In the study of over 1,000 small business leaders, conducted by YouGov, 22% admit they struggle to keep on top of the businesses’ finances. One in ten agreed there is not enough financial planning and advice available for small businesses.
Mark Woolley, commercial director at Reckon, the software developer which commissioned the study, said: “It is worrying that so many businesses are concerned about financial management as it is an issue that can impact their suppliers, partners and our economy.
“With the potential threat of increased business rates and late payments, SMEs need as much support as possible to understand how to keep on top of changed and keep business moving.”
The study also showed that whilst 30% of those in the first year of trading believe that financial management is their biggest worry, a similar amount (28%) of those with a turnover of more than £10 million have the same worry.