New data from Xero, the global small biz accounting platform, highlights optimistic improvements in small business performance as they recover from the past few volatile years. However, proposed policy changes under the new administration could present both challenges and opportunities.
Key takeaways from the data:
Positive Sales Growth
For the first time since 2022, small business sales have increased by 0.8% Year-over-Year in Q3 2024.
Faster Payment Times
The average time small businesses waited to be paid shortened by 0.7 days, now standing at 28.7 days.
Optimism for 2025
A November survey found that 88% of US small business owners reported feeling positive about their business than the previous month.
These positive signs come at a crucial time, offering hope for a more stable 2025—but the path ahead requires smart strategies to navigate potential policy changes. To learn more about the findings and prepare yourselves for potential policy changes, read the full report at the website here.
Xero Small Business Insights
The aim of Xero Small Business Insights is to create insights to help inform decision makers in support of the small business economy as a whole. The principal source of small business insights in this report is customer data from Xero - a small business platform that supports online accounting and a range of other applications. Xero is a responsible custodian of our customers' sensitive data and does not release any data that could identify individual businesses. The data used is aggregated and anonymized to ensure the privacy of Xero subscribers, and their counterparts. Full details of the methodology used for the Insights can be found here. As part of the program, Xero Small Business Insights regularly publishes blogs, research notes and deep-dive special reports on specific small business topics that can be found at xero.com/xerosbi.
Xero
Xero is a global small business platform with 4.2 million subscribers. Xero’s smart tools help small businesses and their advisors to manage core accounting functions like tax and bank reconciliation, and complete other important small business tasks like payroll and payments. Xero’s extensive ecosystem of connected apps and connections to banks and other financial institutions provide a range of solutions from within Xero’s open platform to help small businesses run their business and manage their finances more efficiently.