UK small businesses admit to struggling with financial management

UK small businesses admit to struggling with financial management

One in five (22%) UK small businesses admits to struggling with day-to-day financial management, a new survey has found.

Almost one in three (30%) of the 1,000 business directors polled admitted finances were one of their major business concerns, while 29% of those with a turnover of £10m or more said the issue troubled even them.

One in 10 said that there was not enough financial planning advice available for start-ups and small businesses.

Ahead of the government’s planned appointment of a new small business commissioner, software company Reckon – who commissioned the poll ‒ is now calling for MPs to put the issue high on their agenda.

It also urged new businesses and SMEs to seek financial advice and management quickly, outsourcing if necessary.

“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,” says Mark Woolley, commercial director at Reckon.

“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 changes and keep business moving.”

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