One in four small business owners are being kept awake at night by financial concerns, according to research published in the UK this week.
A quarter of directors said they couldn’t get monetary worries off their mind, while almost 26% admitted they were reluctant to take on employees because it might complicate the payroll.
The survey, conducted by software firm KashFlow, saw 500 small businesses polled, with 31% finding saying they are finding it increasingly difficult to keep track of their company’s money.
A third also confessed that if the bank called in their loans tomorrow they wouldn’t know where their money was to pay them.
John Coldicutt, head of KashFlow, said the lack of control companies have over their accounts is not only stifling business growth, but is also having a worrying impact on small business owners.
And, although the government has vowed to fuel the growth of up-and-coming businesses, it seems red tape and inefficient accounting processes are putting increasing pressures on small firms.
“Recent pledges by the government to support growing small businesses are simply not working,” he said. “Business owners need to be supported so they can run their company effectively and profitably.”