of medium-sized businesses reporting ongoing difficulties in finding qualified employees.

The results reveal the impacts of the labour shortage being felt nationally, with similar rates of difficulty indicated across the majority of major Australian States. Western Australia has the highest number of businesses struggling to fill staff roles (76%), followed closely by ACT (75%). Queensland and Victorian businesses are also struggling, with 73 per cent experiencing the same level of difficulty, or more, than in 2022. ACT business reported more difficulty finding staff than last year (50%) compared to WA (33%), NSW (29%), VIC (28%) and Queensland (20%). Conversely, 80 per cent of South Australian businesses found it easier to employ new staff in 2023, than in 2022. 

Labour shortages are having the most impact in the private sector, with more than 90 per cent of the 480,000 job vacancies this time last year, belonging to private companies. Businesses in the health and tech industries have experienced some respite, with 56 per cent and 65 per cent, respectively reporting it as easier to fill vacancies than in 2022. Meanwhile, more than 80 per cent of hospitality businesses, which typically experience high turnover rates and are dependent on casual staff, continue to struggle to fill roles at the same rate, or worse, than in 2022. By far, the worst affected industries are manufacturing and agriculture, where 94 per cent and 100 per cent, respectively are unable to fulfil staff vacancies.  

Alon Rajic, Founder and Managing Director of Small Business Loans Australia, says: “The problem of finding staff is nationwide, and can be attributed to a combination of factors, including burn-out among working-age Australians and changes in employment law, including increased minimum wages. SMEs appear to be hit hardest, which is concerning as they constitute the vast majority of the Australian business market.” 

“Employers should alter their expectations when hiring new staff, and instil operational changes, which will change how their current employees work, such as adopting time-saving automation where possible in their day-to-day business.” 

The full survey results, including breakdowns across business sizes and States, can be found here: https://smallbusinessloansaustralia.com/sme-employees-2023/ 

EPOS, the premium audio company,has announced the launch of the IMPACT 5000T Series, which is Certified for Microsoft Teams. The IMPACT 5000T is a flexible wireless DECT headset solution and the first ever EPOS product to meet the Microsoft Teams Open Office specifications. For superior sound, even in noisy offices.

A Superior User Experience

Modern professionals need to be able to communicate and collaborate effectively when working in Open Office spaces, be it in the workplace or at home. The IMPACT 5000T has been designed to deliver a flexible headset solution that offers seamless integration with Teams. Built on EPOS BrainAdapt™ technology, this series enables users to stay focused for longer and boost productivity.
 Certified for Microsoft Teams, the IMPACT 5000T Series and IMPACT SDW D1 USB (DECT Dongle) ensure a high-quality end-user experience. A dedicated Teams button activates Teams and responds to notifications with a single click. The discreet LED light also indicates when there is a new message, a missed call, or a when new meeting begins.

Supreme Voice Clarity, Maximum Comfort, and Absolute Flexibility

Those working in busy office environments cannot afford to have unwanted ambient noise and neighbouring voices disrupting calls. With super wideband sound and an advanced two-microphone noise-cancelling system, the IMPACT 5000T provides ultimate voice clarity for high-quality, crystal-clear calls every time.
 
IMPACT 5000T is developed to meet the requirements of a modern workforce, with plug-and-play functionality, triple connectivity to your computer, desk, and mobile phone, and a wireless range of up to 180 m / 590 ft, allowing users to move with flexibility around the office. Users can enjoy all-day wearability, with soft leatherette earpads and flexible wearing styles for hours of comfort.

IMPACT 5000T Keeps Conversations Secure

The ever-growing trend towards increased flexibility and mobility in the office has huge benefits for productivity, collaboration, and customer service. However, as with all communications technology, security is a primary concern. Protected Pairing, 128-bit authentication, and DECT Security certification offer a high level of safety against unauthorised third-party access. This ensures that conversations are truly private and protected from security breaches.
Theis Mørk, Vice President, Global Product Management at EPOS comments: ‘‘We are proud to announce the release of the Certified for Microsoft Teams IMPACT 5000T, which has been rigorously tested to meet Open Office specifications. This new addition to the IMPACT 5000 series empowers modern professionals by providing a flexible headset solution that delivers a seamless end-user experience in any environment.’’

IMPACT 5000T is Available now for $309 RRP

Coinciding with Xero Day 2023 – the day of Xero’s founding 17 years ago – Xero, the global small business platform, has announced a new global small business fund with more than AUD$690,000 in funding, to support the future aspirations of small businesses globally.

The Xero Beautiful Business Fund will officially launch with a call for entries at Xerocon Sydney, taking place in Sydney on 23-24 August 2023. 

Designed to celebrate small businesses, empower success and accelerate their growth, the Xero Beautiful Business Fund will be open to Xero small business customers in Australia, New Zealand, Singapore, South Africa, the United States, Canada and the United Kingdom. 

Customers in each country will be eligible to apply for the following beautiful business fund categories that best suit their needs. 

• Innovating for sustainability: For small businesses who want to take the next step on their sustainability journey. It could be to move to sustainable packaging, implement energy-efficient equipment or carbon neutral transport. 
• Trailblazing with technology: For small businesses seeking to take the next step to supercharge their business by digitalising parts of their operations or integrating new emerging technologies.
• Strengthening community connection: For small businesses or non-profits striving towards community connection. It could be to contribute to philanthropy, social good, or make an impact on the community in a meaningful way. 
• Upskilling for the future: For small businesses seeking to support upskilling for themselves or their employees so they can access training and development to further grow. 

For each category, there will be seven regional winners identified by a regional judging panel. The pool of regional winners in each category will then be evaluated by a global judging panel and the winner of each category will receive an additional global prize. 

Sukhinder Singh Cassidy, Xero CEO said: “Xero Day – the anniversary of when it all started for Xero – is our opportunity to connect and celebrate our small business customers all around the world. This year, we are pleased to be launching the Xero Beautiful Business Fund to allocate funds to back small businesses in their future aspirations and help them achieve whatever success means to them.

“We believe small businesses run the world and as champions of small business, Xero is providing an opportunity for customers to apply for funding to take their next step. Whether that be to support a passion to become a more sustainable business, upskill employees, philanthropic work in the community, or integrating the latest AI into their business, the fund is here to help small businesses meet their dreams.”

The application, inclusive of a written form and a short video submission, will be available beginning on 23 August 2023 with the application period closing on 6 October 2023. 

Information on the Xero Beautiful Business Fund can be found at xero.com/beautiful-business-fund. Full terms and conditions including eligibility criteria will be available when entries open.