Worldpay says small business owners are the backbone of the UK economy, however many claim running their own company has proved tougher than imagined, and worry conditions are getting worse.
Despite this, most remain undimmed by their experiences and entrepreneurship is on the rise. Last year saw a record 581,000 businesses start up, according to Companies House, and 95% of small business owners wouldn’t want to work for someone else, according to Worldpay research.
Business reality can be tough, however, with over a third of small business owners (36%) realising that running a company was harder than expected within the first month of operating. Keeping on top of paperwork, managing cash flow, accurate forecasting, managing staffing and resources, all prove challenging everyday tasks.
SMEs make up 99% of the private sector businesses in the UK, adding a considerable amount to the UK economy, so challenging times in the first few weeks of operation are not just a matter for the business owner, but for wider industry and government too.
Whilst keeping track of performance is essential, most small business owners (75%) are still using basic home computer packages to run operations and 17% rely purely on pen and paper. It’s no wonder that almost two thirds (71%) struggle to produce a three year financial projection and 40% can’t access an up-to-date profit and revenue tracker.
Worldpay’s new online tool, My Business Dashboard, provides businesses with an easy way to access and review transaction data, save time on financial admin, and even helps identify when to take a couple of well-deserved days off.
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