Micro business owners tell us what they're scared of
Results from a new survey of micro-business owners are out.
..and it seems half are afraid of tackling finance administration
Britain’s community of sole traders and freelancers have delivered a split verdict on their ability to handle finance administration, as new survey findings revealed just how long micro business owners spend dealing with accounts.
The study was carried out by finance management software provider KashFlow and reported by Business Advice. Founders running firms of nine staff or fewer what they like most and least about running a small company. Here's what they found;
- Half of respondents admitted they lacked confidence in tackling finance admin, while a third cited their daily bookkeeping responsibilities as “stressful”.
- However, a significant number of Britain’s self-assured micro business owners were more than happy to take on their own finance admin.; a third believed they were “in control” of their accounts, while 42 per cent said they were “totally confident” in their own abilities.
However, most owners agreed time could be better spent elsewhere. Against a benchmark of half a day a month, almost a third of those surveyed are spending longer than that. That means for the UK’s army of 5.3 million micro business owners, tough finance administration could be costing the economy 19 million hours of productivity every month.